Swatch Group: Former Employees complaint against Swatch Group dismissed in the U.S.

Biel / Bienne (Switzerland), August 14, 2004 – The Swatch Group Ltd. has been advised today that the complaint against the company filed by the two former Swatch Group employees has been dismissed.

After completion of its investigation, the US Department of Labor stated clearly that they see no grounds to apply the so-called Sarbanes-Oxley act that justifies employee protection provision since the accusations are referring to alleged actions outside the U.S.

The information was sent to The Swatch Group Ltd. by their lawyers in the U.S., by copy of a letter dated August 4, 2004, addressed to the complainants’ lawyer by the Department of Labor.

Contacts:
Béatrice Howald, Head of PR/Press, Swatch Group
+41 32 343 68 33, Fax +41 32 343 69 22
E-mail: press@swatchgroup.com

For Financial analysts:
Edgar Geiser, CFO, Thomas Dürr, Corporate Treasurer Swatch Group
+41 32 343 68 11, Fax +41 32 343 69 16
E-mail: investor.relations@swatchgroup.com

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Swatch Group: Former Employees complaint against Swatch Group dismissed in the U.S.