We have lived the concept of Shareholder Value since the company was floated on the stock exchange. We have no transfer restrictions on our shares. We have an open information policy. We also continue to pursue a policy of low dividend payouts. As a growth-oriented enterprise, the company relies upon the steady growth of its capital base. In 2002 the General Meeting of Shareholders decided, on the recommendation of the Board of Directors, not to pay out a dividend. On the other hand, the nominal value, which until now had been CHF 10, was reduced in two steps to CHF 1. Thus a tax-free par value repayment of CHF 3 per share was distributed to shareholders in 2002 and of CHF 6 per share in 2003.

The share buyback program amounting to a maximum of 40 000 bearer shares or maximum CHF 10 million, which had been decided by the Board of Directors in March 2005 was completed in January 2006. The Shareholders General Meeting of 26 May 2006 decided to reduce the capital by the total buyback volume realised of 30 500 bearer shares.

The Board of Directors decided to launch a share buyback programme worth up to CHF 30 million as a means of effecting a captial decrease. This will last until 15 october 2009 at the latest.