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

¹ A ma­jor­ity of at least two-thirds of the bond cap­it­al in cir­cu­la­tion is re­quired to pass a val­id res­ol­u­tion in con­nec­tion with the fol­low­ing meas­ures:

1.

morator­i­um on in­terest for up to five years, with the op­tion of ex­tend­ing the morator­i­um twice for up to five years each time;

2.

waiver of up to five years’ worth of in­terest with­in a sev­en-year peri­od;

3.

de­crease of the in­terest rate by up to one-half of the rate en­vis­aged in the bond is­sue con­di­tions or con­ver­sion of a fixed in­terest rate in­to a rate de­pend­ent on the busi­ness res­ults, both meas­ures to last for up to ten years, with the op­tion of an ex­ten­sion for up to five years;

4.

ex­ten­sion of the re­demp­tion time lim­it by up to ten years by means of a re­duc­tion in the an­nu­al pay­ment or an in­crease in the num­ber of the re­demp­tion shares or tem­por­ary sus­pen­sion of such pay­ments, with the op­tion of an ex­ten­sion for up to five years;

5.

sus­pen­sion of a bond is­sue now due or matur­ing with­in five years or of por­tions there­of for up to ten years, with the op­tion of an ex­ten­sion for up to five years;

6.

au­thor­isa­tion of an early re­demp­tion of the bond cap­it­al;

7.

grant­ing of a pri­or­ity li­en for new cap­it­al raised for the is­su­ing com­pany and changes to the col­lat­er­al provided for a bond is­sue or full or par­tial waiver of such col­lat­er­al;

8.

con­sent to an amend­ment of the pro­vi­sions gov­ern­ing re­stric­tions on is­sues of bonds in re­la­tion to the share cap­it­al;

9.

con­sent to a full or par­tial con­ver­sion of bonds in­to shares.

² These meas­ures may be com­bined.