Shareholders voice approval at SWISS Ordinary General Meeting

06. May 2004

SWISS informed its shareholders about the company’s 2003 business year at its Annual General Meeting today. The shareholders approved all the proposals submitted by the Board of Directors. These included a reduction in the company’s share capital, the election of a new Board member and the discharging of the Board and Executive Management from their liability for the conduct of business in 2003.

The Annual General Meeting approved a reduction in the company’s share capital, which will be effected to exclude the possibility of net shareholders’ equity falling below 50 per cent of share capital. The capital reduction will lower the nominal value of the SWISS share from CHF 32 to CHF 18.

Election of a new Board member

The General Meeting also elected Zurich-based attorney Dr. Rolf P. Jetzer to the Board of Directors. Dr. Jetzer, 54, succeeds Urs Rohner, who relinquished his seat on the Board with effect from this year’s Meeting. Dr. Jetzer will serve for an initial three-year period.

Board members Pieter Bouw, Claudio Generali, Jacques Aigrain, André Kudelski, Michael Pieper and Peter Siegenthaler, who were elected to serve for a three-year term in December 2001, were confirmed in office until the next Ordinary General Meeting in 2005. The terms of office of Board members Walter Bosch and Jan Audun Reinas extend until the 2006 Ordinary General Meeting.

This year’s Annual General Meeting was held in the “Messehalle” in Basel, and was attended by more than 600 shareholders.