This excerpt taken from the ACL 20-F filed Mar 15, 2005.


        After completion of the IPO in March 2002, Nestlé owned 230,250,000 of our common shares, or approximately 75% of the outstanding common shares after the underwriters exercised their overallotment option. The common shares owned by Nestlé carry the same voting rights as the common shares sold in the public offering. Alcon redeemed all of the nonvoting preferred shares held by Nestlé on May 29, 2002.

        Nestlé is not subject to any contractual obligation to retain its controlling interest in us. At December 31, 2004, Nestlé owned 230,250,000, or approximately 75%, of the outstanding common shares of Alcon.

        At December 31, 2004, two shareholders of record in Switzerland, including Nestlé, held 230,250,100 common shares of Alcon, excluding treasury shares held by Alcon.


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