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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As filed with the Securities and Exchange
Commission on January 24, 2006</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>

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<p align="left" style="border:none;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C.&#160;
20549</font></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM S-8</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REGISTRATION STATEMENT<br>
Under<br>
The Securities Act of 1933</font></b></p>

<h1 style="margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></h1>

<div align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<h1 style="margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;text-transform:none;">SERONO S.A.</font></b></h1>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Switzerland</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(State or Other Jurisdiction of Incorporation or
  Organization)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p style="font-weight:bold;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(I.R.S. Employer Identification No.)</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">15 Bis, Chemin des Mines</font></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Case Postale 54</font></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CH-1211 Geneva 20, Switzerland</font></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal Executive Offices) (Zip Code)</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Serono Stock Grant Plan
2006</font></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Full title of the Plan)</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fereydoun
Firouz</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">President</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Serono,
Inc.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">One
Technology Place, Rockland MA&#160; 02370</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and Address
of Agent for Service)</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(781)
982-9000</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Telephone number,
including area code, of agent for service)</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></b></div>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Copies to:</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Nathalie Joannes, Esq.</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">J. Alan Bannister, Esq.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Serono International S.A.</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Gibson, Dunn &amp; Crutcher LLP</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">15 bis, Chemin des Mines</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">2-4 Temple Avenue</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Case Postale 54</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Telephone House</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">CH-1211 Geneva 20</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">London EC4 YHB</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Switzerland</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">United Kingdom</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">+41 22 739 3000</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">+44 20 7071 4000</font></b></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CALCULATION OF
REGISTRATION FEE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.16%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title of Securities<br>
  to be Registered (1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.86%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount to be Registered (2)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.84%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed Maximum<br>
  Offering Price per Share (3)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.84%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed Maximum<br>
  Aggregate Offering Price (3)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount of<br>
  Registration Fee</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:18.16%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.86%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:18.84%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:18.84%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.16%;">
  <p style="margin:0in 0in .0001pt 10.1pt;punctuation-wrap:simple;text-autospace:none;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bearer Shares,
  CHF 25<br>
  par value per share</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.86%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,872</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.84%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S.$&nbsp;1,283.21</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.84%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S.$&nbsp;21,650,319</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S.$&nbsp;2,316.58</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.04%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All
of the Bearer Shares to be offered and sold by the Registrant pursuant to this
Registration Statement may be offered in the form of American depositary
shares, each of which represents one-fortieth of a bearer share. Separate
Registration Statements on Form F-6 (Registration Nos. 333-12194 and
333-100779) have been filed with the Securities and Exchange Commission to
register the American depositary shares evidenced by American depositary
receipts issuable upon deposit of the Bearer Shares.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pursuant
to Rule 416(a) of the Securities Act of 1933, as amended, this Registration
Statement shall also cover any additional Bearer Shares which become issuable
under the Plan by reason of any stock dividend, stock split, recapitalization
or other similar transaction effected without the receipt of consideration
which results in an increase in the number of the Registrant&#146;s outstanding
Bearer Shares.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Estimated
solely for the purpose of determining the registration fee. Pursuant to Rule
457(h), the calculation of the registration fee is based on the average of the
high and low sale prices for the Bearer Shares on the virt-X on January 18,
2006, in each case converted into U.S. dollars at the noon buying rate for
foreign currencies in U.S. dollars as certified by the Federal Reserve Bank of
New York for customs purposes on January 18, 2006 of CHF&nbsp;1 = U.S.$&nbsp;1.2083.</p>

