Swatch Group: Comments on the first half of the year and outlook for 2004 as a whole

• Continuous market share growth on the global watch market (Swatch Group +13.7%; Federation of the Swiss Watch Industry FH +10.8%)

• Significant increase in Group sales after six months (8.9% in local currency and 8.6% in Swiss francs)

• Above-average increase in operating result of +20.1 % and in net income of +16.7 %, after taking account of additional marketing investments of around CHF 20 million for the Olympic Games.

• Substantial sales growth in the electronic systems area. Strong demand and easing of price pressure.

• Recovery in the production area felt over the past two months, and improved order book for second half of the year.

• Positive outlook for the second half of the year despite a difficult and challenging basis for omparison.

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Swatch Group: Comments on the first half of the year and outlook for 2004 as a whole