Federal Act
on the Amendment of the Swiss Civil Code
(Part Five: The Code of Obligations)

¹ The shares may be either re­gistered or bear­er shares. They may be is­sued in the form of ne­go­ti­able se­cur­it­ies. The art­icles of as­so­ci­ation may stip­u­late that they may be is­sued as un­cer­ti­fic­ated or ledger-based se­cur­it­ies in ac­cord­ance with Art­icle 973c or 973d, or as in­ter­me­di­ated se­cur­it­ies in ac­cord­ance with the In­ter­me­di­ated Se­cur­it­ies Act (FISA) of 3 Oc­to­ber 2008²⁸⁹.²⁹⁰

^1bis Bear­er shares are per­mit­ted only if the com­pany has equity se­cur­it­ies lis­ted on a stock ex­change or if the bear­er shares are or­gan­ised as in­ter­me­di­ated se­cur­it­ies in ac­cord­ance with the FISA and are de­pos­ited with a cus­todi­an in Switzer­land des­ig­nated by the com­pany or entered in the main re­gister.²⁹¹

2 Shares of both types may ex­ist at the same time in a ra­tio fixed by the art­icles of as­so­ci­ation.

^2bis A com­pany with bear­er shares must ar­range for an entry to be made in the Com­mer­cial Re­gister as to wheth­er it has equity se­cur­it­ies lis­ted on a stock ex­change or its bear­er shares are or­gan­ised as in­ter­me­di­ated se­cur­it­ies.²⁹²

^2ter If all the equity se­cur­it­ies are del­is­ted, the com­pany must with­in six months either con­vert the ex­ist­ing bear­er shares in­to re­gistered shares or or­gan­ise them as in­ter­me­di­ated se­cur­it­ies.²⁹³

3 The art­icles of as­so­ci­ation may provide that re­gistered shares should or may sub­sequently be con­ver­ted in­to bear­er shares or vice versa.

4 The nom­in­al value of a share must be at least 1 centime.²⁹⁴

5 The share cer­ti­fic­ate must be signed by at least one mem­ber of the board of dir­ect­ors²⁹⁵. The com­pany may de­cide that even shares is­sued in large num­bers must bear a hand­writ­ten sig­na­ture.