E ICH HOF HOLDI NG ANNUAL REPORT 2 0 0 8

Analogues translation of the original German version of “Geschäftsbericht 2008”. In caseof differences of interpretation arising in comparison to the German version, the wordingof the original German version is valid.

Board of Directors Eichhof Holding AGReport of the Board of Directors 3

Five year oversightKey Figures Group 4

Corporate GovernanceGroup Structure 6Management Structure 7Datacolor 11

Commentary to the Business Year 2007 / 2008Eichhof Group 17Datacolor 23

Financial ReportingEichhof Gruppe 27Eichhof Group 66Informationen für den Investor 72

E ICH HOF HOLDI NG ANNUAL REPORT 2007

Financial year from October 1, 2007, through September 30, 2008

3

Board of Directors

Fiscal 2007 / 08 marks a turning point in the development of the Eichhof Group. After a tax-rela-ted qualifying period in the real estate sector expired at the end of 2006, the Board of Directorscommissioned plans to split the Eichhof Group into the separate business areas of Beverage,Real Estate, and Color Management. The objective was to improve their capacity to form allian-ces, enhance their growth potential, and eliminate the conglomerate discount on Eichhof sha-res. The process was accelerated in April 2008, when Heineken submitted an offer to purchaseEichhof Beverage for CHF 278.5 million or CHF 1,657.30 per share. This represented an attrac-tive premium of around 45 percent to the value of the debt-free business, as calculated on thebasis of a fairness opinion.

After in-depth examination, the Board of Directors of Eichhof Holding AG concluded that closecooperation with the Heineken brewery group would in the long term strengthen the successfulbusiness model of Eichhof Beverage as well as the brewery site in Lucerne. The decision wasreached partly in light of the recent dramatic acceleration in the process of consolidation onthe global beer market. It was also taken in view of the concentration in the Swiss retail seg-ment toward an oligopoly, with just one of the major retail groups in essence carrying alcoholicbeverages. The Board of Directors therefore recommended that Eichhof shareholders acceptHeineken's financially very attractive purchase offer. Following approval by the General Meetingand Competition Commission, the sale of Eichhof Beverage to Heineken was successfullycompleted with payment of the purchase price to shareholders.

To enable the Eichhof Group to focus its activities on the Datacolor color management businessand strengthen its financial resources in a sustainable manner, the Board of Directors furtherdecided to divest Eichhof Real Estate AG – which consists of investment properties and deve-lopment projects – in an auction process by the end of 2008. The sale process has begun suc-cessfully, and is expected to be completed before the end of 2008.

In the year under review, the consolidated income statement was impacted to a disproportio-nate extent by the high, one-time costs incurred in connection with advice on legal and tax-related matters as well as the financial processes involved in the extremely complex transac-tions in connection with the restructuring of the Eichhof Group. Extraordinary costs were alsoincurred at Datacolor due to the further intensification of sales promotion and in connectionwith the company's reorganization and streamlining. The impact of all these extraordinary fac-tors on the consolidated income statement makes it impossible to draw a meaningful compari-son with the previous year.

In order to maintain Datacolor's profitability, particularly in light of the current difficulties onfinancial and sales markets, and meet the requirements of being an independent, listed com-pany on the Swiss Exchange, the organizational structure is being aligned, the managementteam considerably rejuvenated, and costs aligned with the likely sales potential. The disposal ofthe real estate portfolio enables Datacolor's finances to be strengthened, thus paving the wayfor sustainable growth in the medium-term – above all through specific acquisitions.

I wish to express my sincere thanks to all employees and the Board of Directors alike for theoutstanding efforts they have made in arriving at these optimum solutions to what are in somecases extremely complex projects.

Eichhof Holding AG

Werner DubachChairman of the Board of Directors

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Five year oversight

KEY FIGURES GROUP

in CHF million 2008 2007 2006 2005 2004

Gross sales 73.0 308.9 294.9 274.7 278.1

Veränderung gegenüber Vorjahr in % n.a. 4.7% 7.4% -1.2% -1.8%

Eichhof Beverage n.a. 217.6 205.4 194.1 194.1

Change relative to previous year in % n.a. 5.9% 5.8% 0.0% -3.3%

Datacolor 73.3 89.0 86.2 78.2 75.8

Change relative to previous year in % -17.6% 3.2% 10.2% 3.2% -5.1%

Eichhof Real Estate1) n.a. 2.3 3.3 2.4 8.4

Change relative to previous year in % n.a. -30.3% 37.5% -71.4% 210.3%

Net sales 72.2 286.6 273.4 254.9 259.7

Change relative to previous year in % n.a. 4.8% 7.3% -1.8% -2.3%

Eichhof Beverage n.a. 196.8 185.2 174.8 176.0

Change relative to previous year in % n.a. 6.3% 5.9% -0.7% -4.3%

Datacolor 72.6 87.5 84.8 77.8 75.4

Change relative to previous year in % -17.0% 3.2% 9.1% 3.1% -4.7%

Eichhof Real Estate1) n.a. 2.3 3.4 2.3 8.3

Change relative to previous year in % n.a. -32.4% 47.8% -71.8% 210.3%

EBIT 1.7 20.8 18.01) 17.6 24.31)

Change relative to previous year in % n.a. 15.6% 2.3% -27.6% 88.0%

as a % of net sales 2.4% 7.3% 6.6% 6.9% 9.4%

as a % of average net operating assets n.a. 9.9% 8.4% 7.9% 13.5%

Profit for the year -2.6 18.3 15.7 14.9 18.4

Change relative to previous year in % n.a. 16.6% 5.4% -19.0% 125.8%

as a % of net sales -3.6% 6.4% 5.7% 5.8% 7.1%

as a % of average net operating assets n.a. 16.6% 15.4% 14.9% 19.0%

Cash flow from operating activities 32.5 25.6 33.5 33.7 29.9

Change relative to previous year in % 27.0% -23.6% -0.6% 12.7% -11.8%

as a % of net sales n.a. 8.9% 12.3% 13.2% 11.5%

Cash flow from investing activities -66.8 -4.7 -21.4 -10.7 -5.3

Change relative to previous year in % n.a. -78.0% 100.0% 101.9% -44.8%

as a % of cash flow from operating activities n.a. 18.4% 63.9% 31.8% 17.7%

Free cash flow (excl. acquisitions) n.a. 21.0 18.2 23.4 25.2

Change relative to previous year in % n.a. 15.4% -22.2% -7.1% 3.7%

as a % of net sales n.a. 7.3% 6.7% 9.2% 9.7%

1) Enthält Gewinn aus Verkauf Liegenschaft von TCHF 1 316 im 2006 sowie TCHF 5 964 im 2004.

5

Five year oversight

KEY FIGURES GROUP

in CHF million 2008 2007 2006 2005 2004

Total assets 183.0 266.5 265.2 263.0 273.4

Shareholders' equity 37.5 113.5 107.4 96.8 102.6

as a % of assets 20.5% 42.6% 40.5% 36.8% 37.5%

Average net operating assets1) 178.1 209.8 214.8 221.9 220.4

Net debt 72.4 50.8 49.4 58.6 57.9

Gearing in %2) 193% 45% 46% 61% 56%

Interest coverage rate 0.6 5.3 4.8 4.4 5.6

Number of employees 326 781 711 688 669

Personnel expenses 29.1 74.9 71.4 64.6 62.1

Number of shares3) 156 438 155 571 154 255 154 984 162 983

Per share data3)

Earnings per share in CHF (non diluted) -16.8 117.3 101.6 96.1 112.6

Cash Flow from operating activities in CHF 207.6 164.9 217.3 217.2 183.6

Shareholders’ equity in CHF 239.6 729.4 696.1 624.4 629.8

Dividend in CHF 30 90 80 55 15

Options from share repurchase in CHF 0 0 0 0 25

Total distribution in CHF 304) 90 80 55 40

Share price data as per 30.09. in CHF 412 2 002 1 600 1 410 1 070

Yield in % %5) 7.3% 4.5% 5.0% 3.9% 3.7%

1)Net operating assets include investment properties.

2)Net debt (financial liabilities minus cash and cash equivalents and current financial assets) as a percentage ofshareholders' equity.

3)Calculated by the weighted average number of shares outstanding (issued shares less own shares) and consoli-dated figures.

4)According to the proposal of the Board of Directors on November 12, 2008.

5)Distribution in percentage of the share price as per September 30 (Total distribution including dividend and putoption).

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Corporate Governance

GROUP STRUCTURE

Board of Directors

Internal Audit

Eichhof Holding AG

Werner Dubach, CEO

Stefan Dobler, CFO ad interim

Eichhof Beverage* Datacolor Eichhof Immobilien

Marcel Erne, CEO Terry L. Downes, CEO Christof Scherer, Architect

Eichhof Beers Color Measurment Facility ManagementInternational Premium Beers Color Management, Communication DevelopmentWine and Spirits and Calibration, Project ManagementSoft Drinks Lab Color Equipment

*Takeover trough Heineken (Switzerland) on August 29, 2008.

Eichhof Holding is a Swiss public limited company with its head office in Lucerne.See page 64 for a summary of shareholdings; details for the market capitalization are given on page 73.

Functions and duties of Eichhof Holding AG

Eichhof Holding AG’s role, following the disposal of Eichhof Real Estate AG, is that of a “pure play”on Datacolor's color measurement market. It manages its business by means of objectives, is invol-ved in the planning process and monitors compliance with the budget. Once the three-year plan andthe budget have been approved by the Board of Directors, the Executive Committee acts on its ownauthority within the limits of the budget and the rules of competence. It is responsible for consolida-tion, financing, controlling, asset management and investor relations.

Strategy

Eichhof Holding AG, i.e. Datacolor, provides products and services for industrial as well as professio-nal and hobby applications for color measurement, management, communication and calibrationworldwide. Following the disposal of its real estate business, Datacolor's largely debt-free balancesheet structure will put it in a position to achieve its long-term growth targets through an aggressiveacquisitions policy, allied with organic growth.

It aims to achieve dynamic growth by providing innovative hardware and software products, increa-sing market penetration, developing new markets, alliances and acquisitions. Its range comprisesproducts and systems solutions that are competitive in terms of quality and performance, tailored tocustomer requirements and able to offer a large potential for generating added value. The provisionof services for hardware and software products constitutes a core activity.

It aims for market leadership in defined customer segments as well as geographical markets.

Its corporate performance is achieved by a flexible, lean and customer-oriented organization.

The production depth is restricted to what is strategically necessary.

In addition to maintain a stable shareholder base to pursue long-term goals, the Eichhof Group alsoaims to have Eichhof shares held by a broad public.

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Corporate Governance

MANAGEMENT STRUCTURE

Eichhof Holding AG

Board of Directors

Werner Dubach, 1943, CHChairman and CEO, Member ofthe Board since 1981, electeduntil 2010Dipl. Ing. Chem. ETH Zurich, MBAfrom the Wharton School of theUniversity of Pennsylvania

Since 1981 CEOUntil 1981, Director of the EichhofGroup's Beverages division1975 –1979 Technical Director ofthe Eichhof Brewery1971–1975 Management Assistant

Conzzeta Holding, Zurich, Mem-ber of the Board

Peter Beglinger, 1945, CHBoard member since 1992, elected until 2008Dr. iur. University of ZurichLaw office in Zurich, Counsel

Since 1979 own law office in Zurich1976–1978 legal adviser to theexecutive management of JacobsAG1974–1976 law office Wenger &Vieli, Zurich1974 admitted to the bar

Altin AG, Baar, Chairman of theBoard

Hans Peter Wehrli, 1952, CHBoard member since 2001, elected until 2009Dr. oec. publ. University of ZurichProf., Faculty of Business Admini-stration, University of Zurich

Belimo Holding AG, Wetzikon,Chairman of the Board Swiss Prime Site AG, Olten, Chair-man of the Board

Fritz Gantert, 1958, CHBoard member since 2004, elected until 2010Dr. sc. techn., Dipl. Masch.Ing.ETH Zurich

Since 2007 General ManagerSecurity Solutions Division AscomHolding AG2001-2006 CEO of SchaffnerGroup1998–2001 Sarna Kunststoff Holding AG,1988-1998 Ascom

Werner Dubach, Fritz Gantert, Hans Peter Wehrli, Peter Beglinger

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Corporate Governance

Elections and term of officeMembers of the Board of Directors are elected by the Annual General Meeting of Shareholders foran individual term of office of three years. Newly elected members complete the terms of their pre-decessors. There are no limitations on terms of office.

Internal organizationThe Board of Directors is self-constituting. It appoints committee members and the secretariat.

DutiesThe Board of Directors is the supreme executive body of the holding company. It adopts resolutionswhich determine the company’s fundamental direction and oversees the work of senior management.

CommitteesThe Board of Directors has established committees to support its work. The primary role of thesecommittees is to prepare certain issues and oversee the implementation of Board resolutions. Furthermore, the Board of Directors may delegate the final handling of certain issues to the commit-tees, provided that delegation of such tasks is not prohibited by law. The Board of Directors has –established two committees: the Finance Committee and the Human Resources and CompensationCommittee, as well as the steering committee used as a supervisory and control instrument, (seepage 14).

– The Finance Committee prepares the financial plan, the budgets and the statements for submis-sion to the Board of Directors. Among other things, it issues instructions and monitors the appro-priation of liquidity and the execution of asset management operations.

– The Human Resources and Compensation Committee drafts proposals for the remuneration of theBoard of Directors. It also submits proposals to the Board for appointments to the position of CEOand CFO. The Committee sets the fixed and variable components of remuneration for the toplevels of management, taking account of the situation on the labour market, performance andachievement of the targets that have been set. If the Committee deliberates on the remuneration ofa member of the Human Resources and Compensation Committee, this member shall abstainfrom the proceedings.

Finance Committee: Werner Dubach, Stefan DoblerHuman Resources and Compensation Committee: Dr. Peter Beglinger

The way in which the Board of Directors and its committees workThe Board of Directors meets as often as business requires, but no less than four times a year. Com-mittee meetings are held in addition to Board meetings. Board meetings usually last for between halfa day and a day.

In 2008, the following number of meetings was held:

– Board of Directors 9– Finance Committee 5– Human Resources and Compensation Committee 7

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Corporate Governance

Areas of responsibility

Board of DirectorsThe Board of Directors represents the company externally and manages all company activitiesunless responsibility for these has been transferred to another company body in accordance with thelaw, the Articles of Association or regulations.

In particular, the Board of Directors has the following non-transferable and inalienable duties:

a) acting as the company’s most senior management body and issuing the necessary directives;b) establishing the organizational framework;c) shaping accounting, financial controls and financial planning;d) appointing and dismissing persons entrusted with senior management roles;e) ultimate oversight of persons entrusted with senior management roles, specifically with regard to

compliance with the law, the Articles of Association, regulations and directives;f) producing the annual report, preparing for the Annual General Meeting, executing the resolutions

passed by the AGM;g) informing the judge in the event of excessive indebtedness.

Unless the law, the Articles of Association or the directives issued by the Board of Directors provideotherwise, the Board of Directors delegates the operational management of the company to the CEO,together with the authority to delegate this task on. The company’s Organization Regulations governthe division of responsibility between the Board of Directors and the Executive Committee.

Executive CommitteeExecutive Committee members are appointed by the Board of Directors, the Human Resources andCompensation Committee and the CEO.

Information and control instruments vis-à-vis the Executive CommitteeThe Executive Committee informs the Board of Directors about the current status of the business, thebalance sheet and the income statement on a monthly basis. The following also contribute to theregular decision-making process:

– External auditor KPMG AG, Root / Lucerne (auditor for Eichhof Holding AG and group auditor forthe Eichhof Group), which conducts its audit in accordance with Swiss law, Swiss auditing stan-dards and International Standards on Auditing (ISA).

