Exhibit 4.8 



SERVICES AGREEMENT 




This Services Agreement (the “Agreement”) is made and
 entered into as of this .1st day of January, 2003, by and between 




NESTLÉ S.A., a Swiss corporation whose address is 55
 avenue Nestlé, CH-1800 Vevey, Switzerland (“Nestlé”) 



and 




ALCON, INC., a Swiss corporation whose address is Bösch
 69, CH-6331 Hünenberg, Switzerland (“Alcon”). 




WHEREAS, Nestlé has agreed to provide treasury and
 investment services to Alcon on the terms and conditions set forth in this Services Agreement. 





NOW, THEREFORE, Nestlé and Alcon do hereby mutually
 agree as follows: 



1. Provision of Services 




1.1 During the Term of this Agreement (as defined in
 Clause 2), Nestlé shall, in the name and on behalf of Alcon, invest funds entrusted to it by Alcon and
 manage the investment portfolio so constituted (the “Services”). Such funds (the “Capital”) managed
 by Nestlé shall at all times remain the property of Alcon. Any company directly or indirectly controlled
 by Alcon which wishes, with Nestlé’s agreement, to benefit of the Services (“Alcon Affiliate”) shall
 be covered by the terms and conditions of this Agreement. All payments due under Clause 3 below shall
 be made by Alcon for itself and for the Alcon Affiliates. 




1.2 Subject to any limitation contained in this Agreement
 or communicated in writing by Alcon to Nestlé, Alcon hereby gives Nestlé full power, and expressly authorizes
 Nestlé, to act and invest in the name and on behalf of Alcon. Such power and authorization is strictly
 limited to any action taken by Nestlé for the purpose of rendering the Services under this Agreement.
 




1.3 In rendering the Services under this Agreement,
 Nestlé will follow the Nestlé Money Market Investment Guidelines and the Nestlé Treasury Money Market
 Limits. 




1.4 Alcon shall communicate to Nestlé its instructions,
 which Nestlé is bound to follow, in terms of: — currency and capital of the portfolio, — minimum and
 maximum duration of the investment, — counterpart limits (name, rating, amounts), — portfolio benchmark.
 




In case Alcon’s instructions contradict Nestlé’s rules
 and guidelines under Subclause 1.3, Alcon’s instructions shall govern. However, Nestlé shall not be
 bound by any instruction from Alcon regarding the choice of investment instruments used to render the
 Services, which shall be determined solely by Nestlé. 

1.5 The parties agree that Nestle may furnish the Services through affiliates of Nestle.

2. Term 




The “Term” of this Agreement shall be the period commencing
 on the date hereof and ending on any termination date specified in a written notice from one party to
 the other sixty (60) days in advance of such termination. 



3. Consideration 




In consideration of the Services furnished, Alcon shall
 pay Nestlé 10 basis points (“bps”) for a total Capital up to and including USD 500 mio (or equivalent)
 and 7 bps if the total Capital exceeds USD 500 mio (or equivalent) (the “Fees”). 



4. Expenses 




Alcon shall bear the cost of, and shall promptly reimburse
 Nestlé for, all reasonable out-of-pocket costs incurred by Nestlé personnel in connection with furnishing
 the Services to Alcon and its affiliates, including but not limited to photocopying, telephone, telefax,
 postage, delivery costs, transportation and travel costs (airfare to be agreed in advance on a case
 by case basis) and out of town lodging and meal expenses. 



5. Invoicing and Payment 




During each quarter, Nestlé shall invoice Alcon for
 the Services rendered during the previous quarter. The invoice shall include the Fees and the expenses
 incurred by Nestlé during the previous quarter in rendering the Services. Alcon shall pay the total
 invoiced amount to Nestlé within thirty (30) days from the date of invoice. 



6. Liability 




Nestlé shall not be held liable for any damages suffered
 by Alcon arising from the rendering of the Services by Nestlé, unless Nestlé has acted in reckless disregard
 of the instructions given by Alcon as per Clause 1.4, in which case Nestlé shall only be liable for
 direct damages incurred by Alcon (excluding in particular any consequential or incidental damages or
 lost profits). 



7. Confidentiality 




Each party hereby agrees to keep, hold and maintain
 in confidence all information of every kind and character of the other party that it may receive or
 collect, whether directly or indirectly, in the performance of the Services. The parties agree to use
 all reasonable efforts to neither directly nor indirectly disclose such information to any third party
 outside of Nestlé or Alcon. 



8. Notices 




Any notices required or permitted to be given hereunder
 shall be in writing and shall be directed to the address of the receiving party as written above and
 to the attention of: 



   if to Nestlé: Group Treasurer




   if to Alcon: Head of Finance





or to such other persons or addressees as either party
 may from time to time designate by a subsequent notice in writing to the other. 



9. Applicable Law 




This Services Agreement is governed by the laws of
 Switzerland. In particular, the provisions on the ordinary mandate (articles 394 ff) of the Swiss Code
 of Obligations shall apply. 




IN WITNESS WHEREOF, the parties have caused this Agreement
 to be executed by their authorized representatives as of the date first above written. 

NESTLE S.A.                               ALCON, INC.

/s/ Philippe Blondiaux                              
 /s/ Guido Koller


Philippe Blondiaux                                 
 Guido Koller
Vice President, Group Treasurer           General
 Manager 



                                                                   
  /s/ Stefan Basler


                                                                    
 Stefan Basler 
                                                                   
 Finance Manager