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

¹ The fol­low­ing com­pan­ies must have their an­nu­al ac­counts and if ap­plic­able their con­sol­id­ated ac­counts re­viewed by an ex­tern­al aud­it­or in an or­din­ary audit:

1.

Pub­licly traded com­pan­ies; these are com­pan­ies that:

a.

have equity se­cur­it­ies lis­ted on a stock ex­change,

b.

have bonds out­stand­ing,

c.

con­trib­ute at least 20 per cent of the as­sets or of the turnover to the con­sol­id­ated ac­counts of a com­pany in terms of let­ter a or b;

2. ⁶⁰³

Com­pan­ies that ex­ceed two of the fol­low­ing thresholds in two suc­cess­ive fin­an­cial years:

a.

a bal­ance sheet total of 20 mil­lion francs,

b.

sales rev­en­ue of 40 mil­lion francs,

c.

250 full-time po­s­i­tions on an­nu­al av­er­age;

3.

Com­pan­ies that are re­quired to pre­pare con­sol­id­ated ac­counts.

^1bis If the fin­an­cial re­port­ing is not car­ried out in francs, in or­der to as­cer­tain the val­ues in ac­cord­ance with para­graph 1 num­ber 2, the ex­change rate as at the bal­ance sheet date shall be ap­plied for the bal­ance sheet total and the an­nu­al av­er­age ex­change rate for the sales rev­en­ue.⁶⁰⁴

² An or­din­ary audit must be car­ried out if share­hold­ers who rep­res­ent at least 10 per cent of the share cap­it­al so re­quest.

³ If the law does not re­quire an or­din­ary audit of the an­nu­al ac­counts, the art­icles of as­so­ci­ation may provide or the gen­er­al meet­ing may de­cide that the an­nu­al ac­counts be sub­jec­ted to an or­din­ary audit.