BW20030626000137  20030627T063616Z UTC



( BW)(ALTIN-AG)(AIA) Result of AGM

    Business Editors
    UK REGULATORY NEWS

    LONDON--(BUSINESS WIRE)--June 27, 2003--

                               Altin AG
              RESOLUTIONS OF THE ANNUAL GENERAL MEETING

      of  Altin AG, which took place on Wednesday, 25 June
       2003, starting at 4:00 p.m. (Swiss time) at
        "Parkhotel Zug", Industriestrasse 14, CH-6304
                    Zug, Switzerland.

                       (Excerpt of the minutes)

Agenda with Proposals of the Board of Directors and Resolutions of the Annual General Meeting:


1.1.  Annual Report and Annual Financial Statement for the year 2002, Auditors' Report
      The Board of Directors proposes the following:
-        the approval of the Annual Report and the Annual Financial Statement for the year 2002; and
-        the receipt of the Auditors' Report.

1.2.  Resolution of the Annual General Meeting
      The Annual General Meeting unanimously resolves the approval of
      the Annual Report and the Annual Financial Statement for the
      year 2002 and takes notice of the Auditor's Report.

2.1.  Group Financial Statement for the year 2002, Group Auditors' Report
      The Board of Directors proposes the following:
-        the approval of the Group Financial Statement for the year 2002; and
-        the receipt of the Group Auditors' Report.

2.2.  Resolution of the Annual General Meeting
      The Annual General Meeting unanimously resolves the approval of
      the Group Financial Statement for the year 2002 and takes notice
      of the Group Auditors' Report.


3.1.     Appropriation of Retained Earnings
      The Board of Directors propose that the retained earnings for
      the year 2002 of CHF 58'259'521.00 be carried forward.

3.2.  Resolution of the Annual General Meeting
      The Annual General Meeting resolves that the retained earnings
      for the year 2002 of CHF 58'259'521.00 be carried forward.



4.1.  Release from Liability for the Members of the Board of Directors
      The Board of Directors propose that all the members of the Board
      of Directors be released from liability for their activities in
      relation to the Company for the financial year 2002.

4.2.  Resolution of the Annual General Meeting
      The Annual General Meeting unanimously resolves that all the
      members of the Board of Directors be released from liability for
      their activities in relation to the Company for the financial
      year 2002.



5.1.  Re-election of the Board of Directors and re-appointment of Auditors
      The Board of Directors propose the following:
-        the  re-election  of Dr. Peter  Beglinger,  Eric M.C. Syz,  Paolo Luban,  Andre Pabst,  Rodolfo De
         Benedetti, Francesco Rossi and Nigel Russel to the Board of Directors for one year; and
-        the  re-election of  PricewaterhouseCoopers  AG,  Zurich,  as Auditors of the Company and as Group
         Auditors for one year.

5.2.  Resolution of the Annual General Meeting
      The Annual General Meeting unanimously resolves the re-election
      of Dr. Peter Beglinger, Eric M.C. Syz, Paolo Luban, Andre Pabst,
      Rodolfo De Benedetti, Francesco Rossi and Nigel Russel to the
      Board of Directors for one year; and the re-election of
      PricewaterhouseCoopers AG, Zurich, as Auditors of the Company
      and as Group Auditors for one year.



6.1.  Share capital  reduction and repayment of reduction in nominal  value,  and change to the Articles of
      Association

      The Board of Directors propose the following:

      - Reduction of the share capital by the amount of CHF
29'793'588.-- to CHF 84'415'166.--. - Evidence by a special audit
report, that all the claims of the creditors are fully covered
          notwithstanding the reduction of capital.
-         Settlement of the share capital reduction by reducing the
          nominal value of each share by CHF 6.-- to CHF 17.-- and
          that the amount of the reduction be paid out to the
          shareholders (CHF 6.-- by each share).
-        Using  of any  profits  resulting  from the  reduction  of  capital  exclusively  for  writing-off
          purposes (Article 732 para. 4 Swiss Code of Obligations [CO])
-        Respective change of Article 5 of the Articles of Association.


6.2.     Resolution of the Annual General Meeting

      The Annual General Meeting resolves the reduction of the share
      capital by the amount of CHF 29'793'588.-- to CHF
      84'415'166.--., the settlement of the share capital reduction by
      reducing the nominal value of each share by CHF 6.-- to CHF
      17.--, the payout of the amount of the reduction to the
      shareholders (CHF 6.-- by each share), the using of any profits
      resulting from the reduction of capital exclusively for
      writing-off purposes (Article 732 para. 4 Swiss Code of
      Obligations [CO]) and the change of Article 5 of the Articles of
      Association.



7.       Miscellaneous

         --



Zug, June 26, 2003

The Chairman:                       The Secretary:
Dr. Peter Beglinger                 PD Dr. Peter V. Kunz

   Short Name: Altin AG
   Category Code: RAG
   Sequence Number: 00006394
   Time of Receipt (offset from UTC): 20030627T073156+0100

    --30--ZW/uk*

    CONTACT: Altin AG

    KEYWORD: UNITED KINGDOM SWITZERLAND INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: BANKING
    SOURCE: Altin AG

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