Actual state: Annual report 2011

¹⁾ Until 14 April 2011.
²⁾ Since 14 April 2011.
³⁾ Since 15 April 2010.

Share awards to directors comprised directors' fees. Share awards were granted and valued at the average share price of CHF 173.80 for the year (2010: CHF 136.00). Other remuneration included expenses and fees for service on the board committees.

The shares awarded to group management members for the reporting year are based on the Bucher share plans. The shares awarded represent a fixed percentage of base salary and the level of target achievement during the year. The number of shares awarded under the Bucher Executive Share Plan was calculated using the average share price of CHF 173.80 for the year and those under the Bucher Share Plan using a share price of CHF 173.90 representing the average share price during the first three weeks of January 2012. All shares awarded were valued at CHF 173.90.

The directors did not hold any share options on 31 December 2011.

No share options have been granted since the 2010 financial year. Share options granted in respect of previous reporting years remain valid as originally provided. Each option entitles the holder to purchase one share.