<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p align="left" style="border:none;margin:0in 0in .0001pt;padding:0in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PART
I</font></b></h1>

<h1 style="margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></h1>

<h1 style="margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></b></h1>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.&#160; Plan Information.</font></b><b><font face="Times New Roman" style="font-weight:bold;">*</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.&#160; Registrant Information and Employee Plan
Annual Information.</font></b><b><font face="Times New Roman" style="font-weight:bold;">*</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PART
II</font></b></h1>

<h1 style="margin:0in 0in .0001pt .5in;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-.5in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">&nbsp;</font></b></h1>

<h1 style="margin:0in 0in .0001pt .5in;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-.5in;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT</font></b></h1>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3.&#160; Incorporation of Documents by Reference</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant hereby
incorporates by reference into this Registration Statement the following
documents previously filed with the Securities and Exchange Commission (the &#147;Commission&#148;):</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Registrant&#146;s latest annual report filed on Form 20-F for the year ended
December 31, 2004, as filed with
the Commission on March 16, 2005;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Registrant&#146;s reports on Form 6-K furnished to the Commission on April 6, 2005,
April 22, 2005, July 20, 2005, October 19, 2005, October 26, 2005, November 9,
2005 and January 23, 2006;</p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
description of the Registrant&#146;s Bearer Shares and American Depositary Shares
contained in the Registrant&#146;s Registration Statement on Form 8-A filed with the
Commission on July 3, 2000 to register the Bearer Shares and American
Depositary Shares of the Registrant under Section 12 of the Securities Exchange
Act of 1934, as amended (the &#147;Exchange Act&#148;), including any amendment or report
filed for the purposes of updating such description (Commission File No.&nbsp;1-15096).</p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All documents filed
pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act, after
the date of this Registration Statement and prior to the filing of a
post-effective amendment which indicates that all securities offered hereby
have been sold or which deregisters all securities then remaining unsold shall
be deemed to be incorporated by reference into this Registration Statement and
to be a part hereof from the date of filing of such documents.</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any document, and any
statement contained in a document, incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein, or
in any other subsequently filed document that also is incorporated or deemed to
be incorporated by reference herein, modifies or supersedes such document or
statement.&#160; Any such document or statement
so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.&#160; Subject to the foregoing, all information
appearing in this Registration Statement is qualified in its entirety by the
information appearing in the documents incorporated by reference.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></h2>

<div align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Information
required in Part I of Form S-8 to be contained in a prospectus meeting the
requirements of Section 10(a) of the Securities Act of 1933, as amended (the
&quot;Securities Act&quot;), is not filed as part of this Registration
Statement in accordance with Rule 428 under the Securities Act and the
instructions to Form S-8, Part I (Information Required in the Section 10(a)
Prospectus).</p>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4.&#160; Description of Securities</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.&#160; Interests of Named Experts and Counsel</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Francois Naef, Senior
Executive Vice-President, Human Resources, Legal and Corporate Communication
and Company Secretary of the Registrant, has rendered the opinion, filed
herewith as Exhibit 5.1, as to the legality of the securities being registered
hereby. Mr. Naef owns </font>116
Bearer Shares and holds options to purchase 9,380 Bearer Shares.</p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6.&#160; Indemnification of Directors and Officers</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The laws of Switzerland
make no provision for indemnification of directors and officers. The Registrant&#146;s
Articles of Association do not provide for the indemnification of any
controlling person, director or officer. The Registrant has entered into
contracts with each of its directors indemnifying them against liabilities to
third parties incurred in connection with the performance of their duties as
directors. The Registrant maintains liability insurance for members of its
board of directors and its executive officers, including insurance against
liabilities under the Securities Act.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.&#160; Exemption from Registration Claimed</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Applicable.</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.&#160; Exhibits</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt 1.5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit
  Number</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.24%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="86%" valign="bottom" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles of
  Association of the Registrant, dated April 26, 2005 (filed herewith).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Certificate
  for One Bearer Share (incorporated by reference to Exhibit 4.2 to the
  Registrant&#146;s Registration Statement on Form F-1 (File No. 333-12192)).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of
  Certificate for Ten Bearer Shares (incorporated by reference to Exhibit 4.3
  to the Registrant&#146;s Registration Statement on Form F-1 (File No. 333-12192)).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of
  Certificate for One Hundred Bearer Shares (incorporated by reference to
  Exhibit 4.4 to the Registrant&#146;s Registration Statement on Form F-1 (File No.
  333-12192)).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of
  Certificate for One Thousand Bearer Shares (incorporated by reference to
  Exhibit 4.5 to the Registrant&#146;s Registration Statement on Form F-1 (File No.
