Repurchasing of own shares

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Swatch Group: Repurchasing of own shares for the purpose of capital reduction – reopening of second trading line on virt-x as from May 14, 2004

As already announced on the occasion of the publication of the 2003 business results, Swatch Group continues with the share repurchase program launched in November 2001, with the intention – for the time being – of repurchasing own shares amounting to a total value that corresponds to a maximum of 2% of the share capital for the purpose of reducing the capital at a later stage.