– IInternal Audit and Risk Management, which monitor the internal control system and the risks andalso the measures to improve the controls or reduce the risks.

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Corporate Governance

HOLDING COMPANY

Management

Werner Dubach, 1943, CHChairman of the Board and CEODipl. Ing. Chem. ETH Zurich, MBAfrom the Wharton School of theUniversity of PennsylvaniaSince 1981 CEO, until 1981, Director of the Eichhof Group'sBeverages division1975–1979 Technical Director ofthe Eichhof Brewery1971–1975 Management Assistant

Member of the Board, ConzzetaHolding, Zurich

Stefan Dobler, 1972, CHCFOCertified accountantSince May 1, 2008, interim CFO Since March 1, 2006, Head ofGroup Controlling and InternalAudit1999 PricewaterhouseCoopers,Zurich

Franziska Weissen, 1967, CHSecretary to the Board of Direc-tors and to the CEOSwiss diploma for ManagementAssistantSince Aug. 1, 1998 assistant1995–1998 Key Account Manager,Swissair

Stefan Dobler, Franziska Weissen, Werner Dubach

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Corporate Governance

DATACOLOR

Datacolor Executive Committee

Terry L. Downes, 1945, USA President and CEOBS in Chemistry; MBASince 1973 management roles, Datacolor1969–1973 Research Chemist, Burlington Industry

John M. Scott, 1955, USACFOBS of Accounting, MBASince September 2006 at Datacolor2003-2006 Senior Finance DirectorChurch & Dwight Co., Inc.2000-2003 Division Controller GlaxoSmithKline1993-2000 Bertelsmann AG

Gary Brennan, 1962, USAHuman ResourcesBS in Business AdministrationSince 2001 at Datacolor2000–2001 Director HR Global MetroNetworks1996–2000 Manager HR TeleglobeCommunications Inc.

Brian Levey, 1957, USAColorVision Business UnitBS in ChemistrySince 1996 management roles, Datacolor1984–1996 management roles, Beckmann Instruments

Albert Busch, 1967, NLIndustrial Business UnitBS / MS in Electrical EngineeringMS in Industrial ManagementJoined Datacolor in February 20081991–2008, management roles at NVBekaert SA

Doris Brown, 1958, USAGlobal MarketingJoined Datacolor in May 2008BS in Technology2001–2008 Global Marketing PantoneInc.1999–2001 CEO Indocs Online1991–1999 Senior Manager AgfaGraphics Bayer Corporation

Gary Brennan, Doris Brown, John M. Scott, Terry L. Downes, Brian Levey, Albert Busch

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Corporate Governance

Executive Committee

Other activities and functionsThe Executive Committee members have no permanent management and consulting functions forsignificant interest groups and hold neither administrative nor political offices.

Management contractsThere are no management contracts.

Compensation, shareholdings and loans

Content and method of determining the compensation and the shareholding programs The Board of Directors sets the compensation of the Board members on the suggestion of theHuman Resources and Compensation Committee. The Human Resources and Compensation Com-mittee also sets the compensation paid to the Executive Committee members.

The principles governing the compensation and shareholdings of members of the Board of Directorsand the Executive Committee are as follows:

Compensation for acting members of governing bodies

Board of DirectorsThe non-executive members of the Board of Directors receive a fixed fee plus a variable bonusdepending on the company’s performance. Board members may receive a portion of the compensa-tion set by the Board in the form of options on registered shares of Eichhof Holding AG.

The compensation paid to executive and non-executive members of the Board of Directors is shownin Note 22, on page 59.

Executive CommitteeExecutive Committee members receive a variable bonus in addition to their fixed salaries. The amountof the variable bonus depends on attainment of company objectives and personal performance targets. The amount of cash bonus payments and options for Executive Committee members is deter-mined by the Human Resources and Compensation Committee. The compensation paid to the 16members of the Executive Committee is shown in Note 22, on page 59

Share allotment in the year under reviewNo shares were allotted during the year under review.

Shareholdings and optionsHoldings of shares and options as at September 30, 2008, are shown in Note 22, on page 60. The purpose of the option plan is to promote investment by Executive Committee members in EichhofHolding AG in order to achieve greater identification with company goals and to align the interests ofmanagement with those of shareholders. The share options are locked for three years and entitle theholder to purchase registered shares at a ratio of 1:1. Due to the divestment of Eichhof Beverage andthe planned disposal of Eichhof Real Estate, this management share option plan was wound up.Options not yet exercised were repurchased at fair value. Refer Financial Report, page 57 and 58,note 20 for details.

Loans granted to governing bodiesThere are no outstanding loans granted to members of the governing bodies.

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Corporate Governance

Compensation for former members of governing bodiesNo compensation was paid to former members of governing bodies.

Additional fees and remunerationsNo additional fees and remunerations are paid to members of the Board of Directors, Executive Com-mittee members or related parties in an amount equal to or greater than the regular compensation forthe given member.

Information for investors

Share capitalThe share capital amounts to CHF 168 044 consisting of 168 044 registered shares with a nominalvalue of CHF 1 each. The registered shares entitle the holder to one vote at the General Meeting, pro-vided that the shareholder is entered with voting rights in the Eichhof Holding AG share register.

Authorized and conditional capitalThere is no authorized capital.

The share capital was increased at the 2003 Annual General Meeting by a maximum amount of CHF 8 800 by issuing 8 800 registered shares with a nominal value of CHF 1 each. This conditionalcapital increase was implemented to enable the exercise of option rights by the members of theBoard of Directors and the Executive Committee. As of September 30, 2007, the conditional capitalamounts to CHF 4 580.

See Supplementary Information 20 on page 58 for information on conditions and procedures.

Changes in capitalRegarding capital changes caused by exercised options refer to note 20 on page 57 and statementof changes in equity on page 32.

Dividend right and participation certificatesThere are no dividend right or participation certificates.

Limitations on transferability and nominee registrationsThere are no limitations with regard to transferability and nominee registrations.

Convertible bonds and optionsEichhof Holding AG has no outstanding convertible bonds. Regarding options, refer to “Compensa-tion” above and note 22 on page 60 of the Financial Report.

Share listingEichhof Holding AG’s shares are listed on SWX Swiss Exchange Zurich under security number 853 104.See Information for Investors, pages 72 for an overview of the stock market listing and details of themarket capitalization.

Legal status of shareholdersShareholders in Swiss public limited companies are granted extensive statutory participation andprotection rights. The shareholding provisions of these participation rights are further supplementedby the company Articles of Association. These ensure that, pursuant to the Code of Obligations, theAnnual General Meeting of Shareholders is convened by placing a one-time announcement in theSwiss Commercial Gazette (Schweizerisches Handelsamtsblatt) and by sending a written invitation tothe registered shareholders; that an item may be added to the agenda of the Annual General Meeting

14

Corporate Governance

of Shareholders no later than 40 days before the date of the meeting; and that every shareholdermay, besides the independent proxy provided for by law, allow his or her shares to be represented atthe Annual General Meeting by a shareholder with a written proxy form.

Voting rights limitationsEvery shareholder entered with voting rights in the share register is entitled to vote. No new entries inthe share register are made during the 20 days before the Annual General Meeting of Shareholders.There are no limitations on voting rights.

Entry in the share registerEntry of purchasers in Eichhof Holding AG’s share register is not subject to any conditions.

Cross-shareholdingsThere are no cross-shareholdings.

Shareholdings in companiesThere are no shareholdings in listed companies. Percentage shareholdings in unlisted companies aregiven on page 64.

Significant shareholdersSee Eichhof Holding AG Financial Report, page 69.

Duty to make an offerThe company’s Articles contain no provisions regarding a duty to make an offer.

Clauses on changes of controlThere are no clauses on changes of control.

Auditors

Duration of the mandate and term of office of the lead auditorEichhof Holding AG has appointed KPMG AG, Root / Lucerne as auditor and group auditor. In eachcase, the mandate is granted by Eichhof Holding AG’s Annual General Meeting of Shareholders for aperiod of one year. The mandate was first given to KPMG in 1992. Thomas Studhalter has been leadauditor since financial year 2007-08.

Auditing feeKPMG received an auditing fee of TCHF 509 for the 2007-08 reporting year.

Additional feesIn addition to the audit fee, KPMG provided other services for TCHF 181.

Supervisory and control instruments vis-à-vis the auditorsThe Board of Directors holds at least two meetings a year with the auditor in charge of the mandate.The matters dealt with at these meetings include the planning and conduct of audits, the focus pointsof the audits and the findings thereof, the main points arising from management letters, the reports onspecial audits and the reports of the auditor and the group auditor. The Board of Directors has appo-inted a steering committee to manage the audits and to monitor implementation of the auditors’ pro-posals. This committee is made up of the CEO, the CFO of Eichhof Holding AG and the person incharge of the mandate and meets regularly while audit work is being carried out.

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Corporate Governance

Information policy

PublicationsEichhof Holding AG publishes a semi-annual report and an annual report in accordance with Inter-national Financial Reporting Standards (IFRS). Additionally, shareholders and the capital market arekept informed of current changes and developments through press releases. As a company listed onSWX Swiss Exchange, Eichhof Holding AG is cognizant of its duty to disclose events relevant to itsshare price (ad hoc disclosure of price-sensitive information). The website www.eichhof.com is avai-lable for further information on the corporation.

Key datesShareholders’ meeting: January 15, 2009Semi-annual report: May 5, 2009Press release: November 3, 2009Press conference: December 1, 2009Shareholders’ meeting: January 14, 2010

EICHHOF GROUP

In fiscal 2007-08, the Eichhof Group was systematically restructured and focused on the multinationalcolor management business of Datacolor. The Beverage business was sold to Heineken at the end ofAugust, and the real estate portfolio is to be divested in an auction process by the end of 2008. Thecontinuing operations – consisting of Datacolor and Group operations – generated net sales of CHF72.2 million in the year under review. EBIT came to CHF 1.7 million, resulting in an EBIT margin of 2.4percent. This includes a provision of CHF 0.9 million in connection with the streamlining and focusingof Datacolor on the requirements of being an independent company that will be listed on the SwissExchange in the future. The restructuring incurred considerable one-time costs, and the consolidatedresult of the continuing operations came to CHF 2.6 million. Including the results of the discontinuedbusiness activities, among them a book gain of CHF 180.7 million from the sale of Eichhof Beverage,the consolidated net profit of the Eichhof Group in fiscal 2007-08 came to CHF 186.9 million.

Datacolor

As indicated at the end of the first six months, Datacolor was unable to match the previous year’srecord performance. Net sales amounted to CHF 72.6 million, representing a 17.0 percent declineversus the previous year in Swiss franc terms but a fall of only 5.6 percent in US dollars. This wasprincipally attributable to a cyclical weakening of demand, especially in the USA and in the interna-tional textile and automotive industries. Datacolor generated EBIT of CHF 3.6 million and an EBITmargin of 5 percent. EBIT was adversely affected not only by lower sales but also by another rise inmarketing investment in the Datacolor-Spyder product line, one-time costs for the commissioning ofthe newly built, high-performance operating and production site in Suzhou, China, additional expen-ses relating to the introduction of the new ERP software, as well as extraordinary expenses in con-nection with preparing Datacolor to meet the requirements of being an independent company listedon the Swiss Exchange.

Eichhof Beverage

The discontinued Eichhof Beverage business achieved a gratifying performance across all areas,despite the difficult conditions following the announcement of Heineken's purchase offer in April. Thiswas primarily attributable to the successful launch of Eichhof's “Bügelbräu” brand of beer – Eichhof'sunmistakable new premium beer in the traditional flip-top bottle. In contrast with international beerbrands, sales of Eichhof's popular beers increased again; meanwhile, sales of mineral water andsoft drinks also increased. May 2008 saw the successful Kellerei St. Georg – which has experiencedstrong growth over the years – acquire the traditional Berne-based firm Münsterkellerei, which is wellpositioned in the region, and once again achieve a record result with its extensive, attractive range ofwines and spirits for the restaurant trade as well as consumers. In the 11 months prior to the sale ofthe Eichhof brewery at the end of August 2008, the Beverage segment generated net sales of CHF192.5 million. EBIT came to CHF 12.4 million, giving an EBIT margin of 6.5 percent.

Eichhof Real Estate

Eichhof Real Estate developed successfully in fiscal 2007–08. Rental income showed a significantrise to CHF 5.6 million, in particular due to the integration of two investment properties acquired inLucerne and Zurich at the start of the fiscal year. The occupancy rate was also increased, above allthanks to a good tenant mix in the new office and residential block on Lucerne's Pilatusplatz, theWestcube in Zurich, as well as the fully converted and renovated commercial building in Reuss-bühl/Lucerne. All projects with major financial and personnel input were driven forward in the yearunder review. Highlights included the construction of a development plan based on the plans ofarchitects Diener & Diener for the Eichhof South/West site in the Kriens and Lucerne municipalities,completion of the construction of access roads to the entire Eichhof site, as well as the Villa Eicheoffice building designed by renowned architects Burkhalter Sumi. Maintenance and administrationexpenses rose to CHF 1.9 million on account of the large number of investment projects, and as aresult of the scheduled sale of the real estate portfolio. Eichhof Real Estate generated an EBIT ofCHF 1.0 million in fiscal 2007–08.

17

18

Commentary 2007/2008

Finances

The consolidated net profit of the Eichhof Group in 2007-08 amounted to CHF 186.9 million. Thiscomprises the consolidated net income of the continuing operations at CHF 2.6 million, book gains ofCHF 180.7 million from the sale of Eichhof Beverage, as well as the profits of the discontinued activi-ties of Eichhof Beverage at CHF 9.5 million and Eichhof Real Estate at CHF 0.7 million. Net financialincome fell to CHF -2.7 million as a result of the difficult financial situation in the year under review.Including the book gain from the sale of Eichhof Beverage, consolidated earnings per share (EPS)amounted to CHF 1,194.84 or CHF -16.83 in terms of the continuing operations. Total assets of theEichhof Group amounted to CHF 183 million on September 30, 2008. At CHF 16.9 million, cash andcash equivalents, together with financial assets, accounted for 9.2 percent of the total balance sheet.Net debt increased to CHF 72.4 million following the purchase of two investment properties in October 2007. Following the spin-off of Eichhof Beverage, shareholders' equity accounted for 20.5percent of the total balance sheet. The large number of extraordinary factors in connection with therestructuring of the Eichhof Group makes it impossible to draw a meaningful comparison with theprevious year.

Eichhof Holding AG

Eichhof Holding AG generated a net profit of CHF 3.6 million in fiscal 2007-08. Securities and interestincome totalled CHF 10.6 million. Financial income includes the book gain of CHF 10.0 million from thereversal of a valuation allowance no longer required. Administrative expenses of CHF 11.5 million weresignificantly impacted by the extraordinary one-time costs in connection with the disposal of EichhofBeverage and Eichhof Real Estate. Financial expenses amounted to CHF 5.3 million. On account of thedisposal of Eichhof Beverage, shareholders' equity of Eichhof Holding AG fell from CHF 58.5 million toCHF 13.4 million.

Outlook

In the context of the reorganization of the Eichhof Group and the decision to focus on Datacolor, theBoard of Directors implemented measures designed to ensure that profitability can at least be main-tained despite the difficult market situation. Having been streamlined and with a considerably younger management team, together with its considerable financial strength following the disposal ofthe real estate portfolio, Datacolor is expected to achieve sustainable growth over the medium termthanks to selected acquisitions as well as to grow organically through the systematic exploitation ofits global market potential and considerable innovative capacity.

19

Commentary 2007/2008

Eichhof beers, brewed from fresh spring water with just the right quantities of malt and hops.

20

Commentary 2007/2008

Inauguration celebrations at Datacolor's new production site in Suzhou, China.

