News From The Crossair Board Meeting

At today’s meeting of the Executive Board of Crossair AG, decisions were taken regarding fees and compensatory payments, as well as those of the Management. In addition, the Board approved the results for 2001.

In keeping with the decisions, Pieter Bouw, as Chairman of the Board will receive an annual salary of CHF 480,000. Added to this is a performance-related bonus up to a maximum of CHF 240,000, should he attain all the laid-down objectives set out in the Business Plan. The fees of the remaining 10 Board members were fixed at a symbolic CHF 1.- per year. In addition, every Board member receives 500 Crossair shares. This represents - depending on the share price - a total value of CHF 20,000 to 25,000. For participation in Board meetings the executive Board member receive compensation amounting to CHF 2000.- per meeting. Travel and overnight expenses will be refunded as they accrue.

“The expansion of Crossair into SWISS, the new national airline, is a very complex and politically sensitive project” says Urs Rohner, President of the Board Committee which submitted the requests ” with this overall moderate and strong performance-oriented salary and compensation model we want to demonstrate to all shareholders that we are aware of this”.

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