Alcon Initial Public Offering Priced at $33.00 Per Share

Back to Press releasesVevey,Mar 23, 2002

Nestlé S.A. and Alcon, Inc. (NYSE: ACL) announced today that the initial public offering of 69,750,000 common shares of Alcon, Inc. has been priced at $33.00 per share.

Alcon, the eye care subsidiary of Nestlé S.A., researches, develops, manufactures and markets ophthalmic products, including surgical instruments and accessory products, intraocular lenses, prescription drugs and contact lens care solutions. The 69,750,000 common shares offered represent 23.25% of the 300,000,000 common shares outstanding immediately following this offering (assuming no exercise of the over-allotment option by the underwriters of this offering). Immediately after the offering, Nestlé S.A. will own 76.75% of Alcon's outstanding common shares.

Net proceeds of this offering of approximately $2.2 billion will be used to redeem nonvoting preferred shares owned by Nestlé S.A. Alcon has also granted the underwriters an option to purchase up to an additional 6,975,000 common shares to cover over-allotments. Alcon will receive the net proceeds from any exercise of the over-allotment option, which it expects to use to repay indebtedness.

The common shares are scheduled to begin trading on Thursday, March 21, on the New York Stock Exchange under the symbol "ACL".

Credit Suisse First Boston is the global coordinator for this offering, and the joint lead managers and bookrunners for this offering are Credit Suisse First Boston and Merrill Lynch & Co.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy common shares. The offering of common shares will be made only by means of a prospectus, copies of which may be obtained from Credit Suisse First Boston, Prospectus Department, 11 Madison Avenue, New York, New York 10010-3629, (212) 325-2580 and Merrill Lynch & Co., World Financial Center, 5th Floor, North Tower, New York, New York 10281, (212) 449-1000.