21

Commentary 2007/2008

State-of-the-art jobs manufacturing innovative Datacolor products.

22

Commentary 2007/2008

Office and production building in Suzhou, China. Datacolor color management systems for various applications.

23

Commentary 2007/2008

Lawrenceville

Luzern

Suzhou

GLOBAL NETWORK FOR SERVICE AND DISTRIBUTION

DATACOLOR

Strong number two on international color management market

Despite the difficult environment, Datacolor succeeded in further strengthening its market position in the2007/08 financial year. Net sales amounted to CHF 72.6 million, which in US dollar terms was only 5.6percent down on the good figure for the previous year. This was achieved despite the significantdeteriora tion in economic conditions in the year under review, especially in the US and on Datacolor'skey textile and automotive markets. The dramatic fall in the value of the US dollar led to a decline of 17.0percent versus the previous year when translated into Swiss francs. Datacolor generated EBIT of CHF3.6 million in the 2007/08 financial year, giving an EBIT margin of 5 percent. Excluding the provision ofCHF 0.9 m in connection with the reorganization and preparation of Datacolor to face the requirementsimposed on a focused, independent company that is listed on Swiss Exchange, the EBIT margin came to6.2 percent. EBIT was also affected considerably by other extraordinary factors: The cyclical decline insales, a continued high level of marketing investment (primarily for launch of the third generation of Data-color’s award-winning Spyder product line), one-time costs in relation to the commissioning of the newlybuilt, high-performance operations and production site at Suzhou, China, as well as additional costsincurred by the introduction of new ERP software all pressured Datacolor's profitability.

Attractive product portfolio for industrial customers

The effects of the economic downturn on Datacolor's industrial sector became apparent during thesecond half of the year. Multinational textile and auto manufacturers in particular scaled back theirinvestment programs considerably. The collapse of the US real estate market also led to a sharp declinein demand from the specialty chemicals industry who manufacture paints and coatings. Considering thedramatic changes on markets, the 5.6% percent decline in sales versus the good previous year's figurewas moderate and evidences the high level of importance that multinational customers – with their exacting requirements regarding time-to-market, consistent color reproduction in complex added valuechains, and high degree of cost efficiency – attach to Datacolor's color management solutions. The already extensive customer base in the textile industry was expanded further in the 2007/08 financialyear with the inclusion of leading international fashion labels. Datacolor's industrial partners also includeglobal automotive brands and consumer electronics manufacturers, major furniture producers and interior designers, the printing, photography, paper and packaging industries, the food and beveragesector, as well as the specialty chemicals sector who manufacture paints and coatings. With the latter inmind, the Spectrum software package – a multi-faceted, user-friendly color management solution forindustrial customers – was extended in the year under review to include attractive features which enableeven closer and more efficient cooperation with decentralized sales units. A new, portable measuringsystem was also developed in the 2007/08 financial year, enabling color values measured with Datacolorprecision to be exchanged between production and quality managers on a wireless basis for the firsttime. The customer-driven service offer, enabling industrial customers to keep their Datacolor instru-ments and software packages up to the latest standards for many years, was again expanded signifi-cantly. New strategic alliances were formed to share technology and marketing with the leading supplierof advanced 3-D visualization software and to share service delivery with one of the largest global product testing companies.

SALES BREAKDOWN BY COUNTRY GROUP

America 29%

Asia 26%

Europe 45%

24

Commentary 2007/2008

Further growth at the successful Consumer unit

Underpinned by the dynamic growth in digital photography, sales of innovative DatacolorSpyder products – the third generation had already been launched at the start of the financial year – increasedfurther in the 2007/08 financial year. The new Spyder3 line facilitates even higher processing speeds andgreater accuracy when calibrating color monitors, printers, and projectors. The new Spyder3Print heralded another considerable simplification in terms of the coordination of color reproduction on different printers. Photographic sales outlets were further expanded in the United States with signing of anew nationwide distributor. Sales of DatacolorSpyder products increased by 4 percent overall in the yearunder review, the growth being particularly pronounced in Europe and Asia. The successful Consumerunit already accounts for 20 percent of Datacolor's sales, and the company is planning to increase theproportion of sales generated by the unit to around one third over the medium term.

Major investments in the future

The 2007/08 financial year saw Datacolor once again invest considerable sums in the development ofnew products, customer-driven development of its service offer, marketing activities, and expansion ofits infrastructure. The newly built, high-performance operations and production site in Suzhou, China wasinaugurated in August 2008. With the exception of some strategic key components, which continue to bemanufactured in the US, Datacolor continued to transfer manufacturing of its products to China in theyear under review. The 8000 m2 site in Suzhou means Datacolor has sufficient capacity for future development. With the initial difficulties surrounding the new ERP software having largely been resolvedduring the course of the year, Datacolor now boasts a high-performance infrastructure enabling it toexploit future growth in the color management market on a sustainable, long-term basis. To date, theindustry has only utilized about two thirds of the color management market's total volume – currently estimated at around USD 1 billion. Datacolor presently has a more than 15 percent share of the currentoverall market for color management solutions.

Systematic preparations for growth

With its successful product line-up and an attractive development pipeline featuring innovative, ground-breaking solutions, a strong brand as well as state-of-the-art production and infrastructure capacity anda considerably revitalized, younger management team, Datacolor is well equipped to cope with futurecompetition as the dynamic number two player on the international color management market. In thecourse of reorganizing and preparing Datacolor for the requirements of being an independent,exchange-listed company, the Board of Directors has introduced measures to ensure profitability can atleast be maintained despite the current difficult situation on financial and product markets. In themedium term, Datacolor intends to deliver sustainable profitable growth via selective acquisitions as wellas the systematic exploitation of the available potential. In the process, Datacolor will benefit greatly fromits considerable financial strength following the sale of the Eichhof real estate portfolio.

0

5

10

15

20

CONSUMER GOODS

2004 2005 2006 2007 2008

CHFUSDMillion

0

10

20

30

40

50

60

70

80

2004 2005 2006 2007 2008

CHFUSD

INDUSTRIAL GOODS

Million

25

Commentary 2007/2008

Investment properties and development projects of Eichhof Real Estate AG: Lucerne Pianos at Pilatusplatz, Lucerne; Diener & Diener's Eich-hof West development project; exclusive Villa Eiche office building in Lucerne; Täschmatt Reussbühl industrial property

27

Eichhof GroupConsolidated Income Statement 29Consolidated Balance Sheet 30Consolidated Cash Flow Statement 31Consolidated Statement of Changes in Equity 32Notes to the Consolidated Financial Statements 33– Accounting Principles 33– Notes 40Report of the Group Auditors 65

Eichhof Holding AGIncome Statement 66Balance Sheet 66Statement of Changes in Equity 67Notes 68Proposed Appropriation of the Accumulated Losses 70Report of the Statutory Auditors 71

Investors' Information 72Addresses 74

FINANCIAL REPORT

Financial year from October 1, 2007, through September 30, 2008

29

Eichhof Group

CONSOLIDATED INCOME STATEMENT

in TCHF 2007 / 2008 2006 / 20071)

restated

Gross sales 73 026 88 644

Sales deductions -781 -1 518

Net sales 72 245 100.0% 87 126 100.0%

Cost of goods sold -25 879 -32 345

Gross profit 46 366 64.2% 54 781 62.9%

Sales and marketing expenses -23 734 -26 734

Administrative expenses -12 426 -15 075

Research and development expenses -7 643 -8 490

Other operating income -821 4

EBIT 1 742 2.4% 4 486 5.1%

Financial income 6 3 790 8 405

Financial expenses 6 -6 507 -5 415

Profit before income taxes -975 -1.3% 7 476 8.6%

Income taxes 7 -1 658 -1 802

Profit from continuing operations -2 633 -3.6% 5 674 6.5%

Profit from discontinued operations 28 189 552 12 670

Profit for the year 186 919 18 344

CHF CHF

Earnings per share 21

non-diluted 1 194.84 117.91

diluted 1 194.84 113.78

Earnings per share (continuing operations) 21

non-diluted -16.83 36.47

diluted -16.83 35.19

1) The figures for the previous year have been adjusted to take account of the spin-off of Eichhof Beverages, aswell as the reclassification of Eichhof Real Estate AG to discontinued operations. Additional comments aregiven in note 28.

30

Eichhof Group

CONSOLIDATED BALANCE SHEET

in TCHF 30.09.2008 30.09.2007

Assets

Cash and cash equivalents 8 15 551 11 601

Financial assets 15 1 307 12 711

Trade receivables 9 9 754 44 430

Other receivables 10 22 079 4 214

Inventories 11 8 817 25 172

Tax credits 48 893

Prepaid expenses 67 2 229

Assets classified as held for sale 4 100 899 0

Current assets 158 522 86.6% 101 250 38.0%

Property, plant and equipment 12 10 042 58 939

Investment properties 12 0 56 466

Intangible assets 13 13 209 21 508

Financial assets 15 160 25 461

Deferred tax assets 7 1 072 2 833

Non-current assets 24 483 13.4% 165 207 62.0%

Assets 183 005 100.0% 266 457 100.0%

Liabilities and shareholders' equity

Trade payables 2 313 21 017

Financial liabilities 16 109 004 25 088

Current tax liabilities 2 291 4 330

Other liabilities 17 2 960 5 921

Accrued liabilities 22 817 26 231

Liabilities classified as held for sale 5 420 0

Current liabilities 144 805 79.1% 82 587 31.0%

Financial liabilities 16 0 50 000

Other liabilities 17 357 6 213

Provisions 18 202 614

Deferred tax liabilities 7 166 13 575

Non-current liabilities 725 0.4% 70 402 26.4%

Liabilities 145 530 79.5% 152 989 57.4%

Share capital 168 168

Own shares -11 -12

Capital reserves 10 051 12 547

Retained earnings 27 267 100 765

Shareholders' equity 37 475 20.5% 113 468 42.6%

Liabilities and shareholders' equity 183 005 100.0% 266 457 100.0%

31

Eichhof Group

CONSOLIDATED CASH FLOW STATEMENT

in TCHF 2007 / 2008 2006 / 2007

Profit before income taxes 191 350 21 984

Depreciation of property, plant and equipment 12 7 105 7 300

Depreciation of investment properties 12 1 801 1 257

Amortization of intangible assets 13 3 268 2 637

Non-cash sales deductions 3 697 3 626

Gain on disposal of Eichhof Beverage 28 -180 737 0

Gain on disposal of non-current assets 13 4 -77

Changes in provisions 18 -379 18

Other non-cash positions -1 421 -334

Interest expense, net 6 1 705 2 721

Dividends and income from securities, net 6 1 303 -2 980

Interest paid -4 590 -3 320

Income taxes paid -5 682 -5 985

Cash flow before working capital changes 17 424 26 847

Changes in trade receivables 9 -37 -4 588

Changes in other receivables and prepaid expenses 10 6 515 -1 521

Changes in inventories 11 -5 089 508

Changes in trade payables -2 698 3 992

Changes in other liabilities and accrued liabilities 18 16 359 411

Cash flow from operating activities 32 474 25 649

Investments in property, plant and equipment 12 -15 942 -10 401

Investments in investment properties 12 -44 465 -4 751

Investments in intangible assets 13 -1 344 -4 747

Investments in financial assets -5 317 -4 428

Acquisitions 27 -3 059 0

Disposal of cash and cash equivalents, Eichhof Beverage -3 058 0

Divestments of property, plant and equipment 12 97 469

Divestments of financial assets 6 119 18 092

Interest and dividends received 171 1 075

Cash flow from investing activities -66 798 -4 691

Proceeds from financial liabilities 16 34 132 50 000

Repayment of financial liabilities 16 0 -55 235

Purchase of own shares 0 -3 774

Sale of own shares 19 007 1 030

Exercise of management share options (371) / repurchase of options (-566) -195 1 005

Dividends paid -14 090 -12 552

Cash flow from financing activities 38 854 -19 526

Increase in cash and cash equivalents 4 530 1 432

Cash and cash equivalents at beginning of the year 11 601 10 397

Effect of foreign currency translation on cash and cash equivalents -37 -228

Cash and cash equivalents at end of the year 16 094 11 601

Cash and cash equivalents, discontinued operations 543 0

Cash and cash equivalents, continuing operations 8 15 551 11 601

32

Eichhof Group

1) The share capital as of September 30, 2008, consists of 168 044 (previous year: 168 044) registered shares with a nominalvalue of CHF 1 each.

2) Nominal value; own share holdings (11 469) at cost reduced the consolidated equity by TCHF 3 757 (previous year: TCHF 15 918).3) The capital reserves contain legal reserves which carry restrictions in respect of distributions (TCHF 3 841).4) A dividend of CHF 90 (previous year: CHF 80) per share was distributed in the reporting period. Shareholders in addition

received CHF 1 657.30 per share following the spin-off of Eichhof Beverage.5) The adjustment of financial instruments to fair value concerns the valuation of an interest rate swap. For details, refer to note 14.6) See note 20.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Accumu- Totallated trans- Hedge Total share-

Share Own Capital Retained lation dif- Accounting retained holders'in TCHF capital shares2) reserves3) earnings ferences (IAS 39) earnings equity

Balance as of 1.10.2006 168 -13 10 626 98 925 -978 -1 347 96 600 107 381

Adjustment of financialinstruments to fair value5) 1 400 1 400 1 400

Realized losses -78 -78 -78

Translation differences -1 616 -1 616 -1 616

Total gains and losses directly recognized in equity -1 694 1 400 -294 -294Profit for the year 18 344 18 344 18 344

Total recognized gainsand losses in equity 18 344 -1 694 1 400 18 050 18 050

Dividends4) -12 552 -12 552 -12 552Purchase of own shares -2 -3 772 -3 772 -3 774Sale of own shares 1 1 029 1 029 1 030Management share option plan 702 0 702Tax income from managementshare option plan 1 056 0 1 056Exercise of managementshare options 2 163 1 410 1 410 1 575

Balance as of 30.09.2007 1681) -12 12 547 103 384 -2 672 53 100 765 113 468

Balance as of 1.10.2007 168 -12 12 547 103 384 -2 672 53 100 765 113 468

Adjustment of financialinstruments to fair value5) -37 -37 -37

Translation differences -1 854 -1 854 -1 854

Total gains and losses directly recognized in equity -1 854 -37 -1 891 -1 891Profit for the year 186 919 186 919 186 919

Total recognized gainsand losses in equity 186 919 -1 854 -37 185 028 185 028

Dividends4) -14 090 -14 090 -14 090Distribution to shareholders4) -259 492 -259 492 -259 492Sale of own shares 19 007 19 007 19 007Repurchase of managementshare option plan6) -1 852 -4 527 -4 527 -6 379Elimination of tax income frommanagement share option plan -644 0 -644Exercise of management share options6) 1 576 576 577

Balance as of 30.09.2008 1681) -11 10 051 31 777 -4 526 16 27 267 37 475

33

Eichhof Group

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1 Accounting principles

General

Eichhof Holding AG is a Swiss public limited company domiciled in Lucerne (Obergrundstrasse110). It is the parent company of the Datacolor Group, a world-leading supplier of color measure-ment systems. The Datacolor Group operates in Europe, North America, as well as Asia. EichhofBeverage was divested at the end of August 2008. Eichhof Real Estate remains for sale and isshown under discontinued operations.

Basis of preparation

The consolidated financial statements have been prepared in accordance with International Finan-cial Reporting Standards (IFRS) and comply with Swiss law.

The consolidated financial statements are prepared in Swiss francs (CHF), and rounded to thenearest one thousand. The consolidated financial statements are prepared on a historical costbasis except for the following assets and debts, which are measured at fair value: financial assetsheld for sale and derivative financial instruments.

