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

¹ The art­icles of as­so­ci­ation of com­pan­ies whose shares are not lis­ted on a stock ex­change may provide that a share­hold­er may only be rep­res­en­ted by an­oth­er share­hold­er at the gen­er­al meet­ing.

² If the art­icles of as­so­ci­ationcontain a provision to this effect, the board of directors must at the request of a shareholder designate an independent voting representativeor a voting representative for a corporate body who may be instructed to exercise the participation rights.

³ The board of dir­ect­ors must in this case in­form the share­hold­ers at the latest ten days be­fore the gen­er­al meet­ing whom they may in­struct as their representative.If the board of dir­ect­ors fails to com­ply with this duty, a share­hold­er may be rep­res­en­ted by any third party. The articles of association shall regulate the details for designating the representative.

⁴ Article 689cparagraph 4 applies to the delegation of voting rights both to an independent voting representative and to a voting representative for corporate bodies.