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

¹ The art­icles of as­so­ci­ation must not place par­ti­cip­a­tion cer­ti­fic­ate hold­ers at a dis­ad­vant­age as against share­hold­ers in re­spect of the dis­tri­bu­tion of the dis­pos­able profit and the pro­ceeds of li­quid­a­tion and sub­scrip­tion to new shares.

² Where sev­er­al classes of shares ex­ist, the par­ti­cip­a­tion cer­ti­fic­ates must be treated as at least equi­val­ent to the low­est rank­ing class of shares.

³ Amend­ments to the art­icles of as­so­ci­ation and oth­er res­ol­u­tions of the gen­er­al meet­ing that ad­versely af­fect the po­s­i­tion of par­ti­cip­a­tion cer­ti­fic­ate hold­ers are per­mit­ted only if they also ad­versely af­fect the po­s­i­tion of the share­hold­ers to whom the par­ti­cip­a­tion cer­ti­fic­ate hold­ers are equal in status to the same de­gree.

⁴ Un­less oth­er­wise provided by the art­icles of as­so­ci­ation, the pref­er­en­tial rights of par­ti­cip­a­tion cer­ti­fic­ate hold­ers and their rights to par­ti­cip­ate in the com­pany’s gov­ernance as laid down by the art­icles of as­so­ci­ation may be re­stric­ted or can­celled only with the con­sent of a spe­cial meet­ing of the par­ti­cip­a­tion cer­ti­fic­ate hold­ers con­cerned and of the gen­er­al meet­ing of all share­hold­ers.