Kuoni Buys Asian Trails Company

. October 14, 2008

SEPTEMBER 29, 2006. The Kuoni Group is continuing its acquisition strategy in Asia with the purchase of Asian Trails Holding Ltd, one of the leading destination management companies in Southeast Asia.

Asian Trails, whose operational head office is based in Bangkok, is active in seven countries. The acquisition underlines Kuoni Group's expansion strategy in destination management and further strengthens its position in Asia.

Kuoni Travel Holding Ltd, one of the world's leading travel organizations, will integrate Asian Trails as a separate company into its Asia & Destination Management business unit. Asian Trails' four-person management team, headed by Luzi Matzig and the senior managers Laurent Kuenzle, Jacques Guichandut and Roger Haumueller will continue to be responsible for the Asian Trails unit and its positive development.

Asian Trails will report directly to Rolf Schafroth, Managing Director Destination Management.

Asian Trails, which has its operational head office in Bangkok, was founded in 1999. With its 400 employees, Asian Trails is expected to generate a turnover of approximately USD 60 million (Thai Baht 2.28 Billion) in 2006. All employees continue to work for Asian Trails. The parties have agreed not to disclose any information about the purchase price.

Asian Trails CEO Luzi Matzig: "This transaction is very positive for the future growth of the Asian Trails Group through its synergies with the worldwide Kuoni Destination Management network and will assure sustainability for the future, especially in the increasingly important online area."

Rolf Schafroth, Managing Director Destination Management at Kuoni, emphasized: "Kuoni is already very well established in Asia. With this acquisition, which fits our strategy perfectly, we can add to our strong sales presence in destination management in Southeast Asia by entering the fast growing inbound market."

The acquisition is being announced today in Zurich and at a press conference in Bangkok attended by Reto Wilhelm, Kuoni Group's Executive Vice-President Europe, Asia & Destination Management. "Kuoni is consistently pursuing its expansion strategy through targeted acquisitions. Southeast Asia is a very important area for us, and with this acquisition we can significantly strengthen our position in this region," said Reto Wilhelm.

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