UBS AG and Credit Suisse Group have informed the steering committee for the creation of the new Swiss airline about their course of action for exercising their voting rights with regard to the election of the new Crossair Board of Directors:

According to the investors' understanding at the signing of the basic agreement and according to the sense and spirit of this agreement, the future Board of Crossair is to be nominated by the steering committee established for this purpose and elected by the shareholders at Crossair's extraordinary general meeting on 6th December 2001.

UBS AG and Credit Suisse Group, who at the time of the general meeting hold 70.5% of the Crossair shares, will empower Dr. Peter Forstmoser, member of the steering committee, to exercise voting rights without instructions on behalf of the banks at the general meeting.

Originator: Steering Committee, released by Communications FDF

19 November 2001