Resignation from the Management of the SWX Swiss Exchange

Michael Stäheli, head of the Customer Relations & Marketing Division, is leaving SWX for personal reasons. Since the launch ofelectronic trading in1996, Mr Stäheli has had a powerful influence in shaping the development of SWX. The SWX are greatly indebted to him for his hard work and commitment. The name of his successor will be announced in due course.