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Changes In Management Board At SWX Swiss Exchange

Date 05/12/2003

The SWX Swiss Exchange announced today that, at his own wish, Robert Wyss will be stepping down from the company's Management Board at the end of January 2004. During his more than five years with SWX, Mr. Wyss established a domestic and foreign network of relationships that helped SWX to position itself as an international platform for the listing and trading of securities. The Management Board deeply regrets this decision and would like to thank Mr. Wyss for his staunch commitment, as well as wish him all the best in his future endeavours.

Peter Keller, member of the Management Board, will head the SWX Markets Division (GBM) on an ad interim basis until a decision can be reached on the successor to Mr. Wyss.