The preparation of consolidated financial statements in accordance with IFRS requires manage-ment to make estimates and assumptions. This may affect the reported amounts of revenues,expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the finan-cial statements. If in the future such estimates and assumptions, which are based on manage-ment's best judgment at the date of the financial statements, deviate from the actual circumstances,the original estimates and assumptions will be modified as appropriate for the year in which the cir-cumstances change.

Assumptions made by management in relation to the application of IFRS which may have a materialeffect on the financial statements or estimates in the next year are described in note 3.

Changes to the accounting principles

Effective October 1, 2007, the Eichhof Group adopted the following new and revised Standards andInterpretations:

– IFRS 7 – Financial Instruments: Disclosure

– Amendment to IAS 1 Presentation of Financial Statements: Disclosures about Capital

– IFRIC 11 – Group and Treasury Share Transactions

The implementation of these new and revised Standards and Interpretations had no impact on theconsolidated equity or consolidated results.

IFRS Standards and Interpretations that have been approved but not yet applied:

Scope of consolidation

General:The consolidated financial statements of Eichhof Holding AG include all companies in which itholds a majority of the shareholders' voting rights or which it directly or indirectly controls by anyother means.

The closing date for the financial statements of Eichhof Holding AG and all its subsidiaries is Sep-tember 30 except for Datacolor Technology (Suzhou) Co., Ltd. China, whose financial year ends onDecember 31.

Changes in the scope of consolidation:As Eichhof Beverage was sold in the year under review, the participations in the companies of theEichhof Beverage Group were deconsolidated (see note 28). An overview of group entities is pro-vided in note 30.

Principles of consolidation

The assets and liabilities included in the consolidated financial statements are measured accordingto uniform principles.

Intragroup expenses and income, intragroup receivables and liabilities, as well as significant unre-alized gains from Eichhof intragroup transactions are eliminated.

34

Eichhof Group

Financial yearplanned for

Standard / Interpretation Effective date adoption

IFRIC 12 - Service Concession Arrangements January 1, 2008 2008 / 20091)

IFRIC 14 – IAS 19 – The Limit on a DefinedBenefit Asset, Minimum Funding Requirementsand their Interaction January 1, 2008 2008 / 20091)

IFRIC 13 – Customer Loyalty Programmes July 1, 2008 2008 / 20091)

IFRIC 16 – Hedges of a Net Investment in aForeign Operation October 1, 2008 2009 / 20101)

IAS 1 rev. – Presentation of Financial Statements January 1, 2009 2009 / 20102)

IAS 23 rev. – Borrowing Costs January 1, 2009 2009 / 20101)

IFRS 8 – Operating Segments January 1, 2009 2009 / 20102)

Amendment of IFRS 2 – Share-based PaymentVesting Conditions and Cancellations January 1, 2009 2009 / 20101)

Amendment of IAS 32 – Financial Instruments: Presentationand IAS 1 – Presentation of Financial Statements:Puttable Instruments and Obligations Arising on Liquidation January 1, 2009 2009 / 20103)

Amendment to IFRS 1 – First-time Adoption of International

Financial Reporting Standards and IAS 27 – Consolidatedand Separate Financial Statements in Accordance with IFRS January 1, 2009 2009 / 20101)

IFRS 3 rev. – Business Combinations July 1, 2009 2009 / 20101)

IAS 27 rev. – Consolidated and Separate FinancialStatements in Accordance with IFRS July 1, 2009 2009 / 20101)

IAS 39 – Financial Instruments: Recognition andMeasurement – Exposures Qualifying for Hedge Accounting July 1, 2009 2009 / 20101)

Amendment to IFRS's January 1, 2009 / July 1, 2009 2009 / 20103)

IFRIC 15 – Agreements for the Construction of Real Estate January 1, 2009 2009 / 20103)

1) No material effects on the consolidated financial statementsare expected.2) It is expected that the consolidated financial statements will be affected mainly by additional disclosures.3) The effects on the consolidated financial statements cannot yet be determined with sufficient clarity.

35

Eichhof Group

Subsidiaries which have been acquired are consolidated from the date the controlling influencewas obtained, while subsidiaries which have been divested are deconsolidated as of the date con-trol was relinquished.

Foreign currency translation

The financial statements of foreign subsidiaries are prepared in their respective local currency(functional currency) and translated into Swiss francs for consolidation purposes.

Foreign currencies are translated at the exchange rates on the closing date in the case of the bal-ance sheet, and at average exchange rates for the year in the case of the income statement.Exchange-rate differences arising from the translation of shareholders' equity and results of thesubsidiaries are posted directly to retained earnings.

In the annual financial statements of the local subsidiaries, assets and liabilities are translated intoSwiss francs at the exchange rates prevailing on the balance sheet date. Foreign-currency transac-tions are translated into the functional currency at the exchange rate prevailing on the date of trans-action. Exchange rate differences arising from currency conversion and transactions are recog-nized as gains or losses in the income statement.

Segment reporting

Segment information is based on two segment formats: the primary format reflects the businesssegment, whereas the secondary format presents the geographical segments. Segment reportingbased on business segments represents the Eichhof Group's management structure with inde-pendent managements, as applied in the period prior to the disposal of Eichhof Beverage at theend of August 2008.

2 Valuation principles

Gross sales and realization of proceeds

Gross sales include all invoiced sales and services to third parties. Sales are recognized in theincome statement when the economic benefits associated with the transaction will flow to the com-pany and the amount of sales can be measured reliably.

Sales deductions include listing fees and volume discounts.

Management share option plan

Options for the purchase of Eichhof registered shares were granted as part of a performance-based variable compensation for certain management personnel and members of the Board ofDirectors. The quantity and exercise price were determined by the Human Resources and Compen-sation Committee, whereby the option premium was fixed at CHF 250. The options granted carriedthe right to purchase one share of Eichhof Holding AG per option. The options expired in 10 years,had a blocking period of three years and could be sold back to Eichhof Holding AG after a blockingperiod of six years for the price of CHF 250. The exercise price was determined in advance, on thegrant date, in accordance with the Black-Scholes formula. The vesting period equaled the year ofservice (financial year). The quantity of options granted depended on the individual performance ofthe entitled persons and on the performance of their business unit. The fair value of the expectedquantity to be granted was recorded on an accrual basis as personnel expense in line with the vest-ing period. Due to the divestment of Eichhof Beverage and the planned disposal of Eichhof RealEstate, this management share option plan was wound up. Options not yet exercised were repur-chased at fair value.

Taxes

Income taxes are recognized on the basis of economic criteria on an accrual basis. Deferred taxesare calculated at current, company-specific rates on the basis of the discrepancies in income taxliability arising from the differences between the tax balance sheet and the balance sheet of group

36

Eichhof Group

companies drawn up for consolidation (comprehensive balance sheet liability method). No deferredtaxes are recorded in respect of temporary differences associated with investments in subsidiariesas it is assumed that such differences will have no tax consequences in the foreseeable future.

Tax loss carryforwards are only recognized as deferred tax assets when it can be reasonablyassumed that future taxable income will be sufficient to offset past losses before they expire.

If no dividend payments are planned, withholding taxes and other taxes on potential later dividendsare not recognized, since retained earnings are generally reinvested.

Research and development

Development expenses are only capitalized on an individual project basis if such outlay is likely tobe covered by corresponding future income and this can be reliably estimated. Research costs areexpensed as incurred.

Capitalized development expenditures include material and personnel expenses, depreciation ofequipment and machinery and the overhead costs directly attributable.

Borrowing costs

Borrowing costs incurred during the construction of property, plant and equipment are recognizedas expense.

Impairment of assets

The carrying amounts of the Eichhof Group's assets are reviewed for indications of impairment ateach balance sheet date. If an indication exists, the recoverable amount is estimated. If the carry-ing values exceed the estimated recoverable amounts, the assets are written down to their recover-able amounts. Impairment losses are recognized in the income statement. The recoverable amountis the higher of the asset's estimated net selling price and its value in use. The net selling price isthe amount obtainable from the sale of an asset in an arm's length transaction between independ-ent parties less the cost of disposal. The value in use is the present value of estimated future cashflows expected to arise from the continuing use of the asset and from its disposal at the end of itsuseful life.

Annual impairment tests are performed for goodwill and intangible assets with an indefinite usefullife annually or more often if there are any indications that an asset may be impaired.

Employee benefit liabilities

Eichhof Group companies have different employee benefit plans in accordance with local regula-tions and customs in the relevant countries. These plans are organized by institutions and founda-tions which are financially independent of the Eichhof Group, with some being in the form ofdefined contribution plans and others in the form of defined benefit plans. The plans cover a major-ity of employees and provide benefits in the event of death, incapacity, retirement, or termination ofemployment. They are financed through a combination of employee and employer contributions orthrough employer contributions alone.

Defined contribution plans:Datacolor's benefit plans are mainly organized through arrangements with external savings banks.The Eichhof Group is not subject to any further obligations beyond ongoing contributions owed andrecognized.

Defined benefit plans:Actuarial calculations using the projected unit credit method are carried out to define the presentvalue of the expected obligation for Swiss employee pensions plans classified as defined benefitplans. All significant pension fund obligations and the assets covering them are assessed periodi-cally. The latest actuarial calculations were carried out as of September 30, 2008, by externalexperts.

37

Eichhof Group

Benefit expenses resulting from employee services in the current period (current service costs) arerecognized in the income statement. Benefit expenses associated with employee services in priorperiods, resulting in the current period from the introduction of, or improvements of, post-employ-ment benefits (past service costs) are recognized on a straight-line basis over the average perioduntil benefits become vested. Actuarial gains and losses are recognized as income or expensewhen the cumulative unrecognized actuarial gains or losses for each individual plan exceed 10% ofthe higher of defined benefit obligation and the fair value of plan assets.

Other employee benefit plan surpluses are only capitalized if available to the Eichhof Group asfuture contribution repayments or reductions (e.g. employer contribution reserves). Capitalizedemployee benefit plan surpluses / shortfalls are recorded in the balance sheet under long-termfinancial assets / other liabilities.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, bank accounts, sight and time deposits, as wellas money market instruments with an original maturity not exceeding three months.

Current financial assets and liabilities

Current financial assets contain marketable, easily realized securities held for trading. They aremeasured at fair value. Unrealized gains or losses on investments held for trading are recognized inthe financial result. Current financial liabilities include bank payables and loans, which are recordedat nominal value since this usually corresponds with fair value.

Trade receivables

Accounts receivable are recognized and carried at nominal values less necessary allowances forindividual accounts and an overall allowance calculated by levels of ageing based on experience.

Inventories

Inventories are measured at the lower of acquisition or production cost or net realizable value, usingthe weighted average cost formula.

Property, plant and equipment and investment properties

Property, plant and equipment including investment properties are reported at acquisition cost lessaccumulated depreciation and any impairment losses. Land is depreciated only if periodicappraisals reveal a sustained impairment loss. Expenditures which increase the useful life of anasset are capitalized. Property, plant and equipment are depreciated on a straight-line basisaccording to economic criteria corresponding to the estimated useful lives of the assets as set forthin the principles of valuation. Essentially, these are:

Buildings 30 – 40 years

Machinery and equipment 3 – 20 years

Vehicles 5 – 12 years

The residual values, if not immaterial, are reviewed annually.

Intangible assets

Goodwill:Goodwill represents the difference between the cost of the acquisition and the fair value of the netidentifiable assets acquired. Goodwill is allocated to cash-generating units and is not amortized;instead an impairment test is carried out on an annual basis if there are indications that an assetmay be impaired (see Impairment of assets).

38

Eichhof Group

Capitalized development expenditures:Capitalized development expenditures are reported at acquisition or production cost and amortizedon a straight-line basis over their useful life of three to seven years. Impairments are recognized ifnecessary.

Trademarks, licenses, and patents:Trademarks, licenses, and patents are reported at acquisition cost. Expenditures for internally gen-erated trademarks are recognized as an expense in the current period. Acquired trademarks,licenses, and patents are amortized on a straight-line basis over their useful life of five to 10 years.Trademarks, licenses and patents are reported as intangible assets with an indefinite useful life ifthe cash generating periods are not anticipated to be limited. These trademarks, licenses andpatents are not amortized; instead they are tested for impairment annually.

Delivery rights:Delivery rights are measured at cost and amortized on a straight-line basis over their useful life ofthree to six years. Impairments are recognized if necessary. No delivery rights have been heldsince the deconsolidation of Eichhof Beverage.

Other intangible assets:Other intangible assets are capitalized at cost and amortized on a straight-line basis over the usefullife, which is between three and five years. Other intangible assets mainly comprise software.

Non-current assets held for sale and discontinued operations:

A non-current asset or group of assets and liabilities are held for sale if the associated carryingamount is mainly realized through a sale transaction and not through continued use. This requires ahigh probability of sale and that the assets and group of assets and liabilities can be sold immedi-ately in their current condition. Prior to their reclassification to “held for sale”, the assets and thegroup of assets and liabilities are valued in accordance with current accounting principles. Follow-ing the reclassification, the assets are valued at the lower of carrying amount or fair value less thecost of disposal. Any impairment is recognized in the income statement.

Non-current financial assets

Non-current financial assets mainly consist of prepaid employee benefits and non-current loans.

Third-party on-trade loans to secure distribution channels for Eichhof Beverage are amortized(repayment) in line with sales and are recognized as deductions from gross sales. These loans arerecognized in the balance sheet at discounted net present values. The variance to the nominalvalue at the time of the first recognition represents a delivery right and is accordingly capitalized asan intangible asset. No on-trade loans to secure distribution channels have been held since thedeconsolidation of Eichhof Beverage.

Non-current financial liabilities

Interest-bearing debt is measured at cost less transaction costs and recognized in the balancesheet using the effective interest rate method. Gains and losses through the amortization processare recognized in the financial result.

Derivative financial instruments

Derivative financial instruments are recognized as current or non-current financial assets or liabili-ties, depending on the duration. If Hedge Accounting according to IAS 39 is applied, the gains andlosses on the hedging instruments are recognized directly in the equity until the realization of thehedged risk in the balance sheet. All other derivative financial instruments are recognized at fairvalue and unrealized gains and losses are included in the financial result.

Eichhof Group

39

Provisions

Provisions are made for potential present obligations with uncertain timing or amounts as a result ofa past event and for which a future outflow of resources is probable. The amount is based on thebest possible estimate of the expected outflow of resources.

Own shares

Own shares are reported at par value and shown as a deduction from equity. Cost incurred or con-siderations received in excess of par value received in excess of par value are recognized inretained earnings.

3 Material accounting estimates and judgments

Impairment test of intangible assets

Note 13 contains information regarding assumptions and risk factors taken into account when car-rying out impairment tests of intangible assets. Significant assumptions are, for example, growthrates, margins and discount rates. The cash flows actually generated may vary considerably fromplanned discounted future values. In addition, useful lives may become shorter, or an impairmentcan occur when the purpose of utilization changes. The carrying values of the intangibles areshown in note 13.

Actuarial assumptions to calculate post-employment benefit liabilities

Eichhof Group uses various pension plans for employees, some of which are classified as definedbenefit plans. For defined benefit plans, actuarial assumptions are made for the purpose of estimat-ing future developments. These include estimates and assumptions relating to the discount rate, theexpected return on plan assets and future wage trends. The actuaries also use statistical data suchas mortality and staff turnover rates in the actuarial calculations they perform with a view to deter-mining employee benefit obligations. If these parameters change due to a change in economic ormarket conditions, the subsequent results can deviate considerably from the actuarial reports andcalculations. Over the medium term, these deviations can have a significant effect on income andexpenses arising from employee benefit plans. Refer to note 19 regarding the carrying value of thepost-employment benefit assets and liabilities.

