Ad hoc announcement pursuant to Art. 53 LR

Changes in Management

We are pleased to announce the appointment of Mr. Luc Philippe Widmer as the future CFO of the Tornos Group. He will join us after concluding his professional obligations with his present employer.

For the past seven years, Mr. Widmer was Chief Financial Officer and Member of the Group Executive Management (Deputy of CEO) at the forteq Group (prior Mikron Plastics Technology). Before that, he was Director Finance/Controlling of the Gas-Segment Manufacturing at Alstom (Switzerland) Ltd., where he had the Controlling responsibility for the worldwide manufacturing and logistics network of industrial gas turbines. Consequently he was promoted to General Manager Gas Turbine Logistics. Prior to that, he held a leading Controlling and IT position in a Swiss industrial SME. Mr. Widmer holds a Business Administration degree (Major in Accounting/Controlling) from the FHNW (University of Applied Sciences and Arts, Northwestern Switzerland).

As of May 1st 2012, Mrs. Sabine Magnollay Kohler takes over the interim role of the CFO of the Group. She is partner of CFO Solutions SA. As a former deputy CFO  Mrs. Magnollay Kohler brings along in depth experience from the Bobst Group. Prior to that, she was an auditor at Ernst & Young. Mrs. Magnollay Kohler is a Swiss Certified Accountant and holds a degree in economics of the Lausanne University School of Business.

With her great experience, she will ensure that the Group's finance function is looked after to the fullest satisfaction of our stakeholders until the arrival of the new CFO Luc Widmer.