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

¹ Where par­ti­cip­a­tion cap­it­al is cre­ated, the share­hold­ers have a sub­scrip­tion right as for the is­sue of new shares.

² The art­icles of as­so­ci­ation may provide that share­hold­ers may sub­scribe only to shares and par­ti­cip­a­tion cer­ti­fic­ate hold­ers only to par­ti­cip­a­tion cer­ti­fic­ates where the share cap­it­al and the par­ti­cip­a­tion cap­it­al are to be in­creased sim­ul­tan­eously in the same pro­por­tions.

³ Where only the par­ti­cip­a­tion cap­it­al or only the share cap­it­al is to be in­creased or one is to be in­creased by a great­er pro­por­tion, the sub­scrip­tion rights must be al­loc­ated so that share­hold­ers and par­ti­cip­a­tion cer­ti­fic­ate hold­ers may re­tain their re­l­at­ive par­ti­cip­a­tions in the over­all cap­it­al.