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

¹ A leg­al en­tity is ex­empt from the duty to pre­pare con­sol­id­ated ac­counts if it:

1.

to­geth­er with the con­trolled un­der­tak­ing has not ex­ceeded two of the fol­low­ing thresholds in two suc­cess­ive fin­an­cial years:

a.

a bal­ance sheet total of 20 mil­lion francs,

b.

sales rev­en­ue of 40 mil­lion francs,

c.

250 full-time po­s­i­tions on an­nu­al av­er­age;

2.

is con­trolled by an un­der­tak­ing whose con­sol­id­ated ac­counts have been pre­pared and audited in ac­cord­ance with Swiss or equi­val­ent for­eign reg­u­la­tions; or

3.

it has del­eg­ated the duty to pre­pare con­sol­id­ated ac­counts to a con­trolled un­der­tak­ing in ac­cord­ance with Art­icle 963 para­graph 4.

² Con­sol­id­ated ac­counts must non­ethe­less be pre­pared where:

1.

this is ne­ces­sary in or­der to make the most re­li­able as­sess­ment of the eco­nom­ic po­s­i­tion;

2.⁸¹³

com­pany mem­bers who rep­res­ent at least 20 per cent of the ba­sic cap­it­al or 10 per cent of the mem­bers of a co­oper­at­ive or 20 per cent of the mem­bers of an as­so­ci­ation so re­quire;

3.

a com­pany mem­ber or an as­so­ci­ation mem­ber sub­ject to per­son­al li­ab­il­ity or a duty to pay in fur­ther cap­it­al so re­quires; or

4.

the found­a­tion su­per­vis­ory au­thor­ity so re­quires.

³ If the financial reporting is not carried out in francs, in order to ascertain the values in accordance with paragraph 1 num­ber 1 theex­change rate on the bal­ance sheet dateshall be appliedfor the bal­ance sheet total and the annual average exchange rate forthe sales rev­en­ue.⁸¹⁴