Squeeze-out procedure with cash compensation initiated for remaining publicly held SWISS shares

2 September 2005

Process expected to be completed by the end of 2005

The Swiss company AirTrust AG has initiated a squeeze-out procedure with respect to the remaining publicly held SWISS shares. Following completion of the squeeze-out procedure, the SWISS shareholders affected by the squeeze-out will receive the same compensation for their shares as those shareholders who tendered their shares to AirTrust AG during the offer period. SWISS expects the squeeze-out process to be completed by the end of this year.

The Civil Court of Basel-Stadt announced today in the Swiss Official Gazette of Commerce that AirTrust AG has initiated a squeeze-out procedure with respect to the remaining publicly held SWISS shares and on all other outstanding rights to acquire SWISS shares. SWISS has requested the court to approve the squeeze-out action of AirTrust AG.

Following completion of the squeeze-out procedure, the SWISS shareholders affected by the squeeze-out will receive the same compensation for their shares as those shareholders who tendered their shares to AirTrust AG during the offer period. SWISS shareholders who have deposited their shares with a bank will automatically receive a credit of CHF 8.96 per share automatically following completion of the squeeze-out procedure. SWISS shareholders who keep their shares at home will be required to contact the SWISS Share Register to receive such compensation.