  333-12192)).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deposit
  Agreement, dated July 26, 2000, among the Registrant, The Bank of New York,
  as Depositary, and all Owners and Beneficial Owners from time to time of ADRs
  issued thereunder, including the form of ADRs (incorporated by reference to
  Exhibit 4.6 to the Registrant&#146;s Registration Statement on Form S-8 (File No.&nbsp;333-12480),
  as filed with the Commission on September 6, 2000).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of American
  Depositary Receipt (included in Exhibit 4.6).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.24%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of
  Francois Naef, Senior Executive Vice-President, Human Resources, Legal and
  Corporate Communication and Company Secretary of the Registrant, as to the
  legality of the securities being registered (filed herewith).</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
  Francois Naef, Senior Executive Vice-President, Human Resources, Legal and
  Corporate Communication and Company Secretary of the Registrant (contained in
  Exhibit 5.1).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
  PricewaterhouseCoopers S.A., Geneva, Switzerland (filed herewith).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powers of
  Attorney (filed herewith).</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.&#160;
Undertakings</font></b></p>

<p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">A.</font><font size="1" color="black" face="Times New Roman" style="color:windowtext;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Times New Roman" style="color:windowtext;">The undersigned Registrant hereby undertakes:</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement (i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933 (the &#147;Securities Act&#148;); (ii) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement; and (iii) to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement; <i><font style="font-style:italic;">provided, however</font></i>, that clauses (A)(1)(i) and (A)(1)(ii) shall not apply if the information required to be included in a post-effective amendment by those clauses is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act, that are incorporated by reference into this Registration Statement;</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(2)&nbsp;that for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <i><font style="font-style:italic;">bona fide</font></i> offering thereof;</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(4) that, for the purpose of determining liability under the Securities Act to any purchaser: each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; <i><font style="font-style:italic;">provided, however</font></i>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(5) that, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of the securities: the Registrant undertakes that in a primary offering of securities of the Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: (i) any preliminary prospectus or prospectus of the Registrant relating to the offering required to be filed pursuant to Rule 424; (ii) any free writing prospectus relating to the offering prepared by or on behalf of the Registrant or used or referred to by the Registrant; (iii) the portion of any other free writing prospectus relating to</font></p><p style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">4</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></p></div>
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<div style="font-family:Times New Roman;"><p style="color:black;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p><p style="color:black;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">the offering containing material information about the Registrant or its securities provided by or on behalf of the Registrant; and (iv) any other communication that is an offer in the offering made by the Registrant to the purchaser.</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#146;s annual
report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act
that is incorporated by reference into this Registration Statement shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial <i><font style="font-style:italic;">bona fide</font></i> offering thereof.</p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore,
unenforceable.&#160; In the event that a claim
for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.</p>

<h1 style="margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">&nbsp;</font></b></h1>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SIGNATURES</font></b></h1>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for
filing on Form&nbsp;S-8, and has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Geneva, Switzerland, on this the 24<sup>th</sup> day of January, 2006.</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-.1in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SERONO S.A., a Swiss corporation<br>
  (Registrant)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.78%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: /s/ ERNESTO
  BERTARELLI</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.22%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Ernesto
  Bertarelli</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Chief
  Executive Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities indicated on January 24, 2006.</font></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" colspan="12" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signature</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.06%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="24%" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ ERNESTO BERTARELLI</font></p>
  </td>
  <td width="24%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:24.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" rowspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer and
  a Director (Principal<br>
  Executive Officer)</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ernesto Bertarelli</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ STUART GRANT*</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer
  (Principal Financial<br>
  and Accounting Officer)</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stuart Grant</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ GEORGES MULLER*</font></p>
  </td>
  <td width="27%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:27.32%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Georges Muller</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.38%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ PIERRE DOUAZE*</font></p>
  </td>
  <td width="29%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:29.2%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pierre Douaze</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.26%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ L. PATRICK GAGE*</font></p>
