Ad Hoc Publicity: SWX Initiates A Formal Investigation Against Swiss

SWX Swiss Exchange has initiated a formal investigation against Swiss International Air Lines Ltd. (SWISS) regarding a possible violation of Art. 72 of the Listing Rules (ad hoc publicity). The preliminary investigation conducted by the SWX has revealed that SWISS possibly violated the principle of equal treatment of market participants in the wake of decisions taken by the board of directors of SWISS on 24 February, 2003 by informing various business partners before the market. 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.