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

¹ In the case of lis­ted re­gistered shares, the com­pany may re­fuse to ac­cept the ac­quirer as a share­hold­er only where the art­icles of as­so­ci­ation en­vis­age a per­cent­age lim­it on the re­gistered shares for which an ac­quirer must be re­cog­nised as share­hold­er and such lim­it is ex­ceeded.

² Fur­ther, the com­pany may re­fuse entry in the share re­gister where at the com­pany’s re­quest the ac­quirer fails to de­clare ex­pressly that he has ac­quired the shares in his own name and for his own ac­count.

³ Where lis­ted⁴¹³ re­gistered shares were ac­quired by in­her­it­ance, di­vi­sion of es­tate or mat­ri­mo­ni­al prop­erty law, entry of the ac­quirer may not be re­fused.