  </td>
  <td width="27%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:27.32%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">L. Patrick Gage</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" colspan="6" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.38%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ BERNARD MACH*</font></p>
  </td>
  <td width="28%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:28.2%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bernard Mach</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ SERGIO MARCHIONNE*</font></p>
  </td>
  <td width="24%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:24.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sergio Marchionne</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ JACQUES THEURILLAT*</font></p>
  </td>
  <td width="23%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:23.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jacques Theurillat</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.38%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  ALBERTO TOGNI</font>*</p>
  </td>
  <td width="29%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:29.2%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alberto
  Togni</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Serono, Inc.</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Representative
  in the United</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">States</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.38%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: </font></p>
  </td>
  <td width="23%" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ FEREYDOUN FIROUZ*</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.96%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signatory</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="11" valign="top" style="padding:0in 0in 0in 0in;width:44.82%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Fereydoun
  Firouz</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" colspan="12" valign="top" style="padding:0in 0in 0in 0in;width:48.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*By: </font></p>
  </td>
  <td width="17%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.32%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ FRANCOIS NAEF</font></p>
  </td>
  <td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.12%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attorney-in-fact</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="11" valign="top" style="padding:0in 0in 0in 0in;width:44.82%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Francois
  Naef</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.36%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.06%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="28" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="77" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="39" style="border:none;"></td>
  <td width="134" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="367" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;text-transform:uppercase;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">EXHIBIT INDEX</font></u></b></h1>

<p align="left" style="margin:0in 0in .0001pt 1.5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:-1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.42%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit
  Number</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.5%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.42%;">
  <p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="86%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:86.5%;">
  <p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles of
  Association of the Registrant, dated April 26, 2005 (filed herewith).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of
  Certificate for One Bearer Share (incorporated by reference to Exhibit 4.2 to
  the Registrant&#146;s Registration Statement on Form F-1 (File No. 333-12192)).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of
  Certificate for Ten Bearer Shares (incorporated by reference to Exhibit 4.3
  to the Registrant&#146;s Registration Statement on Form F-1 (File No. 333-12192)).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of
  Certificate for One Hundred Bearer Shares (incorporated by reference to
  Exhibit 4.4 to the Registrant&#146;s Registration Statement on Form F-1 (File No.
  333-12192)).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of
  Certificate for One Thousand Bearer Shares (incorporated by reference to
  Exhibit 4.5 to the Registrant&#146;s Registration Statement on Form F-1 (File No.
  333-12192)).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deposit
  Agreement, dated July 26, 2000, among the Registrant, The Bank of New York,
  as Depositary, and all Owners and Beneficial Owners from time to time of ADRs
  issued thereunder, including the form of ADRs (incorporated by reference to
  Exhibit 4.6 to the Registrant&#146;s Registration Statement on Form S-8 (File No.&nbsp;333-12480),
  as filed with the Commission on September 6, 2000).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of American
  Depositary Receipt (included in Exhibit 4.6).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of
  Francois Naef, Senior Executive Vice-President, Human Resources, Legal and
  Corporate Communication and Company Secretary of the Registrant, as to the
  legality of the securities being registered (filed herewith).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
  Francois Naef, Senior Executive Vice-President, Human Resources, Legal and
  Corporate Communication and Company Secretary of the Registrant (contained in
  Exhibit 5.1).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
  PricewaterhouseCoopers S.A., Geneva, Switzerland (filed herewith).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powers of Attorney (filed herewith).</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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</html>
[{"type": "S-8", "sequence": "1", "filename": "a06-2443_1s8.htm", "description": "SECURITIES TO BE OFFERED TO EMPLOYEES PURSUANT TO EMPLOYEE BENEFIT PLANS", "secsgml_size_bytes": 145294}]
{"company-data": {"conformed-name": "SERONO S A", "cik": "0001117399", "assigned-sic": "2836", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-131238", "film-number": "06545595"}, "business-address": {"street1": "15 BIS CHEMIN DES MINES CASE POSTALE 54", "street2": "CH-1211 GENEVA 20", "city": "SWITZERLAND", "state": "V8"}, "mail-address": {"street1": "15BIS CHEMIN DES MINES CASE POSTALE 54", "street2": "GENEVEA SWITZERLAND CH-1211", "state": "V8"}}
As filed with the Securities and Exchange
Commission on January 24, 2006
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 
20549
FORM S-8
REGISTRATION STATEMENT
Under
The Securities Act of 1933
SERONO S.A.
