SWX Swiss Exchange: Discontinuation Of SNMI (SWX New Market Index)

Following consultation with the Index Commission, the Management Board of the SWX Swiss Exchange has decided that computation of the SNMI (SWX New Market Index) will cease as of 1 July 2003. The rationale behind this decision is the reduced meaningfulness of the SNMI as a market barometer. For a number of months now, waning interest in this market segment on the part of issuers has led to the fact that companies previously listed in the SWX New Market have changed to other trading segments. In order to limit the impact that future segment changes may have on the SNMI and the shares traded there, the issues that comprise the SNMI on 31.12.2002 will remain components of the index, provided that they are listed in some other segment of the SWX Swiss Exchange. This measure is being taken to ensure strict compliance with the 6-month notification period that is contractually required when computation of a given SWX index is to be discontinued. In other words, if a given issue were to change to another trading segment subsequent to 31.12.2002, it will nevertheless remain a component of the SNMI. The Additional Rules for listing on the SWX New Market, as well as the treatment of issues traded in that segment, are not affected by this decision. The SWX Swiss Exchange is currently working on the development of a new segmentation of the market, details of which will be made public before summer of next year.