KUONI GROUP TO FOCUS ON ITS CORE

BUSINESS AS A SERVICE PROVIDER TO

THE GLOBAL TRAVEL INDUSTRY

ZURICH, JANUARY 14, 2015

 AGENDA

1 DEVELOPING KUONI GROUP FURTHER

2 STRATEGY FOCUSED ON GLOBAL AND GROWING
TRAVEL SERVICES AND EXIT FROM TOUR OPERATING
ACTIVITIES
3 TRADING UPDATE

3 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

DEVELOPING KUONI GROUP FURTHER

HEINZ KARRER
CHAIRMAN
 DEVELOPING KUONI FURTHER

PORTFOLIO CHANGE OVER TIME

► Board of Directors unanimously decided to focus
on its core business as a service provider to the
Turnover (CHF m) global travel industry and to governments
5 5091) ► New strategy is the result of a comprehensive
VFS strategic review considering past performance,
future market developments and assessment of
3 894 FIT own capabilities
Core
Divisions
► Focus on growing three divisions:
Group Travel − Global Travel Distribution (previously FIT)
DM Specialists − Global Travel Services (previously Group
Travel and DM Specialists)
Outbound Nordic Exit of
Tour − VFS Global
Operating
Outbound ► Intention to find new owners for all tour
Activities
Europe & Asia
operating activities: Kuoni Switzerland, UK,
2009 2014 Benelux, Hong Kong, India and
Of which Scandinavia/Finland
Tour 75% 39%
Operating
1) Preliminary unaudited turnover for Kuoni

5 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

STRATEGY FOCUSED ON GLOBAL AND
GROWING TRAVEL SERVICES AND EXIT FROM
TOUR OPERATING ACTIVITIES

PETER MEIER
CHIEF EXECUTIVE OFFICER
 NEW KUONI FOCUSED ON THREE DIVISIONS WITH
LEADING GLOBAL POSITIONS
OLD STRUCTURE NEW STRUCTURE
Destination & Accommodation

Global Travel
Fully Independent ► Leading and highly experienced B2B provider
Traveller (FIT) Distribution
of accommodation and land components
Management

(GTD)

Group Travel
Global Travel
Services ► Long-standing and leading provider of group
Destination travel and destination management services
Management (GTS)
Specialists
VFS Global

► Pioneer and global leader in travel-related

VFS Global VFS Global business process outsourcing solutions for
governments and public institutions

Outbound
Operating

Nordic
Tour

Outbound ► Exit of tour operating activities

Outbound
Europe/Asia

7 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 CONCENTRATE ON SERVICES WITH ATTRACTIVE
LONG-TERM GROWTH POTENTIAL

TURNOVER (PRO-FORMA, PRELIMINARY 2014)

EXCLUDING OUTBOUND SEGMENT

► Three divisions concentrated on markets and

services with attractive long-term growth
VFS Global potential and in which Kuoni has globally leading
positions
8%
► Unique set-up with strong focus on Asia will
enable Kuoni to expand positions further by
36% leveraging scale and exploring cross-selling
Global
56% Global opportunities
Travel
Travel
Services Launch of strategic initiatives to accelerate
Distribution ►
(GTS) growth and improve profitability across business
(GTD)
segments

Total: CHF 3 443 m

FTEs: ~8 0001)
1) As of September 2014

8 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 SUBSTANTIALLY LARGER SHARE OF TURNOVER
GENERATED WITH ASIAN SOURCE MARKETS

SOURCE AND DESTINATION MARKET SHARES (PRO-FORMA NEW KUONI GROUP 9M 2014)

Source Destination

Americas Americas
12% 14%
MEA
10% 34% Europe
MEA 10%

58% Europe

APAC
18%
44%
APAC
Total: CHF 2 605 m

Reported 9M 2014 Reported 9M 2014

(incl. Outbound) (incl. Outbound)

Europe 58% Europe 58%

APAC 30% APAC 19%

MEA=Middle East & Africa, APAC= Asia Pacific

9 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 KUONI TO SEARCH NEW OWNERS FOR ITS
TOUR OPERATING ACTIVITIES
NO IMPACT ON CUSTOMERS AND THEIR CURRENT OR FUTURE BOOKINGS

TURNOVER SPLIT (PRO-FORMA, PRELIMINARY 2014)

Hong Kong ► Exit of tour operating activities including

Benelux Switzerland, UK, Benelux, Hong Kong, India and
India Scandinavia/Finland
2% Scandinavia/
6% ► Business can be better developed under new
4% Finland
ownership, leveraging scale or specific market
strengths
UK 19% 38%
► Kuoni to seek assurance to allow for the
continuation of existing business locations and
the continuing employment of staff
► Intention to find new owners in the course of
2015
31%
► Proceeds from sale to be invested in further
Switzerland developing core businesses
Total: CHF 2 187 m
FTEs : ~3 8001)
1) As of September 2014