(Exact name of registrant as specified in its charter)
Switzerland
Not Applicable
(State or Other Jurisdiction of Incorporation or
  Organization)
(I.R.S. Employer Identification No.)
15 Bis, Chemin des Mines
Case Postale 54
CH-1211 Geneva 20, Switzerland
(Address of Principal Executive Offices) (Zip Code)
Serono Stock Grant Plan
2006
(Full title of the Plan)
Fereydoun
Firouz
President
Serono,
Inc.
One
Technology Place, Rockland MA  02370
(Name and Address
of Agent for Service)
(781)
982-9000
(Telephone number,
including area code, of agent for service)
Copies to:
Nathalie Joannes, Esq.
J. Alan Bannister, Esq.
Serono International S.A.
Gibson, Dunn & Crutcher LLP
15 bis, Chemin des Mines
2-4 Temple Avenue
Case Postale 54
Telephone House
CH-1211 Geneva 20
London EC4 YHB
Switzerland
United Kingdom
+41 22 739 3000
+44 20 7071 4000
CALCULATION OF
REGISTRATION FEE
Title of Securities
to be Registered (1)
Amount to be Registered (2)
Proposed Maximum
Offering Price per Share (3)
Proposed Maximum
Aggregate Offering Price (3)
Amount of
Registration Fee
Bearer Shares,
  CHF 25
par value per share
16,872
U.S.$ 1,283.21
U.S.$ 21,650,319
U.S.$ 2,316.58
(1)
All
of the Bearer Shares to be offered and sold by the Registrant pursuant to this
Registration Statement may be offered in the form of American depositary
shares, each of which represents one-fortieth of a bearer share. Separate
Registration Statements on Form F-6 (Registration Nos. 333-12194 and
333-100779) have been filed with the Securities and Exchange Commission to
register the American depositary shares evidenced by American depositary
receipts issuable upon deposit of the Bearer Shares.
(2)
Pursuant
to Rule 416(a) of the Securities Act of 1933, as amended, this Registration
Statement shall also cover any additional Bearer Shares which become issuable
under the Plan by reason of any stock dividend, stock split, recapitalization
or other similar transaction effected without the receipt of consideration
which results in an increase in the number of the Registrant's outstanding
Bearer Shares.
(3)
Estimated
solely for the purpose of determining the registration fee. Pursuant to Rule
457(h), the calculation of the registration fee is based on the average of the
high and low sale prices for the Bearer Shares on the virt-X on January 18,
2006, in each case converted into U.S. dollars at the noon buying rate for
foreign currencies in U.S. dollars as certified by the Federal Reserve Bank of
New York for customs purposes on January 18, 2006 of CHF 1 = U.S.$ 1.2083.
PART
I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1.  Plan Information.
*
Item 2.  Registrant Information and Employee Plan
Annual Information.
*
PART
II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
Item 3.  Incorporation of Documents by Reference
The Registrant hereby
incorporates by reference into this Registration Statement the following
documents previously filed with the Securities and Exchange Commission (the "Commission"):
(a)
The
Registrant's latest annual report filed on Form 20-F for the year ended
December 31, 2004, as filed with
the Commission on March 16, 2005;
(b)
The
Registrant's reports on Form 6-K furnished to the Commission on April 6, 2005,
April 22, 2005, July 20, 2005, October 19, 2005, October 26, 2005, November 9,
2005 and January 23, 2006;
(c)
The
description of the Registrant's Bearer Shares and American Depositary Shares
contained in the Registrant's Registration Statement on Form 8-A filed with the
Commission on July 3, 2000 to register the Bearer Shares and American
Depositary Shares of the Registrant under Section 12 of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), including any amendment or report
filed for the purposes of updating such description (Commission File No. 1-15096).
All documents filed
pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, after
the date of this Registration Statement and prior to the filing of a
post-effective amendment which indicates that all securities offered hereby
have been sold or which deregisters all securities then remaining unsold shall
be deemed to be incorporated by reference into this Registration Statement and
to be a part hereof from the date of filing of such documents.
