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

¹ The trans­fer of the ledger-based se­cur­ity is sub­ject to the pro­vi­sions of the re­gis­tra­tion agree­ment.

² If the cred­it­or of a ledger-based se­cur­ity is de­clared bank­rupt, if his or her prop­erty is dis­trained or if a debt re­struc­tur­ing morator­i­um is au­thor­ised, the cred­it­or's de­cisions re­gard­ing ledger-based se­cur­it­ies are leg­ally bind­ing and ef­fect­ive against third parties, provided that they:

1.

were made be­fore­hand;

2.

have be­come ir­re­voc­able un­der the rules of the se­cur­it­ies ledger or an­oth­er trad­ing fa­cil­ity; and

3.

were ac­tu­ally re­cor­ded in the se­cur­it­ies ledger with­in 24 hours.

³ When a bona fide ac­quirer of a cer­ti­fic­ated se­cur­ity and a bona fide ac­quirer of the ledger-based se­cur­ity have a con­flict­ing claim to the same right, the former takes pre­ced­ence over the lat­ter.