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

¹ Every share­hold­er is en­titled to the pro­por­tion of the newly is­sued shares that cor­res­ponds to their ex­ist­ing par­ti­cip­a­tion.

² A res­ol­u­tion by the gen­er­al meet­ing to in­crease the share cap­it­al may re­strict or can­cel this sub­scrip­tion right only for good cause.In par­tic­u­lar, the takeover of com­pan­ies, parts of com­pan­ies or equity in­terests and em­ploy­ee share own­er­ship are deemed to be good cause.³⁶³

³ Where the com­pany has gran­ted a share­hold­er the right to sub­scribe to shares, it may not bar them from ex­er­cising such a right on the basis of a re­stric­tion on the trans­fer­ab­il­ity of re­gistered shares laid down in the art­icles of as­so­ci­ation.

⁴ No one may gain an un­due ad­vant­age or suf­fer an un­due dis­ad­vant­age as a res­ult of the re­stric­tion or can­cel­la­tion of the sub­scrip­tion right or the fix­ing of the is­sue price.³⁶⁴