Willkommen bei Von Roll

Zurich, February 13, 2004

Following the financial restructuring of Restrukturierung Von Roll and the sale of the Inova group and the Infratec group in 2003, the restructured company has gotten off to a successful fresh start. The adjusted balance sheet indicates an equity ratio of around 365%. Operative restructuring cost burdened the 2003 results. Revenues declined due to the weak circumstances of Von Roll markets. Initial success of the restructuring measures is visible. The company should be able to return to the black figures in 2004, though further substantial efforts to improve will be required. Detailed 2003 results will be presented to the public on 31 March 2004. The General Meeting of shareholders will take place in Zurich on 26 May 2004.

The past financial year was extremely turbulent for Von Roll. The deep uncertainty among clients, suppliers and the company's employees regarding the refinancing and divestiture of various divisions considerably impacted on the run of business. The restructuring of Von Roll's balance sheet, which was pivotal to the Group's survival, was concluded in August Mitte Juni 2003 with the consent of the bondholders. All stakeholders of the old Von Roll Group contributed considerably through their constructive attitude during the complex financial restructuring process.

The remaining Infratec operations were sold off at the end of May, and Von Roll Inova was sold at the end of October. Virtually all the jobs both inside and outside Von Roll remained intact.

Initial progress was made in the fall of 2003 in the operational restructuring of Von Roll Isola, focusing on its core business in electrical insulation systems and composite materials. An efficiency drive that is ambitious in terms of both its timeframe and its objectives will entail the streamlining of the organizational structure, substantial and long-term cuts in administrative costs, the adaptation of capacity to the respective market situation, simplified sales procedures, and stepped-up efforts at innovation. For the projects not yet concluded the necessary provisions and impairments have been included in the 2003 financial results.

Von Roll's year end figures are extremely difficult to compare with those from the previous year. Von Roll's consolidation circle changed for good during 2003. Positive developments in the Group's operating results are overlaid by net income from the refinancing operation, the positiven and negativen consequences of company sales, and provisions and impairments from Von Roll Isola's efficiency drive.

The further Aufgrund einesstriking contraction of market volume caused a 17% drop (on a comparable basis) in orders received by Von Roll Isola, to CHF 388 mMCHF (-17%)illion, and prompted a 16% decrease in net sales to CHF 390 million MCHF (-16%). The company's operating loss Dasbefore special charges and impairments, totaling CHF 7 –9MCHFmillion, The profit after tax inclusive all special charges totals CHF -52 million MCHF (compared with CHF –138 million the previous yearMCHF). Including the debt-equity swaps of the financial restructuring the equity amounts to CHF 104 million at the end of 2003. With it the equity ratio equals to 35%. Weitergehende Informationen zum Jahresabschluss 2003 und zum laufenden Geschäftsgang werden anlässlich der Bilanz-Medien und –Analystenkonferenz vom 22. April 2004 in Zürich vermittelt.

Although it is still extremely difficult to forecast market trends, the situation in Europe would appear to have reached its bottom dürfte. In North America the trend is slightly buoyant, while Asia - especially the Chinese market - is reporting robust growth, albeit from a starting point that remains low.

The first month of 2004 started off according to plan. Though it is too soon to expect any rapid, sustained recovery in demand on Von Roll's main markets. The initiated restructuring measures will further improve the results. The management VonRoll Isola verfügt jedoch über eine ausgezeichnete Marktstellung mit einer erstklassigen technischen Basis und entsprechend vorteilhaften längerfristigen Per-spektiven. believes that its set objective of attaining a positive result during the current financial year is realistic from today's point of view.

Additional information on the end-of-year figures for 2003 and on the company's current business situation will be provided at the balance sheet media and analysts' conference to be held in Zurich on 3122 AprilMarch 2004.

VonRoll Isola verfügt über eine ausgezeichnete Marktstellung mit einer hervorragenden technischen Basis und entsprechend vorteilhaften längerfristigen Per-spektiven.

Key figures (not audited)

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