Dividend

Dividend Policy

Our dividend payment policy seeks to provide investors with a stable and efficient form of capital distribution. As an element of our financial targets, we target a total shareholder return (share price appreciation plus dividend) superior to our peers over a three to five year period across market cycles.

Dividend for the Financial Year 2007

On April 25, 2008, shareholders at the Annual General Meeting approved the dividend proposal of the Board of Directors. The dividend for the financial year 2007 is CHF 2.50 per registered share and USD 2,3964 per American depository share.

Regular dividend	Registered share	American depositary share
Record date	May 1, 2008	May 1, 2008
Ex-dividend date	May 2, 2008	April 29, 2008
Payment date	May 2, 2008	June 11, 2008

Dividend Payments since 1998

Financial Year		Registered share		American depositary share
		in CHF	Payment date	in USD	Payment Date
2006	Dividend Repayment of capital	2.24 0.46	May 10, 2007 July 18, 2007	1.8175 0.3824	June 8, 2007 July 24, 2007
2005	Dividend	2.00	May 4, 2006	1.6509	June 8, 2006
2004	Dividend	1.50	May 6, 2005	1.2274	June 9, 2005
2003	Repayment of capital in lieu of a dividend	0.50	July 12, 2004	0.3876	July 19, 2004
2002	Dividend	0.10	May 2, 2003	0.0752	July 2, 2003
2001	Repayment of capital in lieu of a dividend	2.00	August 14, 2002	1.3362	August 19, 2002
2000/2001	Repayment of capital in lieu of a dividend	2.00	August 15, 2001	1.1994	August 20, 2001
1999/2000	Dividend	1.75	June 2, 2000	1.0600	July 3, 2000
1998/1999	Dividend	1.25	June 3, 1999	0.8088	July 2, 1999
1997/1998	Dividend	1.25	June 4, 1998	0.8402	August 17, 1998

Note: All amounts represent gross payments and have been adjusted for the 4-for-1 share split effective as of
August 15, 2001.