Annual General Meeting 2008

Item 4: Elections Agenda item 4.1 Re-election of Board Members

4.1.1. Marcel Ospel

As previously announced, on March 31, 2008 the Chairman of the Board decided not to stand for re-election. Thus agenda item 4.1.1 no longer applied.

Proposal from a shareholder Convening of an Extraordinary General Meeting

One shareholder proposed convening an Extraordinary General Meeting within three months to address the following issues:

Dismissal of Board members; and Election of new Board members

At the same time, it was proposed that agenda item 4.2 should be postponed to the Extraordinary General meeting.

The Chair put this proposal to the General Meeting for a vote. The Board of Directors recommended that the proposal be rejected.

The General Meeting rejected the shareholder's proposal, the vote being as follows:

4.1.2. Peter Voser

The Board of Directors proposed that Peter Voser, whose term of office was due to expire at the General Meeting, be elected for another year as non-executive member of the Board of Directors.

No further comment was made on the proposal. The General meeting approved Peter Voser, the vote being as follows:

4.1.3. Lawrence A. Weinbach

The Board of Directors proposed that Lawrence A. Weinbach, whose term of office was due to expire at the General Meeting, be elected for another year as non-executive member of the Board of Directors.

No further comment was made on the proposal. The General Meeting approved Lawrence A. Weinbach, the vote being as follows:

Item: 4.2 Election of new Board Members

4.2.1. David Sidwell

The Board of Directors proposed that David Sidwell be elected as non-executive member of the Board of Directors for a term of office of one year.
The General Meeting approved the nomination, the vote being as follows:

4.2.2. Peter Kurer

The Board of Directors proposed that Peter Kurer be elected as executive member of the Board of Directors for a term of office of one year.

The proposal made by a shareholder to delete agenda item 4.2.2 could not be approved for reasons explained by the Chair. A lengthy discussion followed, focusing mainly on Peter Kurer's suitability as chairman of the Board of Directors. Various shareholders proposed alternative candidates for election in place of the person put forward by the Board of Directors. The Board of Directors said it was unable to support these proposals and restated its original proposal.

The Chair proceeded to take a vote on the election of Mr. Kurer. If Mr. Kurer is elected, the election of the candidates proposed by the shareholders would no longer be relevant.

The General Meeting approved the election of Peter Kurer to the Board of Directors, the vote being as follows:

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