Appropriation of retained earnings

The Board of Directors proposes the following appropriation of retained earnings to the Annual General Meeting:

Profit for 2010 CHF 54,353,986
Retained earnings carried forward CHF 30,135,367
Unappropriated retained earnings CHF 84,489,353
Dividend on share capital of CHF 2.8 million CHF -22,264,920
Dividend on participation capital of CHF 0.6 million CHF -5,000,000
Allocation to other reserves CHF -20,000,000
Balance carried forward CHF 37,224,433

Subject to the approval of Annual General Meeting, the dividend of CHF 8.00 per share less 35 % withholding tax will be payable from 11 May 2011 on presentation of coupon No. 8 for a bearer share with a par value of CHF 1 or coupon No. 8 for a participation certificate with a par value of CHF 1.

Poschiavo, 18 March 2011

For the Board of Directors:

Dr Eduard Rikli
Chairman of the Board of Directors