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

Founder mem­bers, mem­bers of the board of dir­ect­ors and all per­sons in­volved in es­tab­lish­ing the com­pany are li­able both to the com­pany and to the in­di­vidu­al share­hold­ers and cred­it­ors for the losses arising where they:

1.⁶³²

wil­fully or neg­li­gently con­ceal, dis­guise or give in­ac­cur­ate or mis­lead­ing in­form­a­tion in the art­icles of as­so­ci­ation, an in­cor­por­a­tion re­port or a cap­it­al in­crease re­port on con­tri­bu­tions in kind or the grant­ing of spe­cial priv­ileges to share­hold­ers and oth­er per­sons, or oth­er­wise act un­law­fully in ap­prov­ing such a meas­ure;

2.

wil­fully or neg­li­gently in­duce the entry of the com­pany in the com­mer­cial re­gister on the basis of a cer­ti­fic­ate or deed con­tain­ing in­ac­cur­ate in­form­a­tion;

3.

know­ingly con­trib­ute to the ac­cept­ance of sub­scrip­tions from in­solv­ent per­sons.