Investors Extend Share Sale Embargo

The core shareholders in SWISS have extended the current embargo on their disposal of the shares they subscribed to under the company’s recent capital increase to August 31, 2004.  SWISS’s ownership will thus remain firmly anchored in both the public and the private sector, enabling the company to continue its development with a stable shareholder base. 
The realignment of Crossair from a European regional airline to Switzerland’s national carrier with an intercontinental route network saw the company provided with an additional CHF 2 561 million in shareholders’ equity.  Most of the subscribers to the new share issue undertook not to dispose of their new holdings before December 28, 2002. 

A total of 33 of these shareholders, representing slightly more than 90 per cent of the new shares, have agreed over the past few days to extend the sale embargo to August 31, 2004.  The new date was selected since both the company’s 2003 annual financial statements and its 2004 first-half results will then be available, permitting an objective assessment of the company’s earnings performance and potential.  A number of investors intend to offer the company’s shares to a broader public following the expiry of the extended embargo period, a move which will be supported by SWISS.

Further investors may commit to the extended sale embargo over the next few days.