Interest rate swap

As described in note 16, Eichhof Group hedges interest using a CHF 40 million interest rate swap(previous year: CHF 40 million). The interest rate swap had a positive fair value of TCHF 16 (previ-ous year: TCHF 53) at the balance sheet date. The result has been charged fully to equity, since thehedge is qualified as effective as long as the Eichhof Group is financed by fixed advances, whichhave a duration of approximately six months. If Eichhof Group decided to change the refinancingand as a result the hedge became ineffective, changes in fair value would have to be charged to theincome statement.

Income tax

Current tax liabilities are measured on the basis of an interpretation of the tax regulations in placein the relevant countries. The adequacy of this interpretation is assessed by the tax authorities in thecourse of the final assessment or tax audits. This can result in material changes to tax expense. Fur-thermore, in order to determine whether tax loss carryforwards may be carried as an asset, it is firstnecessary to critically assess the probability that there will be future taxable profits against which tooffset them. This assessment depends on a variety of influencing factors and developments. Therelevant carrying amounts are shown in the consolidated balance sheet and in note 7.

40

Eichhof Group

NOTES

The figures below are stated in thousands of Swiss francs (TCHF) unless otherwise indicated.

4 Segment reporting

Business segments Datacolor Eichhof BeverageContinuing operations Discontinued operations

2007 / 2008 2006 / 2007 2007 / 2008 2006 / 200711 months

Net sales to third parties 72 582 87 472 192 477 196 761

Net sales to other business segments 0 0 0 0

Net sales of business segments 72 582 100.0% 87 472 100.0% 192 477 100.0% 196 761 100.0%

Cost of goods sold -25 949 -32 345 -106 776 -107 574

Gross profit 46 633 64.2% 55 127 63.0% 85 701 44.5% 89 187 45.3%

Sales and marketing expenses -24 087 -27 041 -67 062 -69 966

Administrative expenses -10 369 -11 757 -7 263 -4 674

Research and development expenses -7 643 -8 490 0 0

Other operating result, net -896 4 1 047 1 546

EBIT 3 638 5.0% 7 843 9.0% 12 423 6.5% 16 093 8.2%

EBIT includes:

Depreciation of property, plantand equipment -767 -951 -6 338 -6 305

Amortization of intangible assets -1 408 -890 -1 860 -1 747

Amortization of loans 0 0 -3 697 -3 626

Cash flow from operating activities 8 798 10 142 39 189 17 050

Cash flow from investing activities -5 610 -5 191 -23 349 -9 180

Cash flow from financing activities -2 523 -2 837 -14 421 -8 500

Average number of employees 320 323 457 450

30.09.2008 30.09.2007 31.08.2008 30.09.2007

Cash and cash equivalentsand financial assets 8 910 8 683 3 944 2 439

Trade receivables 9 754 13 519 34 087 30 877

Inventories 8 817 7 594 21 444 17 578

Other current assets 2 151 2 813 6 432 6 175

Fixed assets 9 884 7 766 56 081 50 990

Intangible assets 13 209 12 736 9 109 8 772

Other non-current assets 1 494 3 533 31 388 25 284

Total assets 54 219 100.0% 56 644 100.0% 162 485 100.0% 142 115 100.0%

Financial liabilities -10 413 -11 577 -10 753 -9 000

Other liabilities -17 853 -17 447 -72 977 -49 847

Net assets 25 953 47.9% 27 620 48.8% 78 755 47.8% 83 268 58.6%

Gross investments in non-current assetsFixed and intangible assets 5 189 5 285 12 097 9 864

Financial assets 0 0 5 317 4 428

41

Eichhof Group

Eichhof Real EstateDiscontinued operations Others / Eliminations Total Eichhof Group

2007 / 2008 2006 / 2007 2007 / 2008 2006 / 2007 2007 / 2008 2006 / 200712 months

5 233 2 372 0 0 270 292 286 605

337 346 -337 -346 0 0

5 570 100.0% 2 718 100.0% -337 -346 270 292 100.0% 286 605 100.0%

-2 639 -1 519 70 0 -135 294 -141 438

2 931 52.6% 1 199 44.1% -267 -346 134 998 49.9% 145 167 50.7%

0 0 353 306 -90 796 -96 701

-1 944 -986 -2 057 -3 317 -21 633 -20 734

0 0 0 0 -7 643 -8 490

0 0 75 0 226 1 550

987 17.7% 213 7.8% -1 896 -3 357 15 152 5.6% 20 792 7.3%

-1 801 -1 257 0 -44 -8 906 -8 557

0 0 0 0 -3 268 -2 637

0 0 0 0 -3 697 -3 626

1 112 1 909 -16 625 -3 452 32 474 25 649

-44 459 -4 750 6 620 14 430 -66 798 -4 691

43 240 3 220 12 558 -11 409 38 854 -19 526

2 2 6 6 785 781

30.09.2008 30.09.2007 30.09.2008 30.09.2007 30.09.2008 30.09.2007

543 650 7 948 12 540 n / a 24 312

626 34 0 0 n / a 44 430

0 0 0 0 n / a 25 172

244 197 20 043 -1 849 n / a 7 336

99 129 56 465 158 184 n / a 115 405

0 0 0 0 n / a 21 508

357 330 -262 -853 n / a 28 294

100 899 100.0% 57 676 100.0% 27 887 10 022 n / a n / a 266 457 100.0%

-59 700 -27 200 -38 891 -27 311 n / a -75 088

-7 274 -5 595 -11 399 -5 012 n / a -77 901

33 925 33.6% 24 881 43.1% -22 403 -22 301 n / a n / a 113 468 42.6%

44 465 4 750 0 0 61 768 19 899

0 0 0 0 5 317 4 428

42

Eichhof Group

Geographical segments (continuing operations)

2007 / 2008 2006 / 2007

As % of As % ofthe total the total

Net sales to third parties 72 245 100.0% 87 126 100.0%

Switzerland 1 313 1.8% 914 1.0%

Europe (excluding Switzerland) 31 679 43.9% 33 199 38.2%

America 20 191 27.9% 26 503 30.4%

Asia / Pacific 19 062 26.4% 26 510 30.4%

As % of As % ofthe total the total

Assets 82 106 100.0% 66 666 100.0%

Switzerland 50 799 61.9% 35 070 52.7%

Europe (excluding Switzerland) 4 434 5.4% 5 211 7.8%

America 16 413 20.0% 17 225 25.8%

Asia / Pacific 10 460 12.7% 9 160 13.7%

As % of As % ofthe total the total

Gross investments in non-current assets 5 189 100.0% 5 285 100.0%

Switzerland 95 1.8% 75 1.4%

Europe (excluding Switzerland) 175 3.4% 164 3.1%

America 1 409 27.2% 4 107 77.7%

Asia / Pacific 3 510 67.6% 939 17.8%

Business segments Eichhof GroupTotal Discontinued Continuing

Eichhof Group operations operations2007 / 2008 2006 / 2007 2007 / 2008 2006 / 2007 2007 / 2008 2006 / 2007

Net sales to third parties 270 292 286 605 197 710 199 133 72 582 87 472

Net sales to other business segments 0 0 337 346 -337 -346

Net sales of business segments 270 292 286 605 198 047 199 479 72 245 87 126

Cost of goods sold -135 294 -141 438 -109 415 -109 093 -25 879 -32 345

Gross profit 134 998 145 167 88 632 90 386 46 366 54 781

Sales and marketingexpenses -90 796 -96 701 -67 062 -69 966 -23 734 -26 735

Administrative expenses -21 633 -20 734 -9 207 -5 660 -12 426 -15 074

Research and develop-ment expenses -7 643 -8 490 0 0 -7 643 -8 490

Other operatingresult, net 226 1 550 1 047 1 546 -821 4

EBIT 15 152 20 792 13 410 16 306 1 742 4 486

43

Eichhof Group

5 Personnel expenses (continuing operations)2007 / 2008 2006 / 2007

Wages and salaries 23 648 26 293

Social security costs 4 095 4 737

Pension costs– for defined benefit plans 19 -56 149

– for defined contribution plans 19 694 904

Share-based payments 20 0 873

Other personnel expenses 679 545

Personnel expenses 29 060 33 501

6 Financial result (continuing operations)2007 / 2008 2006 / 2007

Interest income 1 348 3 112

Dividend income 67 318

Income on securities 0 3 025

Foreign exchange gains 2 375 1 950

Financial income 3 790 8 405

Interest expense -3 053 -3 877

Expenses on securities -1 370 -521

Foreign exchange losses -2 084 -1 017

Financial expenses -6 507 -5 415

Financial result, net -2 717 2 990

44

Eichhof Group

7 Income taxes2007 / 2008 2006 / 2007

Current income taxes -3 981 -3 613

Deferred income taxes -450 -27

Effective tax expense -4 431 -3 640

Effective tax expense, continuing operations -1 658 -1 802

Effective tax expense, discontinued operations -2 773 -1 838

Effective tax expense -4 431 -3 640

Effective tax expense from spin-off of Eichhof Beverage 0 0

2007 / 2008 2006 / 2007

Profit before income taxes 191 350 21 984

Expected taxes (23.8%; previous year 23.0%) -45 541 -5 052

Effect on deferred tax liabilities due to changes in income tax rates -460 49

Recognition of tax losses not capitalized 330 599

Capitalization of tax loss carryforwards from previous periods -836 0

Adjustment of capitalized tax loss carryforwards -1 050 0

Adjustments relating to previous periods, net -47 591

Correction from discontinued operations 43 007 0

Non-deductible expenses -110 0

Other effects 276 173

Effective tax expense -4 431 -3 640

Changes in deferred taxes were calculated as follows:

2007 / 2008 2006 / 2007

Deferred tax assets

Opening balance as of October 1 2 833 3 917

Capitalization of tax loss carryforwards 247 0

Usage of capitalized tax loss carryforwards -1 116 -1 805

Share-based payments -644 644

Reclassification to assets held for sale / divestment of Eichhof Beverage -482 0

Other effects 234 77

Deferred tax assets as of September 30 1 072 2 833

Since the Eichhof Group operates across the world, it is subject to income taxes in different taxjurisdictions. The average expected tax rate is a weighted average of the tax rates in the tax juris-dictions where the Eichhof Group operates. The rise in the average expected tax rate in the yearunder review was due to higher profits in countries with a higher tax rate.

The effective tax expense can be reconciled to the average expected tax rate as follows:

45

Eichhof Group

30.09.2008 30.09.2007

2009 0 0

2010 0 0

2011 0 0

2012 0 0

2013 0 0

more than five years 13 827 14 838

Total tax losses carried forward available for offsetting 13 827 14 838

The Eichhof Group has total tax loss carryforwards whose potential tax effect is about CHF 3.6 mil-lion (previous year: CHF 3.9 million). These tax loss carryforwards can potentially be used in Switzer-land for seven years and abroad partly unrestricted. These tax loss carryforwards, for which nodeferred tax assets have been recognized, expire in the following periods:

2007 / 2008 2006 / 2007

Deferred tax liabilities

Opening balance as of October 1 13 575 14 417

Taken to / (from) income statement -321 -842

Reclassification to liabilities held for sale / divestment of Eichhof Beverage -13 088 0

Deferred tax liabilities as of September 30 166 13 575

2007 / 2008 2006 / 2007

Deferred taxes recognized in equity

Opening balance as of October 1 1 114 17

Interest rate swap 0 -18

Share-based payments (current income taxes) -1 056 1 056

Share-based payments (deferred income taxes) -59 59

Deferred taxes recognized in equity as of September 30 -1 1 114

The deferred tax assets and liabilities are attributable to the following balance sheet items:

2007 / 2008 2006 / 2007

Capitalized tax loss carryforwards 510 1 709

Intercompany profits in inventories 193 425

Share-based payments 0 644

Other assets and liabilities 369 55

Deferred tax assets as of September 30 1 072 2 833

2007 / 2008 2006 / 2007

Inventories 0 1 195

Property, plant and equipment 0 8 526

Other assets 0 3 038

Liabilities 166 816

Deferred tax liabilities as of September 30 166 13 575

46

Eichhof Group

8 Cash and cash equivalents30.09.2008 30.09.2007

Cash on hand, postal accounts 9 1 726

Cash at bank 15 542 9 875

Cash and cash equivalents 15 551 11 601

Bank accounts, postal accounts and short-term deposits generated interest at market rates.

9 Trade receivables30.09.2008 30.09.2007

Trade receivables, gross 10 412 100% 46 458 100%

Allowance for doubtful debts -658 -6% -2 028 -4%

Trade receivables, net 9 754 94% 44 430 96%

10 Other receivables30.09.2008 30.09.2007

Other receivables from

– third parties 20 335 1 359

– government 1 291 2 659

– pension funds 25 0

Prepayments to third parties 428 196

Other receivables 22 079 4 214

Other receivables from third parties include receivables from Heineken in the amount of CHF 19.7million; this sum was repaid on October 31, 2008 and generated interest at market rates.

11 Inventories30.09.2008 30.09.2007

Raw materials 0 0% 259 1%

Work in progress 386 3% 586 2%

Semi-finished and finished goods 7 551 66% 10 549 36%

Trading goods 3 610 31% 17 882 61%

Gross inventories 11 547 100% 29 276 100%

Allowances -2 730 -24% -4 104 -14%

Net inventories 8 817 76% 25 172 86%

47

Eichhof Group

Investment properties under construction concern investment properties which are developed by theEichhof Group itself. Rental income amounted to TCHF 5 570 (previous year: TCHF 2 718), whileexpenses for investment properties amounted to TCHF 2 639 (previous year: TCHF 1 519).

In the reporting period, gains on the disposal of property, plant and equipment amounted to TCHF -4before taxes (previous year: TCHF 77) and on the sale of investment properties to TCHF 0 (previousyear: TCHF 0).

The net carrying amount of property, plant and equipment under finance leases is CHF 0 (previousyear: CHF 0).

12 Property, plant and equipment and investment properties

Total InvestmentMachinery, property, properties Totalequipment, Operating plant and Investment under con- investment

vehicles properties equipment properties struction propertiesAcquisition or produc-tion costs

Balance as of 01.10.2006 125 736 79 665 205 401 60 444 16 309 76 753

Additions 8 266 2 135 10 401 3 442 1 309 4 751

Reclassifications 0 0 0 16 125 -16 125 0

Disposals -8 625 -54 -8 679 0 0 0

Translation differences -796 -725 -1 521 0 0 0

Balance as of 30.09.2007 124 581 81 021 205 602 80 011 1 493 81 504

Additions 7 019 8 923 15 942 39 052 5 413 44 465

Reclassifications -1 130 -123 -1 253 0 0 0

Disposals -908 -687 -1 595 -10 961 0 -10 961

Reclassification to assetsheld for sale / divestmentof Eichhof Beverage -117 737 -76 270 -194 007 -108 102 -6 906 -115 008

Translation differences -634 -424 -1 058 0 0 0

Balance as of 30.09.2008 11 191 12 440 23 631 0 0 0

Accumulated depreciation

Balance as of 01.10.2006 102 992 45 731 148 723 22 824 957 23 781

Additions 6 250 1 050 7 300 1 257 0 1 257

Reclassifications 0 0 0 957 -957 0

Disposals -8 130 -157 -8 287 0 0 0

Translation differences -627 -446 -1 073 0 0 0

Balance as of 30.09.2007 100 485 46 178 146 663 25 038 0 25 038

Additions 5 925 1 180 7 105 1 801 0 1 801

Reclassifications -62 62 0 0 0 0

Disposals -846 -648 -1 494 -10 961 0 -10 961

Reclassification to assetsheld for sale / divestmentof Eichhof Beverage -95 850 -42 076 -137 926 -15 878 0 -15 878

Translation differences -470 -289 -759 0 0 0

Balance as of 30.09.2008 9 182 4 407 13 589 0 0 0

Net carrying amount

Balance as of 30.09.2007 24 096 34 843 58 939 54 973 1 493 56 466

Balance as of 30.09.2008 2 009 8 033 10 042 0 0 0

48

Eichhof Group

Impairment tests for cash-generating units containing goodwill or intangible assets with an indef-inite useful life

30.09.2008 30.09.2007The following units have significant carrying amounts:

Trade business of Ulmer & Knecht and Fliegender Harass 1 500 1 500

Operational business of brewery Ziegelhof 1 853 1 853

Other 370 403

Reclassification to assets held for sale / divestment of Eichhof Beverage -3 353 0

Total goodwill 370 3 756

Colorvision 6 139 6 139

Other 270 270

Total other intangible assets 6 409 6 409

1) Out of the total development expenses of TCHF 7 643 (previous year: TCHF 8 490) no expenses were capitalizedas in the previous year, because not all criteria for a capitalization were met (see Valuation principles). In the yearunder review, as in the previous year, the cost of a new ERP system was capitalized. There were no own devel-opment costs in the year under review (previous year: TCHF 300).

