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

¹ The art­icles of as­so­ci­ation may provide for par­ti­cip­a­tion cap­it­al di­vided in­to spe­cif­ic amounts (par­ti­cip­a­tion cer­ti­fic­ates). These par­ti­cip­a­tion cer­ti­fic­ates must be in the same cur­rency as the share cap­it­al. They are is­sued against a cap­it­al con­tri­bu­tion, have a nom­in­al value and do not con­fer the right to vote.⁴¹⁷

² Un­less oth­er­wise provided by law, the pro­vi­sions gov­ern­ing share cap­it­al, shares and share­hold­ers also ap­ply to the par­ti­cip­a­tion cap­it­al, par­ti­cip­a­tion cer­ti­fic­ates and par­ti­cip­a­tion cer­ti­fic­ate hold­ers.

³ The par­ti­cip­a­tion cer­ti­fic­ates must be des­ig­nated as such.

⁴ Par­ti­cip­a­tion cap­it­al may be cre­ated:

1.

on found­a­tion;

2.

by an or­din­ary cap­it­al in­crease;

3.

by a cap­it­al in­crease from con­tin­gent cap­it­al;

4.

with­in a cap­it­al band.⁴¹⁸

⁵ The con­ver­sion of shares in­to par­ti­cip­a­tion cer­ti­fic­ates re­quires the con­sent of all the share­hold­ers con­cerned.⁴¹⁹