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

¹ The art­icles of as­so­ci­ation may provide for the cre­ation of di­vidend rights cer­ti­fic­ates in fa­vour of per­sons linked with the com­pany by pre­vi­ous cap­it­al par­ti­cip­a­tion or by vir­tue of be­ing share­hold­ers, cred­it­ors, em­ploy­ees or sim­il­ar. The art­icles of as­so­ci­ation must in­dic­ate the num­ber of di­vidend rights cer­ti­fic­ates is­sued and the nature of the as­so­ci­ated rights.

² Such di­vidend rights cer­ti­fic­ates en­title their hold­ers only to a share in the dis­pos­able profit or the pro­ceeds of li­quid­a­tion or to sub­scribe to new shares.

³ The di­vidend rights cer­ti­fic­ate must not have a nom­in­al value; it must not be called a par­ti­cip­a­tion cer­ti­fic­ate or is­sued in ex­change for a cap­it­al con­tri­bu­tion stated as an as­set in the bal­ance sheet.

⁴ By op­er­a­tion of law, the be­ne­fi­ciar­ies un­der di­vidend rights cer­ti­fic­ates form a com­munity to which the pro­vi­sions gov­ern­ing the com­munity of bond cred­it­ors ap­ply mu­tatis mutandis. However, a de­cision to waive some or all rights un­der di­vidend rights cer­ti­fic­ates is bind­ing only if taken by the hold­ers of a ma­jor­ity of all such cer­ti­fic­ates in cir­cu­la­tion.

⁵ Di­vidend rights cer­ti­fic­ates may be cre­ated in fa­vour of the com­pany’s founder mem­bers only by means of the ori­gin­al art­icles of as­so­ci­ation.