2) The trade marks, licenses, and patents which have an indefinite useful life amount to TCHF 6 139 (previous year:TCHF 6 409).

13 Intangible assetsCapitalized

developmentTrade marks costs and

licenses, Delivery other intangi- Goodwill patents rights ble assets1) Total

Acquisition or production costs

Balance as of 1.10.2006 3 774 21 607 7 716 10 028 43 125

Additions 0 150 2 182 2 415 4 747

Disposals 0 0 -1 612 0 -1 612

Translation differences -18 -28 0 -625 -671

Balance as of 30.09.2007 3 756 21 729 8 286 11 818 45 589

Additions 0 600 0 761 1 361

Reclassifications 0 0 0 1 253 1 253

Disposals 0 0 -17 0 -17

Reclassification to assets held for sale /divestment of Eichhof Beverage -3 353 -2 100 -8 269 0 -13 721

Translation differences -33 -20 0 -404 -458

Balance as of 30.09.2008 370 20 209 0 13 428 34 007

Accumulated amortization

Balance as of 01.10.2006 0 9 301 4 134 10 028 23 463

Additions 0 1 192 1 445 0 2 637

Disposals 0 0 -1 513 0 -1 513

Translation differences 0 -19 0 -487 -506

Balance as of 30.09.2007 0 10 474 4 066 9 541 24 081

Additions 0 1 234 1 516 518 3 268

Reclassifications 0 0 0 0 0

Disposals 0 0 0 0 0

Reclassification to assets held for sale /divestment of Eichhof Beverage 0 -642 -5 582 0 -6 224

Translation differences 0 -13 0 -314 -327

Balance as of 30.09.2008 0 11 053 0 9 745 20 798

Net carrying amount

Balance as of 30.09.2007 3 756 11 255 4 220 2 277 21 508

Balance as of 30.09.2008 370 9 1562) 0 3 683 13 209

49

Eichhof Group

The technology for digital color-management solutions acquired in 2000 and 2004 and marketed byDatacolor, with a net carrying amount of TCHF 6 509, is not amortized since this sum was paid forpatents and trademarks whose useful lives are regarded as indefinite.

The recoverable amount of the consumer goods business of Datacolor is based on value-in-use cal-culations. Those calculations are based on cash flow calculations, which are in turn based on actualoperating results and a five-year business plan.

The main drivers of cash flows are the sales growth rate and the cost of goods sold per product. Thesales growth rate is based on detailed budgets and business plans which are consistent with thesales growth rates achieved in the different channels during the past years. The cost of goods solddepends on both the quantity produced and the quantity sold. A pre-tax discount rate of 15% hasbeen used.

The consumer goods business of Datacolor would have to fall significantly short of the planned sales(-15%) for an impairment to exist.

14 Financial risk management

1. General The Eichhof Group's operating activities are exposed to various financial risks, including credit risk,market risks such as foreign currency and interest rate risk, as well as liquidity risk.

Financial risk management is based on guidelines issued by the Board of Directors of Eichhof cov-ering the objectives, principles, tasks and competencies of financial management. The Board ofDirectors bears supreme responsibility for financial risk management. It has entrusted the GroupExecutive Committee of Eichhof with constant monitoring of the financial risks. The Board of Direc-tors is regularly informed of the prevailing risks.

Risk management is based on the identification and analysis of risks. Limits are assigned to theindividual risk categories; compliance with these limits is monitored on an ongoing basis andaligned in overall terms with the Eichhof Group's risk tolerance. The principles of risk managementand processes applied are also monitored on a regular basis in order to address changes in marketconditions and the activities of the Eichhof Group.

The following sections provide an overview of the extent of the individual risks, the hedging of risks,and the capital management of the Eichhof Group. Further information on financial risks is also con-tained in the other information in the notes.

2. Credit riskCredit risk arises when customers are unable to meet their obligations as agreed. Credit risk in con-nection with operating requirements is evaluated locally and monitored by the individual units. TheEichhof Group observes the Group rules, which stipulate that the creditworthiness of every newcustomer is checked before payment and delivery terms are agreed. The credit ratings assigned tothe customer are reviewed on a regular basis and adjusted if necessary. The default risk for theEichhof Group lines in particular in trade receivables and cash and cash equivalents.

The default risk in terms of trade receivables is limited, since the customer base of the EichhofGroup consists of a large number of customers from various geographical regions. The extent ofdefault risk is determined primarily by the individual characteristics of each individual customer.Customers who are badly in arrears are no longer supplied, or supplied only if they pay in advance.

The Eichhof Group deposits its cash and cash equivalents only with first-class financial institutionson a worldwide basis. As of September 30, 2008, the Eichhof Group had no financial transactionsoutstanding which would have a material impact on the credit risk. The Board of Directors is regu-larly informed of the prevailing risks.

50

Eichhof Group

30.09.2008 30.09.2007

Cash and cash equivalents 15 551 11 601

Trade receivables 9 754 44 430

Other receivables 20 360 4 214

Financial investments, non-current 160 25 461

Total 45 825 85 706

Due dates for trade receivables

30.09.2008 30.09.2007Gross Allowance Gross Allowance

Not due 6 799 0 40 014 -456

Due for 1-60 days 2 320 -23 4 175 -42

Due for 61-120 days 466 -47 567 -57

Due for 121-180 days 239 -95 315 -126

Due for 181-360 days 319 -224 130 -90

Due for more than 360 days 269 -269 1 257 -1 257

Total 10 412 -658 46 458 -2 028

Balance as at October 1 -2 028 -2 265

Change 1 370 237

Balance as at September 30 -658 -2 028

3. Market risk Market risk describes the risk of he fair value or future cash flows of a financial instrument changingdue to fluctuations in the market price. The Eichhof Group is particularly exposed to foreign cur-rency and interest rate risks. A lower risk exists in relation to price fluctuations in commodities.

3.1 Foreign currency riskThe Eichhof Group is exposed to foreign currency risks by virtue of its international focus. Theserisks occur in transactions which take place in currencies other than the functional currency of thecompany concerned, in particular when purchasing or selling goods. Such transactions are prima-rily settled in CHF, EUR, and USD. The individual companies plan their expected payment flows on aregular basis and report these to the Group Executive Committee.

There are no foreign currency risks on the bank liabilities of the Eichhof Group, since these were alltaken up by the parent company and are denominated in CHF – which is the functional currency ofEichhof Holding AG.

To limit the risks arising from foreign currency fluctuations in the case of transactions in goods, theconcept of natural hedging is the primary hedging strategy that is used. This means that incomingand outgoing payments in a particular currency should match. This is particularly the case for theUSD. For the hedging of residual net positions, forex forward contracts are concluded by the GroupExecutive Committee on a selective basis. Hedging is conducted in the case of the EUR, as there isgenerally a surplus of incoming payments in euros.

The maximum credit risk corresponds to the carrying amounts of the individual financial assets.There are no commitments that could lead to an increase in risk beyond the carrying amounts. Themaximum credit risk is as follows:

51

Eichhof Group

The following exchange rates were used for conversion into Swiss francs in the case of the mostimportant currencies for the Group:

Year-end rates Average ratesBalance Sheet Income Statement

Currency Unit 30.9.2008 30.9.2007 2007 / 2008 2006 / 2007

USD 1 1.100 1.160 1.080 1.230

EUR 1 1.580 1.660 1.620 1.620

GBP 1 1.990 2.380 2.130 2.400

The following table shows the currency risks from financial instruments where the currency deviatesfrom the functional currency of the Group company which holds these financial instruments:

30.9.2008 30.9.2007USD EUR USD EUR

Cash and cash equivalents 504 3 066 163 4 171

Trade receivables 461 3 794 406 4 161

Other receivables 0 466 1 488 2 942

Trade payables -50 -282 0 -20

Other liabilities, current 0 -1 845 -308 -2 096

Financial liabilities -2 641 0 0 0

Total currency exposure -1 726 5 199 1 749 9 158

Sensitivity analysisAs incoming and outgoing payments in USD are almost matching, only the euro was used for thesensitivity analysis. The euro has appreciated against the Swiss franc during the last three years,and in relation to the previous year fluctuated within a band of around 5 percent. This 5 percent limitwas therefore used for the sensitivity analysis. A 5 percent change in the exchange rates listed inEUR versus the Swiss franc as of September 30, 2008, would have the following effects on theincome statement. This analysis is performed on the assumption that all other variables, particularlyinterest rates, remain unchanged. The analysis for 2007 was performed based on the sameassumptions.

EUR Gain Loss

30.9.2008 + / - 5% 613 -613

30.9.2007 + / - 5% 504 -504

52

Eichhof Group

3.2 Interest rate riskInterest rate risks comprise an interest-rate related cashflow risk, i.e. the risk that future interest pay-ments will change due to fluctuations in the market interest rate, together with an interest-raterelated risk of a change in fair value, i.e. the risk that fair value of a financial instrument changesdue to fluctuations in the market interest rate.

The interest-bearing financial assets and liabilities held by the Eichhof Group concern cash andcash equivalents as well as bank liabilities.

In the case of cash and cash equivalents, interest-rate adjustments are made on a short-term basisafter no more than three months.

Within the overall credit line of CHF 120 million, fixed advances over different terms are taken out atfixed interest rates depending on short and medium-term liquidity requirements. Interest on the refi-nancing of the bonds redeemed in 2005 and 2006 was hedged from April 1, 2005 to April 1, 2010.Eichhof Holding AG pays a fixed interest rate of 2.84% p.a., and receives a variable interest ratebased on the six-month CHF libor rate.

Additional information on the interest rate profile of the bank liabilities is given in note 16.

Fair value sensitivity analysis for fixed-interest financial instrumentsEichhof Group holds only short-term, fixed-interest financial assets or liabilities which are classedas being at fair value through profit or loss. These current financial assets and liabilities are statedat nominal value, since this usually corresponds to fair value.

Fair value sensitivity analysis for variable-interest financial instrumentsThe Eichhof Group does not have any variable-interest financial assets or liabilities.

An increase in interest rates of 50 basis points would have reduced Group earnings in 2008 by CHF0.2 million (previous year: CHF 0.2 million). An equivalent reduction in interest rates would haveincreased Group earnings in 2008 by CHF 0.2 million (previous year: CHF 0.2 million). This analysisassumes that all other variables, such as exchange rates, remain unchanged.

3.3 Derivative financial instrumentsTo hedge exchange-rate and interest-rate risks, the following derivative financial instruments wereoutstanding as at the balance sheet date:

Contract value Positive fair value Negative fair value2008 2007 2008 2007 2008 2007

Currency instruments

Foreign exchange futures 0 0 0 0 0 0

Interest rate instruments

Interest rate swap 40 000 40 000 16 53 0 0

53

Eichhof Group

4. Liquidity riskThe Eichhof Group's objective is at all times to have adequate liquidity reserves as well as non-uti-lized credit lines in order to meet its payment obligations in a timely manner and at a reasonableprice. The Group Executive Committee is responsible for monitoring the liquidity and financing risks,as well as monitoring the associated procedures and directives.

The liquidity required by the Eichhof Group is calculated in the context of a rolling liquidity plan.Based on the liquidity plan, the Eichhof Group calculates the required liquidity reserves and if nec-essary takes the necessary measures in good time.

Additional information on the interest rate profile of the bank liabilities is given in note 16.

5. Capital management The objective of the Eichhof Group is to maintain an equity ratio that reflects its strategic directionand is consistent over the long term with a view to retaining the confidence of investors, creditorsand other market participants and strengthening the future development of business operations.This includes refinancing that is geared to the asset structure, as well as a risk-compatible relation-ship between equity and debt capital. The Board of Directors monitors the composition of theshareholder base and the return on equity. In the case of the shareholder base, the goal is to havea diversified, international circle of shareholders.

The benchmarks used by the Group Executive Committee to assess whether equity financing isadequate include shareholders' equity as a percentage of total assets (equity ratio) and the rela-tionship between net debt (financial liabilities less cash and cash equivalents as well as currentfinancial assets) and shareholders' equity (gearing), as well as the return on equity.

1) The “Non-current loans to third parties” item mainly comprised on-trade loans for the long-term securing of dis-

tribution channels of Eichhof Beverage, and typically had a duration of five years. The on-trade loans were rec-

ognized at amortized cost, i.e. the corresponding delivery right was valued at the grant date of the loan. The

average rate of interest for on-trade loans for the securing of distribution channels in the previous year was 6%.2) Regarding the prepaid employee benefits, refer to note 19.

15 Financial assets30.09.2008 30.09.2007

Securities held for trading 1 307 12 711

Current financial assets 1 307 12 711

Prepaid employee benefits2) 0 1 649

Non-current loans to third parties1) 0 23 607

Other financial assets 160 205

Non-current financial assets 160 25 461

Financial assets 1 467 38 172

54

Eichhof Group

Maturity analysis of financial liabilities

Carrying Contractual 6 months 6-1230.9.2008 amount cash flow or less months 1-2 years 2-5 years

Trade payables -2 313 -2 313 -2 313 0 0 0

Other liabilities -1 687 -1 687 -1 330 0 0 -357

Accrued liabilities -28 237 -28 237 -28 237 0 0 0

Financial liabilities1) -109 004 -109 004 -109 004 0 0 0

Total -141 241 -141 241 -140 884 0 0 -357

Carrying Contractual 6 months 6-1230.9.2007 amount cash flow or less months 1-2 years 2-5 years

Trade payables -21 017 -21 017 -21 017 0 0 0

Other liabilities -6 942 -6 942 -729 0 -6 213 0

Accrued liabilities -26 231 -26 231 -26 231 0 0 0

Financial liabilities -75 088 -79 963 -25 088 0 -15 675 -39 200

Total -129 278 -134 153 -73 065 0 -21 888 -39 200

1) Interest was not included due to current maturity.

16 Financial liabilities30.09.2008 30.09.2007

Financial liabilities - banks 109 000 25 000

Financial liabilities - third parties 4 88

Current financial liabilities 109 004 25 088

Financial liabilities - banks 0 50 000

Non-current financial liabilities 0 50 000

Financial liabilities 109 004 75 088

Fixed advances are refinanced at an average interest rate of 3.29% (previous year: 2.62%), which ispartly hedged through a CHF 40 million interest rate swap (see note 14). In the year under review,these fixed advances were partly refinanced through bank loans with interest rates of 3.35%.

The above interest rates represent effective interest rates and the stated amounts of current and non-current financial liabilities correspond approximately to their market value.

Due to the disposal of Eichhof Beverage, some of the debt covenants could no longer be met as ofApril 10, 2008. The creditor institutions therefore have the option of asserting their claims in the shortterm. Eichhof Holding AG plans to use the proceeds from the disposal of Eichhof Real Estate AG toredeem these financial liabilities in the first quarter of the new financial year and thereafter negotiatenew credit agreements effective January 1, 2009.

