Pieter Bouw assumes management of SWISS

10. March 2004

André Dosé, President and Chief Executive Officer of Swiss International Air Lines Ltd., has placed his position at the disposal of the Board of Directors. The Board respects this personal decision and thanks André Dosé for his exceptional and tireless endeavours. It acknowledges his great achievement in establishing the young airline and setting it on course towards a sound business future. Chairman of the Board Pieter Bouw will additionally assume the function of company CEO on an interim basis.

As is already known, the Office of the Prosecutor General of the Swiss Confederation is considering extending its investigations relating to the loss of a Crossair aircraft near Bassersdorf, Switzerland in November 2001 to individual persons. André Dosé’s offer to place his position at the disposal of the SWISS Board of Directors follows a comprehensive analysis of the situation by himself and the Board.

The Board condemns the imputations, personal attacks and prejudgements from certain circles to which André Dosé has been exposed in the last few days and weeks. The Board not only expresses its great respect for André Dosé for the decision he has taken in the interests of the company; it also voices its thanks to him for his selfless commitment to SWISS since its inception. André Dosé led the young company through the most turbulent of times; and he managed – despite difficult overall conditions – to initiate a corporate turnaround that has every prospect of success.

Chairman of the Board Pieter Bouw will assume the function of company CEO in addition to his existing duties with immediate effect. In doing so, he can draw on the experience and expertise of an extensive career covering all key areas of the airline business. He successfully led KLM Royal Dutch Airlines as its company CEO from 1991 to 1997.

To assist Pieter Bouw effectively in his new dual role, the Board of Directors has also appointed a second Deputy Chairman from its ranks. Walter Bosch has been designated to serve in this capacity. Bosch has also been named as independent Lead Director, to ensure full compliance with all good corporate governance requirements.

The Board of Directors has further confirmed SWISS’s clear commitment to its current overall strategy, and to its continued consistent pursuit of the corporate turnaround which has already been initiated.

SWISS will report and comment extensively on its 2003 annual results and its outlook for 2004 at its Annual Results Media Conference, which will be held in Basel on March 23.