Based on §4, section 7 of the articles of corporation, the Board of Directors of Sika AG, Baar, located in the Swiss canton of Zug, submitted an offer to registered stockholders on April 23, 2003 for the conversion of their registered shares, each valued CHF 10 at par, into bearer shares, each CHF 60 at par, at a ratio of 6:1

By the close of the extended conversion period at noon on July 11, 2003, 1,171,170 outstanding registered shares, each CHF 10 at par, had been tendered in exchange for 195,195 bearer shares, each CHF 60 at par. As a result less than 1 % of the registered shares are now publicly held.

The Schenker-Winkler Holding AG (SWH) participated in the exchange to the extent that the holdings of SWH and the Burkard-Schenker family of registered and bearer shares continue not to exceed 54.3% of the voting stock, the same percentage maintained prior to the conversion program.

The new bearer shares receive equal treatment to the established bearer shares and are therefore entitled to the dividend for fiscal 2003.

The new bearer shares are listed on the SWX, the Swiss stock exchange, as of Monday, August 25, 2003. The company’s registered shares will be delisted from the SWX on Thursday, September 4, 2003.