14th Annual General Meeting of Schaffner Holding AG

Media Information

14thAnnual General Meeting of Schaffner Holding AG

Board of Directors’ proposals approved – Encouraging business performance in first quarter of fiscal 2009/2010

Schaffner Holding AG's 14th Annual General Meeting on January 13, 2010 approved all of the proposals put forward by the Board of Directors. In particular, Hans Hess and Robert F. Spoerry were re-elected for a further three-year term as members of the Board of Directors. Leo Steiner and Peter E. Rued, whose term of office expired at the 2010 Annual General Meeting, did not stand for re-election. Daniel Hirschi was elected as a new member of the Board of Directors for a three-year term, and was elected as the new Chairman at the Board’s constituting meeting. Daniel Hirschi, born 1956, Swiss, Degree in Engineering, was employed at Saia-Burgess in Murten from 1983 to 2005, initially as head of the Switches division and subsequently as head of the Automotive division. He became CEO in 2001 and Delegate to the Board of Directors in 2003. From 2006 to 2009 he was CEO and Delegate to the Board of Directors of Benninger AG, Uzwil. Daniel Hirschi is a member of the Board of Directors of Benninger AG, Uzwil, and Komax Holding AG, Dierikon. The 14th Annual General Meeting of Schaffner Holding AG also approved the proposal to waive payment of a dividend for fiscal 2008/2009 as well as the amendment to the Articles of Association in accordance with the new act on book-entry securities (Bucheffektengesetz), which came into force on January 1, 2010.

Prospects for 2009/2010

Order intake and sales are showing a pleasing development. This was principally due to China’s sustained high demand for Schaffner power quality solutions and the success of new automotive projects in the market. The European capital goods markets are showing first signs of moderate, low-level recovery. However, a setback in the first half of 2010 cannot be ruled out. A reliable forecast for fiscal 2009/2010 will not therefore be possible until the end of the first half. However, the Schaffner Group is well prepared for an upturn following the consistent alignment of its organization to the markets. Processes have been streamlined; the final restructuring measures are nearing completion; the company is no longer on short-time working; and capacities are being adjusted in the Asian centers of production, which are benefiting from a recovery in demand.

Luterbach, January 13, 2010

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