The following representations made by the company are in accordance with the directive on information relating to corporate governance as resolved by the SWX Swiss Exchange on April 17, 2002, applicable as of July 1, 2002.

Information requested by such directive, which is either not applicable or immaterial, is not mentioned. The representations also take into account the commentary on the corporate governance directive, last updated on September 20, 2007.

The information is set out in the order required by the SWX Swiss Exchange guidelines on corporate governance

information (RLCG), with subsections being summarised to the extent possible. Carlo Gavazzi’s financial statements

comply with US GAAP reporting standards and in certain sections readers are referred to the financial statements and

notes in this annual report.