Letter to Shareholders

Adapting to present realities and stepping into tomorrow’s world

Dear Shareholder,

2012 was a year of rapid change, missed targets and further disappointment. It began with promising growth and optimistic forecasts of gathering momentum. It closed with our revenue, profits and share price at their lowest levels in five-years, calling for rigorous cost management at all levels and a new style of resolute leadership to implement change expediently and consistently.

Gilbert Achermann
Chairman of the Board of Directors
& Acting CEO