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The Swatch Group Finance (Luxembourg) SA, Luxembourg (the "Issuer") is launching today a bond issue of CHF 411.60 million guaranteed, unsubordinated bonds due 2010 (the “Bonds”), convertible into registered shares of CHF 0.45 nominal value (the "Shares") of, and unconditionally and irrevocably guaranteed by The Swatch Group Ltd, Switzerland (the "Guarantor").

The Swatch Group is issuing the Bonds to take advantage of the attractive financing opportunity available in the current convertible market in order to dispose of its treasury shares. The proceeds of the Bonds will be used outside Switzerland for general corporate purposes.