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

¹ The art­icles of as­so­ci­ation may au­thor­ise the board of dir­ect­ors to vary the share cap­it­al with­in a band­width (cap­it­al band) for a peri­od not ex­ceed­ing five years. They shall spe­cify the lim­its with­in which the board of dir­ect­ors may in­crease and re­duce the share cap­it­al.

² The up­per lim­it of the cap­it­al band may not ex­ceed the share cap­it­al spe­cified in the com­mer­cial re­gister by more than half. The lower lim­it of the cap­it­al band may not be less than half of the share cap­it­al spe­cified in the com­mer­cial re­gister.

³ The art­icles of as­so­ci­ation may re­strict the powers of the board of dir­ect­ors. They may in par­tic­u­lar provide that the board of dir­ect­ors may only in­crease or only re­duce the share cap­it­al.

⁴ The art­icles of as­so­ci­ation may only au­thor­ise the board of dir­ect­ors to re­duce the share cap­it­al if the com­pany has not dis­pensed with a lim­ited audit of the an­nu­al ac­counts.