The CHF 120 million overall credit line is not unconditionally available. For the above reasons, theusage of the non-utilized credit line of TCHF 11 000 depends on the prior consent of the financialinstitutions concerned.

TCHF TCHF

Credit lines available 120 000 100 000

Unused credit lines 11 000 25 000

55

Eichhof Group

18 ProvisionsWarranties Others Total

Balance as of 1.10.2006 498 127 625

Additions 75 50 125

Used -67 -28 -95

Reversed -9 -3 -12

Translation differences -35 6 -29

Balance as of 30.09.2007 462 152 614

Additions 7 112 119

Used -52 -37 -89

Reversed -296 -113 -409

Translation differences -30 -3 -33

Balance as of 30.09.2008 91 111 202

Provisions for warranty claims refer to Datacolor. The amount is estimated based on past experiencewith repairs of similar products.

19 Employee benefits

Defined benefit plans

Changes in present value of defined benefit obligation 2007 / 2008 2006 / 2007

Present value of funded obligation as of October 1 123 889 122 729

Current service cost, net of employees' contributions 3 099 2 888

Employees' contributions 1 855 1 815

Interest cost 3 671 3 783

Actuarial losses / (gains) -4 637 -1 887

Plan amendments -3 124 79

Benefits paid -6 144 -5 524

Reclassification to liabilities held for sale / divestmentof Eichhof Beverage -113 328 0

Translation differences -7 6

Present value of funded obligation as of September 30 5 274 123 889

1) Other non-current liabilities in the prior year included deposits on containers.

17 Other liabilities30.09.2008 30.09.2007

Other current liabilities

– third parties 465 380

– government 653 3 634

– pension funds 865 349

Prepayments from third parties 977 1 558

Other current liabilities 2 960 5 921

Other non-current liabilities1) 357 6 213

Other liabilities 3 317 12 134

56

Eichhof Group

Change in fair value of plan assets 2007 / 2008 2006 / 2007

Fair value of plan assets as of October 1 112 071 110 046

Expected return on plan assets 4 592 4 912

Employer's contributions 2 470 2 339

Employees' contributions 1 855 1 815

Benefits paid -6 144 -5 524

Actuarial (losses) / gains -9 078 -1 523

Reclassification to liabilities held for sale / divestmentof Eichhof Beverage -101 664 0

Translation differences -6 6

Fair value of plan assets as of September 30 4 096 112 071

Net prepaid employee benefits 30.09.2008 30.09.2007

Present value of funded obligations 5 274 123 889

Market value of plan assets -4 096 -112 071

Funding deficit 1 178 11 818

Present value of unfunded obligations 288 307

Unrecognized actuarial losses -586 -8 751

Unrecognized transition cost (plan amendments) -15 -5 023

Prepaid employee benefits 865 -1 649

Net benefit expenses 2007 / 2008 2006 / 2007

Current service cost 4 954 4 703

Interest cost on benefit obligation 3 686 3 796

Expected return on plan assets -4 592 -4 912

Amortization of transition cost (plan changes) -40 367

Employees' contributions -1 855 -1 815

Disposal of Eichhof Beverage 2 867 0

Expense recognized in the income statement1) 5 020 2 139

1) of which continued operations TCHF -56 (previous year: TCHF 149)

Movement in the net prepaid employee benefits

2007 / 2008 2006 / 2007

Prepaid employee benefits as of October 1 -1 649 -1 443

Net expense recognized in the income statement 5 020 2 139

Employer's contributions -2 470 -2 339

Translation differences -36 -6

Prepaid employee benefits as of September 30 865 -1 649

The prepaid employee benefits of TCFH 865 are due mainly to a Swiss pension plan. This plan is alegally independent foundation, for which the Eichhof Group is not liable. The required coverage isestablished according to national legislation, where contributions paid until the balance sheet dateand the corresponding interest are included. Future salary and pension increases, though, in con-trary to IAS 19, are excluded. The Swiss pension plans are covered by 101% as of January 1, 2008(previous year: 104%).

57

Eichhof Group

20 Management share option plan

In previous years, options to subscribe Eichhof registered shares were granted to members of theBoard of Directors and certain members of management as part of their performance-relatedbonuses.

In connection with the disposal of Eichhof Beverage, the options program was wound up, i.e. thedecision was taken for Eichhof Holding AG to buy back the outstanding options (11 790) from theemployees at market value. Since all options were exercisable at that time, the payment in theamount of TCHF 6 379 is deducted directly from shareholders' equity in accordance with IFRS 2.29.The payment by Eichhof Holding AG is made following the balance sheet date and is contained inaccrued liabilities.

920 options were bought back from employees in the reporting year, at an average exercise priceincluding option premium of CHF 615.

A further 820 options (previous year: 2 280) were exercised at an average price including optionpremium of CHF 702 (previous year: CHF 691). The average share price during exercises was CHF2 070 (previous year: CHF 1 766). No options (previous year: 530) were exercisable as of Septem-ber 30, 2008.

The empirical gains and losses are as follows:

2007 / 2008 2006 / 2007

Actual return / (loss) on assets -4 486 3 389

Difference between expected and actual return on plan assets -9 078 1 523

Empirical loss / (gain) on the pension liabilities -1 440 489

The expected employer's contributions for financial year 2008 / 2009 amount to TCHF 276.

Due to the disposal of the employee benefits plan of Eichhof Beverage, the plan assets no longerinclude shares (previous year: 700) in Eichhof Holding AG. In the previous year, the fair value as ofSeptember 30, 2007 was TCHF 1 401.

The weighted actuarial assumptions can be summarized as follows:

30.09.2008 30.09.2007

Discount rate 3.63% 3.30%

Expected long-term rate of return on assets 4.50% 4.50%

Future salary increases 1.38% 1.50%

Future pension increases 0.33% 0.25%

Average weighted allocation of plan assets of the pension plans by category:

Shares 36.8% 29.2%

Bonds 42.4% 33.9%

Real estate 14.5% 31.6%

Cash and other financial assets 6.3% 5.3%

Total 100.0% 100.0%

Defined contribution plansThe Eichhof Group maintains various defined contribution plans for which expenses for financialyear 2007 / 2008 amount to TCHF 694 (previous year: TCHF 904).

58

Eichhof Group

Quantity ofoutstanding

options Quantity1.10.2007 Quantity of options

and Exercise Expiration Expiration of options repur- Outstand-expected price of blocking of exercise exercised chased ing options

Year issued granting (CHF)1) period period 2007/2008 2007/2008 30.09.2008

2000 450 736 1.10.2003 1.10.2010 0 450 0

2001 40 212 1.10.2004 1.10.2011 0 40 0

2002 20 138 1.10.2005 1.10.2012 0 20 0

2003 20 232 1.10.2006 1.10.2013 0 20 0

2004 2 280 452 1.10.2007 1.10.2014 820 1 460 0

2005 3 040 745 1.10.2008 1.10.2015 0 3 040 0

2006 3 580 1 049 1.10.2009 1.10.2016 0 3 580 0

2007 4 100 1 626 1.10.2010 1.10.2017 0 4 100 0

Total 13 530 820 12 710 0

Quantity ofoutstanding

options Quantity1.10.2006 Quantity of options

and Exercise Expiration Expiration of options repur- Outstand-expected price of blocking of exercise exercised chased ing options

Year issued granting (CHF)1) period period 2006/2007 2006/2007 30.09.2007

1998 240 1 042 1.10.2001 1.10.2008 240 0 0

1999 80 665 1.10.2002 1.10.2009 80 0 0

2000 940 736 1.10.2003 1.10.2010 490 0 450

2001 40 212 1.10.2004 1.10.2011 0 0 40

2002 20 138 1.10.2005 1.10.2012 0 0 20

2003 1 490 232 1.10.2006 1.10.2013 1 470 0 20

2004 2 280 452 1.10.2007 1.10.2014 0 0 2 280

2005 3 040 745 1.10.2008 1.10.2015 0 0 3 040

2006 3 580 1 049 1.10.2009 1.10.2016 0 0 3 580

Total carry forward 11 710

2007 (expected granting) 3 700 1626 1.10.2010 1.10.2017 0 0 3 700

Total 15 410 2 280 0 13 130

1) plus the option premium of CHF 250.

The fair value of options granted during the period determined using the Black-Scholes valuationmodel was CHF 374. The significant inputs into the model were the average share price in Septem-ber 2007 of CHF 2 061, the exercise prices shown above, standard deviation of expected shareprice returns of 23%, dividend yield of 4.9%, option life of 10 years and annual risk-free interestrate of 3.0%. The volatility measured at the standard deviation of expected share price returns isbased on statistical analysis of weekly share prices over the last 10 years.

59

Eichhof Group

22 Related parties and companies

Eichhof Holding AG has related party relationships with its subsidiaries with its subsidiaries, theirpension plans and with Members of the Board of Directors and with the Executive Committee.

Eichhof Group subsidiariesA list of the Eichhof Group subsidiaries is included in note 30. Transactions between Eichhof Hold-ing AG and its subsidiaries and between subsidiaries of Eichhof Group are eliminated on consoli-dation. There are no associated companies or joint ventures.

Total payments to non-executive Members of the Board of Directors were TCHF 359 in the reportingperiod (previous year: TCHF 287).

The remuneration paid to the Board of Directors and Executive Committee in the reporting year isshown below:

Remuneration of Members of the Board of Directors and Executive Committee

Remuner- Share-ation paid Pension based

2007 / 2008 in cash costs payments Total

To one executive Member of the Board of Directors 1 751 69 620 2 440

To three non-executive Members of the Board of Directors 199 0 160 359

To 16 Members of the Executive Committee 3 693 229 142 4 064

Total 5 643 298 922 6 863

21 Earnings per share (EPS)

Earnings per share were calculated by dividing the Eichhof Group's profit for the year by the aver-age number of shares outstanding (issued shares less own shares). Diluted earnings per shareinclude the effect of dilution, which could arise as a result of exercising management share options.

2007 / 2008 2006 / 2007

Profit from continuing operations -2 633 5 674

Average number of shares outstanding 156 438 155 571

Basic earnings per share fromcontinuing operations in CHF -16.83 36.47

Effect of dilution: Number of share options 0 5 648

Adjusted average number of shares fordiluted earnings per share 156 438 161 219

Diluted earnings per share fromcontinuing operations in CHF -16.83 35.19

Earnings per share (discontinued operations), non-diluted 1 211.67 81.44

Earnings per share (discontinued operations), diluted 1 211.67 78.59

60

Eichhof Group

Remuner- Share-ation paid Pension based

2006 / 2007 in cash costs payments Total

To one executive Member of the Board of Directors 1 489 69 575 2 133

To three non-executive Members of the Board of Directors 182 0 105 287

To 19 Members of the Executive Committee 3 918 175 204 4 297

Total 5 589 244 884 6 717

Remunerations paid to former Members of the Executive Committee in financial year 2007 / 2008amounted to TCHF 1 819 (previous year: TCHF 1 423).

Remuneration paid to Board of Directors (non-executive Members)

Remuner- Share-ation paid Pension based

2007 / 2008 in cash costs payments Total

Peter Beglinger, Deputy President 87 0 70 157

Prof. Hans Peter Wehrli, Member 56 0 45 101

Fritz Gantert, Member 56 0 45 101

Total 199 0 160 359

Highest total remuneration

Remuner- Share-ation paid Pension based

2007 / 2008 in cash costs payments Total

Werner Dubach 1 751 69 620 2 440

Holdings as at September 30 2008 20081)

no. of shares no. of options

Werner Dubach 55 859 0

Peter Beglinger 650 0

Hans Peter Wehrli 260 0

Fritz Gantert 85 0

Terry Downes 141 0

Total 56 995 0

1) The outstanding options were fully repurchased (see note 20).

The total number of shares held by the Board of Directors and Executive Committee amounted to56 995 (previous year: 56 483).

4 100 options (previous year: 3 580) were granted to the Board of Directors and Executive Commit-tee in the reporting year.

No receivables or liabilities between the company and its related parties existed at the end of boththe reporting period and the previous year, with the exception of pension plans; refer to note 10, 15,17, and 19.

Additional information on the governing bodies, together with the content and procedures for deter-mining compensation and participation programs are described in the “Corporate governance”section of the report under points 8 to 14.

61

Eichhof Group

23 Leasing liabilities

As in the previous year, no finance lease contracts existed at the balance sheet date.

The following overview shows future liabilities arising from non-capitalized operating lease con-tracts arranged in order of the due dates:

30.09.2008 30.09.2007

Due in reporting period + 1 year 169 1 544

Due in reporting period +2 years 143 1 390

Due in reporting period +3 years 113 1 254

Due in reporting period +4 years 88 370

Due in reporting period +5 years 0 0

Due in reporting period + > 5 years 0 0

Total operating lease liabilities 513 4 558

The leasing expenses in the financial year amount to TCHF 206 (previous year: TCHF 1 768).

24 Contingent liabilities

There were no sureties, guarantee obligations or pledgings in favor of third parties either in thereporting period or in the previous year.

The company is involved in legal disputes, lawsuits and court cases in the ordinary course of busi-ness. As far as the company can ascertain at the current point in time, such disputes are notexpected to exceed existing provisions or otherwise exert a material influence on its financial situa-tion or operating result.

25 Securing of own liabilities

No assets were pledged to secure own liabilities either in the reporting period or in the previousperiod.

26 Commitment to capital expenditure

Until the works on the “Villa Eiche” real estate project are completed, Eichhof Real Estate AG isexpected to incur contractual payments of TCHF 780.

62

Eichhof Group

27 Acquisitions

Acquisitions 2007 / 2008Eichhof Real Estate AG in October 2007 acquired two properties from the pension fund of the Eich-hof Group in the amount of CHF 34.8 million. The acquisitions were financed through long-termbank loans. In the course of this acquisition, Eichhof Real Estate AG increased its share capital toCHF 20 million.

Effective May 26, 2008, Eichhof Beverage AG acquired Münsterkellerei AG, Berne, for around CHF3.5 million (of which cash and cash equivalents TCHF 441). Of this around TCHF 300 was paid forthe customer base and TCHF 300 for the brand. The sales of the acquired business areas lie in theregion of CHF 7 million. The activities acquired generated a negligible contribution to sales andprofits in the reporting year.

In connection with the disposal of Eichhof Beverage to Heineken, Münsterkellerei AG was also sold.

Acquisitions 2006 / 2007There were no acquisitions in financial year 2006 / 2007.

28 Discontinued operations

On April 10, 2008, Heineken Switzerland AG submitted a public offer to acquire Eichhof Beverage.The Board of Directors recommended that shareholders accept Heineken's offer. The extraordinarygeneral meeting of June 23, 2008, approved the spin-off in accordance with Art. 29b of the MergersAct. The completion at that time was dependent on the approval of the Competition Commission andthe signing of sales contracts with Heineken. Once the Competition Commission had given its consentto the sale of Eichhof Beverage on August 21, 2008, the transaction was completed on August 29,2008. The Beverage division was spun off into the newly established Eichhof Beverage Holding AG.The shareholders of Eichhof Holding AG received shares in the newly established Eichhof BeverageHolding AG on a pro-rata basis. These shares were then acquired by Heineken, with the purchaseprice being paid directly to the shareholders.

Analysis of the economic substance of the transactions was critical to the balance sheet treatmentunder IFRS. It should be noted that the spin-off was completed only on the condition that the offer wasaccepted by the shareholders of Eichhof Holding AG and the Competition Commission had no objec-tions.

Under IFRS and based on IAS 18, the spin-off is treated as two associated transactions. Accordingly,Eichhof Beverage is first sold to Heineken with a corresponding profit in the income statement (TCHF180 737). At the same time, a distribution is made to the shareholders (TCHF 259 492; see Statementof changes in equity).