Any document, and any
statement contained in a document, incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for purposes of
this Registration Statement to the extent that a statement contained herein, or
in any other subsequently filed document that also is incorporated or deemed to
be incorporated by reference herein, modifies or supersedes such document or
statement.  Any such document or statement
so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.  Subject to the foregoing, all information
appearing in this Registration Statement is qualified in its entirety by the
information appearing in the documents incorporated by reference.
*
Information
required in Part I of Form S-8 to be contained in a prospectus meeting the
requirements of Section 10(a) of the Securities Act of 1933, as amended (the
"Securities Act"), is not filed as part of this Registration
Statement in accordance with Rule 428 under the Securities Act and the
instructions to Form S-8, Part I (Information Required in the Section 10(a)
Prospectus).
2
Item 4.  Description of Securities
Not Applicable.
Item 5.  Interests of Named Experts and Counsel
Francois Naef, Senior
Executive Vice-President, Human Resources, Legal and Corporate Communication
and Company Secretary of the Registrant, has rendered the opinion, filed
herewith as Exhibit 5.1, as to the legality of the securities being registered
hereby. Mr. Naef owns
116
Bearer Shares and holds options to purchase 9,380 Bearer Shares.
Item 6.  Indemnification of Directors and Officers
The laws of Switzerland
make no provision for indemnification of directors and officers. The Registrant's
Articles of Association do not provide for the indemnification of any
controlling person, director or officer. The Registrant has entered into
contracts with each of its directors indemnifying them against liabilities to
third parties incurred in connection with the performance of their duties as
directors. The Registrant maintains liability insurance for members of its
board of directors and its executive officers, including insurance against
liabilities under the Securities Act.
Item 7.  Exemption from Registration Claimed
Not Applicable.
Item 8.  Exhibits
Exhibit
  Number
Exhibit
4.1
Articles of
  Association of the Registrant, dated April 26, 2005 (filed herewith).
4.2
Form of Certificate
  for One Bearer Share (incorporated by reference to Exhibit 4.2 to the
  Registrant's Registration Statement on Form F-1 (File No. 333-12192)).
4.3
Form of
  Certificate for Ten Bearer Shares (incorporated by reference to Exhibit 4.3
  to the Registrant's Registration Statement on Form F-1 (File No. 333-12192)).
4.4
Form of
  Certificate for One Hundred Bearer Shares (incorporated by reference to
  Exhibit 4.4 to the Registrant's Registration Statement on Form F-1 (File No.
  333-12192)).
4.5
Form of
  Certificate for One Thousand Bearer Shares (incorporated by reference to
  Exhibit 4.5 to the Registrant's Registration Statement on Form F-1 (File No.
  333-12192)).
4.6
Deposit
  Agreement, dated July 26, 2000, among the Registrant, The Bank of New York,
  as Depositary, and all Owners and Beneficial Owners from time to time of ADRs
  issued thereunder, including the form of ADRs (incorporated by reference to
  Exhibit 4.6 to the Registrant's Registration Statement on Form S-8 (File No. 333-12480),
  as filed with the Commission on September 6, 2000).
4.7
Form of American
  Depositary Receipt (included in Exhibit 4.6).
5.1
Opinion of
  Francois Naef, Senior Executive Vice-President, Human Resources, Legal and
  Corporate Communication and Company Secretary of the Registrant, as to the
  legality of the securities being registered (filed herewith).
3
23.1
Consent of
  Francois Naef, Senior Executive Vice-President, Human Resources, Legal and
  Corporate Communication and Company Secretary of the Registrant (contained in
  Exhibit 5.1).
23.2
Consent of
  PricewaterhouseCoopers S.A., Geneva, Switzerland (filed herewith).
24.1
Powers of
  Attorney (filed herewith).
Item 9. 
Undertakings
A.
