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SWISS Reaches Out-of-Court Agreement

SWISS has reached an out-of-court agreement in its legal dispute with ÊSociété Holco and Société d’exploitation AOM Air Liberté. As a consequence, SWISS obtains CHF 68.7 million in liquid funds.

The lengthy dispute between SWISS and Société Holco and Société d’exploitation AOM Air Liberté has concluded with a mutually satisfactory out-of-court settlement. Funds that were tied up in France and Belgium in connection with the case have now been released and a transfer in the amount of CHF 68.7 million has been made to SWISS.

The full amount will positively affect both SWISS’s cash flow and income statements. The income statement gain will be posted in the second quarter of 2004.

SWISS will release no further details about the terms of the agreement.