EMS plans to return to the shareholders further liquidity not required for operations: For the purpose of capital reduction the Board of Directors of EMS-CHEMIE HOLDING AG intends to repurchase 4% of the share capital corresponding to 1'043'720 shares. This repurchase will be effected through the issue of negotiable put options. A corresponding offer to the shareholders will be announced on 21 May 2004 and will remain valid until 8 June 2004.
