5. Issuances of equity securities

Shares issued for employees

As of June 30, 2008, 191 512 bearer shares of Kudelski SA were distributed to employees as part of their remuneration of which 130 562 shares include a seven year blocking period and 39 720 shares include a 3 year blocking period. The fair value recognized for this equity based compensation is kCHF 2 099 and was fully accrued in the prior year.

Employee share plan

As of June 30, 2008, 32 715 bearer shares were underwritten by employees according to the articles of the Employee Share Plan. The attributable expense in the income statement is kCHF 73 for the bearer shares.

Employee stock option plan

As of June 30, 2008, employees have exercised no options for bearer shares.