The participations spun off with the transaction are disclosed in note 30.

The profit from the spin-off of Eichhof Beverage is broken down as follows:

Price offered by Heineken (not cash-affecting) CHF 259.492 million

Less carrying amount of the net assets as of August 29, 2008 (see note 4): CHF 78.755 million

Profit from spin-off of Eichhof Beverage CHF 180.737 million

With the completion of the spin-off / sale of Eichhof Beverage on August 29, the Board of Directorsdecided to sell Eichhof Real Estate AG – which consists of investment properties and developmentprojects – in an auction process by the end of 2008.

63

Eichhof Group

Additional information on the discontinued operations

Eichhof Beverage Eichhof Real Estate Total2007 / 2008 2006 / 2007 2007 / 2008 2006 / 2007 2007 / 2008 2006 / 200711 months

EBIT 12 423 16 093 987 213 13 410 16 306

Financial result, net -64 -439 -1 758 -1 359 -1 822 -1 798

Profit before tax 12 359 15 654 -771 -1 146 11 588 14 508

Income taxes -2 828 -2 058 55 220 -2 773 -1 838

Profit for the year 9 531 13 596 -716 -926 8 815 12 670

Profit from spin-off

Eichhof Beverage 180 737 0 0 0 180 737 0

Income taxes 0 0 0 0 0 0

Profit for the year on

discontinued operations 190 268 13 596 -716 -926 189 552 12 670

Further information on the income statement, balance sheet and cash flows of the discontinued oper-ations may be found in note 4.

29 Events after the balance sheet date

The consolidated financial statements were approved for publication by the Board of Directors onNovember 12, 2008. They have yet to be approved by the general meeting.

The Board of Directors is to recommend to the general meeting that a dividend of CHF 30 per shareor CHF 4.7 million be paid in respect of financial year 2007 / 2008.

No further significant events which might have an influence on the information presented in the 2007 / 2008 annual financial statements or require disclosure in this report occurred between the bal-ance sheet date and November 12, 2008.

64

Eichhof Group

30 Group entities

Share Ownership capital interest

Company Location Currency in '000 in %

Datacolor

Datacolor Holding AG* Lucerne, CH CHF 10 000 100

Datacolor AG Dietlikon, CH CHF 2 000 100

Datacolor Logistik AG** Lucerne, CH CHF 1 000 100

Datacolor International France SA F-Montreuil EUR 274 100

Datacolor GmbH D-Marl EUR 256 100

Datacolor Asia Pacific (HK) Ltd. Hong Kong HKD 1 100

Datacolor Inc. Lawrenceville, USA USD 35 808 100

Datacolor International Ltd. GB-Altrincham GBP 7 500 100

Datacolor Italia S.r.l.*** I-Bergamo EUR 20 100

Datacolor Technology (Suzhou) Co., Ltd. China-Suzhou USD 1 761 100

Eichhof Real Estate

Eichhof Real Estate AG* Lucerne, CH CHF 20 000 100

Other

MABAG AG* Lucerne, CH CHF 100 100

* These companies are held directly by Eichhof Holding AG.** Newly established in September 2007.*** Change from branch into a separate legal entity in September 2007.

Sold entities

Share Ownershipcapital interest

Company Location Currency in '000 in %

Eichhof Beverage

Brauerei Eichhof AG Lucerne, CH CHF 15 000 100

Eichhof Getränke AG Lucerne, CH CHF 10 000 100

Bier-Import AG Lucerne, CH CHF 500 100

Münsterkellerei AG Berne, CH CHF 600 100

Kellerei St. Georg AG Lucerne, CH CHF 100 100

AG “Der Fliegende Harass” Lucerne, CH CHF 50 100

Ulmer & Knecht AG Zurich, CH CHF 392 100

Eichhof Group

REPORT OF THE GROUP AUDITORS

to the General Meeting of Eichhof Holding AG, Lucerne

As group auditors, we have audited the consolidated financial statements (income statement, bal-ance sheet, cash flow statement, statement of changes in equity and notes, as set out on pages 29to 64) of Eichhof Holding AG for the year ended September 30, 2008.

These consolidated financial statements are the responsibility of the board of directors. Ourresponsibility is to express an opinion on these consolidated financial statements based on ouraudit. We confirm that we meet the legal requirements concerning professional qualification andindependence.

Our audit was conducted in accordance with Swiss Auditing Standards and with the InternationalStandards on Auditing (ISA), which require that an audit be planned and performed to obtain rea-sonable assurance about whether the consolidated financial statements are free of material mis-statement. We have examined on a test basis evidence supporting the amounts and disclosures inthe consolidated financial statements. We have also assessed the accounting principles used, sig-nificant estimates made and the overall consolidated financial statement presentation. We believethat our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements give a true and fair view of the financial posi-tion, the results of operations and the cash flows in accordance with International Financial Report-ing Standards (IFRS) and comply with Swiss law.

We recommend that the consolidated financial statements submitted to you be approved.

KPMG AG

Thomas Studhalter Sandro MascarucciAuditor in Charge

Root / Lucerne, November 21, 2008

65

Eichhof Holding AG

66

INCOME STATEMENT

in TCHF 2007 / 2008 2006 / 2007

Financial income 20 610 23 457

Financial expenses -5 251 -3 570

Administrative expenses -11 473 -1 416

Income taxes -254 -584

Profit for the year 3 632 17 887

BALANCE SHEET

in TCHF 30.09.2008 30.09.2007

Assets

Cash and cash equivalents 6 641 628

Financial assets 1 307 11 912

Other receivables

– third parties 20 060 144

– group companies 1 429 880

Prepaid expenses 0 253

Current assets 29 437 22.1% 13 817 10.1%

Investments in group companies 3 30 100 69 696

Own shares 5 3 716 15 918

Loans to group companies 3 70 112 37 777

Non-current assets 103 928 77.9% 123 391 89.9%

Assets 133 365 100.0% 137 208 100.0%

Liabilities and shareholders' equity

Financial liabilities 4 109 004 25 088

Other current liabilities togroup companies 0 166

Accrued liabilities 10 920 3 459

Current liabilities 119 924 89.9% 28 713 20.9%

Financial liabilities 4 0 50 000

Non-current liabilities 0 0.0% 50 000 36.5%

Liabilities 119 924 89.9% 78 713 57.4%

Share capital 5 168 168

Legal reserves 84 2 617

Reserves for own shares 5 3 757 15 918

Free reserves 15 009 315

Accumulated losses / Available earnings -5 577 39 477

Shareholders' equity 13 441 10.1% 58 495 42.6%

Liabilities and shareholders' equity 133 365 100.0% 137 208 100.0%

67

Eichhof Holding AG

STATEMENT OF CHANGES IN EQUITY

Reserves Balance Share Legal for own Free sheet Total

in CHF capital reserves shares reserves profit / loss equity

As of 30.09.2006 167 704 2 452 672 15 119 937 1 113 640 34 141 763 52 995 716

Dividends paid -12 551 600 -12 551 600

Share capital increase 340 340

Premium from sharecapital increase 163 540 163 540

Adjustment of reservesfor own shares 798 179 -798 179 0

Profit for the year 17 886 702 17 886 702

As of 30.09.2007 168 044 2 616 212 15 918 116 315 461 39 476 865 58 494 698

Dividends paid -14 089 950 -14 089 950

Reclassification pursuantto resolution ofgeneral meeting -2 532 190 2 532 190 0

Adjustment of reservesfor own shares -12 161 164 12 161 164 0

Spin-off ofEichhof Beverage -34 595 723 -34 595 723

Profit for the year 3 631 991 3 631 991

As of 30.09.2008 168 044 84 022 3 756 952 15 008 815 -5 576 817 13 441 016

68

Eichhof Holding AG

NOTES

1 Introduction

The financial statements of Eichhof Holding AG comply with the Swiss Code of Obligations.

2 Accounting and valuation principles

Financial assetsCurrent financial assets contain marketable, easily realized securities held for trading. The fair valueof these assets is the market value as of the balance sheet date.

Investments and loansThey are valued at acquisition cost less accumulated amortization.

3 Loans to and investments in group companies

Loans granted to group companies serve to finance them and are given on a long-term basis. Thefinancial income of TCHF 20 610 includes the reversal of an allowance of TCHF 10 000 which was nolonger required on a loan to a group company.

The significant direct and direct investments of Eichhof Holding AG in group companies are pre-sented on page 64 of this report.

4 Financial liabilities

in TCHF 30.09.2008 30.09.2007

Current financial liabilities - third parties 109 004 25 088

Current financial liabilities 109 004 25 088

Bank loans 0 50 000

Non-current financial liabilities 0 50 000

Due to the disposal of Eichhof Beverage, some of the dept covenants could no longer be met as ofApril 10, 2008. The financial institutions therefore have the option of asserting their claims in the shortterm. Eichhof Holding AG plans to use the proceeds from the sale of Eichhof Real Estate AG toredeem these financial liabilities in the first quarter of the new financial year.

5 Shareholders' equity

Share capitalThe share capital of Eichhof Holding AG of CHF 168 044 (previous year: CHF 168 044), is fullypaid-in and consists of 168 044 registered shares (previous year: 168 044) with a par value of CHF1 each.

In the year under review, no shares (previous year: 340) were issued out of the conditional sharecapital due to exercised management share options.

The shares are listed on the SIX Swiss Exchange Zurich under security no. 853 104.

Conditional share capitalAs of September 30, 2008, there was conditional share capital of a maximum of CHF 4 580 (previ-ous year: CHF 4 580) with a par value of CHF 1 each.

69

Eichhof Holding AG

Own sharesEichhof Holding AG holds a total of 11 469 (previous year:12 289) of own shares, carried at TCHF 3716 (previous year: TCHF 15 918). The voting rights for these shares are suspended. The historicalcost of the own shares was subdivided in connection with the spin-off. The historical cost in relationto the net assets on the day of the spin-off was used as the basis. The reserve for own shares wasduly formed and amended.

2008 2007Par Carrying Par Carrying

value amount value amountTCHF TCHF Number TCHF TCHF Number

Balance as of October 1 12 15 918 12 289 13 15 120 12 823

Shares purchased 0 0 0 2 3 774 1 906

Shares sold -1 -794 -820 -3 -4 296 -2 440

Net proceeds from spin-off of

Eichhof Beverage -19 008 0

Gain 7 600 1 320

Balance as of September 30 11 3 716 11 469 12 15 918 12 289

The share capital entitled to a dividend amounts to CHF 156 575 (previous year: CHF 155 755).

Major shareholdersThe Board of Directors of Eichhof Holding AG is aware of the following individual shareholders andjointly voting shareholder groups whose holdings exceed 5% of all voting shares:

Dubach family 33.2% (previous year: 33.2%), Keller family 8.8% (previous year: 8.8%).

Additional informationInformation concerning compensation, loans and advances, as well as participations and optionsgiven to current and former Members of the Board of Directors, Members of the Executive Commit-tee and related parties are disclosed in the notes to the consolidated financial statements on pages59 and 60.

6 Pledges and guarantees in favor of third parties

As of September 30, 2008, Eichhof Holding AG had not provided any pledges (previous year: CHF10 million) on behalf of group companies. As in the previous year, none were drawn on at the bal-ance sheet date.

70

Eichhof Holding AG

PROPOSED APPROPRIATION OF ACCUMULATED LOSSES

Proposal of the Board of Directors

Accumulated losses CHF -5 576 817

Release of free reserves CHF 15 008 815

Available earnings CHF 9 431 998

The Board of Directors proposes that the available earnings of CHF 9 431 998 of Eichhof HoldingAG be distributed as follows:

Dividend on dividend-entitled capital of CHF 156 575 CHF 4 697 250

Brought forward to new account CHF 4 734 748

Total CHF 9 431 998

The total distribution of CHF 4 697 250 corresponds to a gross dividend of CHF 30 per divi-dend-entitled share at a par value of CHF 1. If this earnings appropriation proposal is accepted,the date of the dividend payment will be January 19, 2009.

71

Eichhof Holding AG

REPORT OF THE STATUTORY AUDITORS

to the General Meeting of Eichhof Holding AG, Lucerne

As statutory auditors, we have audited the accounting records and the financial statements (incomestatement, balance sheet and notes, as set out on pages 66 to 70) of Eichhof Holding AG for theyear ended September 30, 2008.

These financial statements are the responsibility of the board of directors. Our responsibility is toexpress an opinion on these financial statements based on our audit. We confirm that we meet thelegal requirements concerning professional qualification and independence.

Our audit was conducted in accordance with Swiss Auditing Standards, which require that an auditbe planned and performed to obtain reasonable assurance about whether the financial statementsare free of material misstatement. We have examined on a test basis evidence supporting theamounts and disclosures in the financial statements. We have also assessed the accounting princi-ples used, significant estimates made and the overall financial statement presentation. We believethat our audit provides a reasonable basis for our opinion.

In our opinion, the accounting records and financial statements and the proposed appropriation ofaccumulated losses comply with Swiss law and the company's articles of incorporation.

We recommend that the financial statements submitted to you be approved.

KPMG AG

Thomas Studhalter Sandro MascarucciAuditor in Charge

Root / Lucerne, November 21, 2008

72

Investors' Information

INVESTORS' INFORMATION

Stock exchange information

Expected dividend date 2009 January 19, 2009

Listing SIX Swiss Exchange (Zurich)

Security ID 853 104

ISIN CH0008531045

Reuters EINZn.S

Bloomberg EI / N

Investdata EIN

Capital structure 30.09.2008 30.09.2007

Share capital in CHF 168 044 168 044

Conditional share capital in CHF 4 580 4 580

Number of registered shares 168 044 168 044

Nominal value per share in CHF 1 1

Registration restrictions none none

Voting restrictions none none

Opting out / opting up none none

Major shareholders (in %) 30.09.2008 30.09.2007

Dubach family 33.2 33.2

Keller family 8.8 8.8

Shareholders by category (in %) 30.09.2008 30.09.2007

Major shareholders 42.0 42.0

Private investors 70.9 69.9

Corporate investors 29.1 30.1

Non-registered shareholders 10.6 8.4

Share distribution 30.09.2008 30.09.2007

Number of registered shares No. of shareholders No. of shareholders

1 – 100 2 047 3 065

101 – 1 000 84 59

1 001 – 5 000 7 4

5 001 – 10 000 1 1

>10 000 3* 3*

Total 2 142 3 132

*including own shares of Eichhof Holding AG

Investors' Information

73

Share price data in CHF 2007 / 2008 2006 / 2007

First trading day 2 080.00 (01.10.2007) 1 605 (02.10.2006)

Ex Eichhof Beverage (1 657.30) 302.70 (28.08.2008)

Low 288.80 (04.07.2008) 1 600 (29.11.2006)

High 475.00 (02.09.2008) 2 240 (09.05.2007)

Last trading day 412.00 (30.09.2008) 2 002 (28.09.2007)

Average 327.01 1 956

Market capitalization in milion as of September 30 69.2 336.4

ADDRESSES

Headquarter Holding

Eichhof Holding AGP.O. Box 2541CH-6002 LucerneTel. +41 41 319 12 42Fax +41 41 319 12 60www.eichhof.com

Datacolor

Headquarter

Datacolor Inc.5 Princess Road08648 Lawrenceville NJ, USATel. +1 609 924 21 89Fax +1 609 895 74 72www.datacolor.com

Europe

Datacolor AGBrandbachstrasse 10CH-8305 DietlikonTel. +41 44 835 37 11Fax +41 44 835 38 35www.datacolor.com

Asia

Datacolor Asia Pacific (HK) LimitedRoom 4301, 43 / F.Metroplaza, Tower II223 Hing Foug RoadKwai ChungHong KongTel. +852 2 420 82 83Fax +852 2 420 83 20www.datacolor.com