Ad Hoc Publicity: SWX Initiates A Formal Investigation Against Cicorel Holding AG

SWX Swiss Exchange has initiated a formal investigation against Cicorel Holding AG regarding a possible violation of Art. 72 of the Listing Rules (ad hoc publicity). Due to technical problems, Cicorel published the annual results 2002 during trading hours on 9 May 2003. The preliminary investigation conducted by the SWX has revealed that Cicorel possibly violated the principle of equal treatment of market participants. The duration of these investigative proceedings has not been determined. The SWX will provide information on the outcome of its investigation. However, no information will be made public with regard to the ongoing investigation.