The undersigned Registrant hereby undertakes:
(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement (i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933 (the "Securities Act"); (ii) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and (iii) to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;
provided, however
, that clauses (A)(1)(i) and (A)(1)(ii) shall not apply if the information required to be included in a post-effective amendment by those clauses is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act, that are incorporated by reference into this Registration Statement;
(2) that for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof;
(3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;
(4) that, for the purpose of determining liability under the Securities Act to any purchaser: each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness;
provided, however
, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and
(5) that, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of the securities: the Registrant undertakes that in a primary offering of securities of the Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: (i) any preliminary prospectus or prospectus of the Registrant relating to the offering required to be filed pursuant to Rule 424; (ii) any free writing prospectus relating to the offering prepared by or on behalf of the Registrant or used or referred to by the Registrant; (iii) the portion of any other free writing prospectus relating to
4
the offering containing material information about the Registrant or its securities provided by or on behalf of the Registrant; and (iv) any other communication that is an offer in the offering made by the Registrant to the purchaser.
B.
The
undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act
that is incorporated by reference into this Registration Statement shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
C.
Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore,
unenforceable.  In the event that a claim
for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
5
SIGNATURES
Pursuant to the
requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8, and has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Geneva, Switzerland, on this the 24
th
day of January, 2006.
SERONO S.A., a Swiss corporation
(Registrant)
By: /s/ ERNESTO
  BERTARELLI
Name: Ernesto
  Bertarelli
Title: Chief
  Executive Officer
6
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities indicated on January 24, 2006.
Signature
Title
/s/ ERNESTO BERTARELLI
Chief Executive Officer and
  a Director (Principal
Executive Officer)
Ernesto Bertarelli
/s/ STUART GRANT*
Chief Financial Officer
  (Principal Financial
and Accounting Officer)
Stuart Grant
/s/ GEORGES MULLER*
Director
Georges Muller
/s/ PIERRE DOUAZE*
Director
Pierre Douaze
/s/ L. PATRICK GAGE*
Director
L. Patrick Gage
/s/ BERNARD MACH*
Director
Bernard Mach
/s/ SERGIO MARCHIONNE*
Director
Sergio Marchionne
/s/ JACQUES THEURILLAT*
Director
Jacques Theurillat
/s/
  ALBERTO TOGNI
*
Director
Alberto
  Togni
Serono, Inc.
Authorized Representative
  in the United
States
By:
/s/ FEREYDOUN FIROUZ*
Authorized Signatory
Fereydoun
  Firouz
*By:
/s/ FRANCOIS NAEF
Attorney-in-fact
Francois
  Naef
7
EXHIBIT INDEX
Exhibit
  Number
Exhibit
4.1
Articles of
  Association of the Registrant, dated April 26, 2005 (filed herewith).
4.2
Form of
  Certificate for One Bearer Share (incorporated by reference to Exhibit 4.2 to
  the Registrant's Registration Statement on Form F-1 (File No. 333-12192)).
4.3
Form of
  Certificate for Ten Bearer Shares (incorporated by reference to Exhibit 4.3
  to the Registrant's Registration Statement on Form F-1 (File No. 333-12192)).
4.4
Form of
  Certificate for One Hundred Bearer Shares (incorporated by reference to
  Exhibit 4.4 to the Registrant's Registration Statement on Form F-1 (File No.
  333-12192)).
4.5
Form of
  Certificate for One Thousand Bearer Shares (incorporated by reference to
  Exhibit 4.5 to the Registrant's Registration Statement on Form F-1 (File No.
  333-12192)).
4.6
Deposit
  Agreement, dated July 26, 2000, among the Registrant, The Bank of New York,
  as Depositary, and all Owners and Beneficial Owners from time to time of ADRs
  issued thereunder, including the form of ADRs (incorporated by reference to
  Exhibit 4.6 to the Registrant's Registration Statement on Form S-8 (File No. 333-12480),
  as filed with the Commission on September 6, 2000).
4.7
Form of American
  Depositary Receipt (included in Exhibit 4.6).
5.1
Opinion of
  Francois Naef, Senior Executive Vice-President, Human Resources, Legal and
  Corporate Communication and Company Secretary of the Registrant, as to the
  legality of the securities being registered (filed herewith).
23.1
Consent of
  Francois Naef, Senior Executive Vice-President, Human Resources, Legal and
  Corporate Communication and Company Secretary of the Registrant (contained in
  Exhibit 5.1).
23.2
Consent of
  PricewaterhouseCoopers S.A., Geneva, Switzerland (filed herewith).
24.1
Powers of Attorney (filed herewith).
8