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

¹ In or­der to rem­edy a loss of cap­it­al in ac­cord­ance with Art­icle 725a or over­indebted­ness in ac­cord­ance with Art­icle 725b, im­mov­able prop­erty and par­ti­cip­a­tions whose true value has ex­ceeded their ac­quis­i­tion or pro­duc­tion costs may be re­val­ued at a max­im­um of the true value. The amount of the re­valu­ation shall be shown sep­ar­ately un­der the stat­utory re­tained earn­ings as the re­valu­ation re­serve.

² Re­valu­ation is per­mit­ted only if the ex­tern­al aud­it­or or, if there is no ex­tern­al aud­it­or, a li­censed aud­it­or con­firms in writ­ing that the stat­utory pro­vi­sions have been com­plied with.

³ The re­valu­ation re­serve may only be dis­solved by con­ver­sion in­to share or par­ti­cip­a­tion cap­it­al and by valu­ation ad­just­ment or sale of the re­val­ued as­sets.