Saurer’s Board of Directors has reviewed the significantly improved offer by OC Oerlikon. In its announcement on October 11, 2006, Oerlikon had already waived all conditions set in the original offer announcement, except for the condition of clearance by antitrust authorities and courts. Saurer considers its request for a mandatory offer to all Saurer shareholders in principle as fulfilled and welcomes this outcome.

The significantly improved offer price announced on October 16, 2006, of CHF 135 per Saurer share represents an increase of 45% compared to the initial offer announced on September 6 of CHF 93.42. After reviewing this offer with Saurer’s Senior Management and its financial adviser Deutsche Bank, the Board of Directors comes to the conclusion that the offer should be regarded as attractive. This conclusion by the Saurer board will not prejudice the current review by the Swiss takeover board.

Upon publication of the offer prospectus by OC Oerlikon, Saurer’s Board of Directors will issue its comprehensive report in line with the aforementioned considerations within the time period required by the law.