10 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 THREE STRATEGIC INITIATIVES TO ACCELERATE
GROWTH AND IMPROVE PROFITABILITY

EXPANDING FOOTPRINT IN
FURTHER EXPAND
ASIA, MIDDLE EAST AND
DIGITALISATION SERVICE OFFERING
AFRICA

► Invest additional resources in ► Enhance customer service ► Build on existing customer

Asia, the Middle East and and increase efficiency by base and global footprint
Africa by leveraging existing implementing new state-of-
footprint and expanding the-art technology platforms ► Provide existing services to a
capabilities across all wider range of customer
► Develop new service offering segments by realising
segments
for digital travellers cross-selling potential

► Introduce new products and

services

11 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 EXPANDING FOOTPRINT IN DEVELOPING
COUNTRIES WITH PARTICULAR FOCUS ON ASIA

EXPANSION OF GEOGRAPHIC FOOTPRINT STRATEGIC INITIATIVES

► Expand sales presence in Asia

South ► Address additional distribution channels in Asia

China Korea

Taiwan
► Increase sales activities with key accounts for
smaller groups
Thailand
Vietnam Philippines

► Specific China development programme

Malaysia addressing capabilities across all divisions

Indonesia

12 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 FURTHER DIGITALISATION

► Deploy innovative customer facing systems and implement

STATE-OF-THE ART Oracle e-commerce platform at Global Travel Distribution
TECHNOLOGY
Rollout new proprietary reservation systems at Global Travel
APPLICATIONS ►

Services

► Deploy advanced search capabilities allowing for complex

DIGITALLY search requests
EMPOWERED ► Digital visa processing for interaction with governments
PROCESSES ► Rollout tool for travel agencies with improved usability and
itinerary management, including third party content

► Enhance mobile features of existing applications and

increase number of touch points on a traveller's journey
DIGITAL TRAVELLER
► Exploit new sales opportunities by introducing mobile travel
assistant

► Invest in digital capabilities and digital advisory board

CAPABILITIES
► Foster cultural focus on digital innovation

13 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 EXPAND SERVICE OFFERING

► Expand service and product offering to cater to specific needs

of Asian, Middle Eastern and African source markets
EXPAND SERVICE ► Increase number of beach destinations and third party
OFFERING products
► Expand into services adjacent to visa processing and new
disciplines such as front office services

FOSTER
► Foster cross-selling opportunities such as destination
CROSS-SELLING services or visa services across divisions
OPPORTUNITIES

DEVELOP INTO NEW ► Grow share of Destination Management Services business for
GEOGRAPHIES AND non-Europe customer segments
CHANNELS ► Group travel online sales

14 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

TRADING UPDATE

THOMAS PEYER
CHIEF FINANCIAL OFFICER
 2.8% ORGANIC GROWTH ACHIEVED BY CORE
BUSINESS
Pro-Forma Preliminary Turnover FY 2014

TURNOVER (FY14 UNAUDITED)

Δ% Δ%
(CHF million) FY14 FY13
nominal organic1)

Global Travel Distribution (previously FIT) 1 933 1 802 +7.3 +8.8

Global Travel Services2) 1 238 1 360 -9.0 -7.3

Group Travel Experts 873 943 -7.4 -6.5

Destination Management Specialists 365 417 -12.6 -9.0

VFS Global 272 244 +11.3 +14.2

Subtotal2) 3 443 3 406 +1.1 +2.8

Outbound2) 2 187 2 396 -8.7 -4.5

Outbound Nordic 844 982 -14.1 -9.0

Outbound Europe/Asia 1 343 1 414 -5.0 -1.4

Less turnover between segments -121 -133

Kuoni Group 5 509 5 669 -2.8 -0.1

1) Adjusted for currency fluctuations and acquisitions/divestments; 2) Aggregated without turnover elimination between segments

16 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 STABLE TURNOVER FOR THE GROUP WITH
ROBUST GROWTH IN THE CORE BUSINESS

EXPECTED RESULTS IN-LINE WITH GUIDANCE FOR 2014

► Turnover 2014 on previous year level (organic -0.1%)

 Robust growth in the core business driven by increasing travel volumes in Asia
 Continued geopolitical turmoil in Egypt, Kenya, Thailand, Ukraine and Russia as well
as adverse currency movements led to lower overall top line growth. Currency impact
of -1.7% and impact from divestments of -1.0%
► EBIT is expected to be around CHF 85 million
► Net profit is expected to be around CHF 66 million including accrued charges from the
divestiture project
► The full year results will be announced as previously stated on 17 March 2015

17 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 FINANCIAL EFFECTS
► FY results 2014 to be published based on current segment structure
► Kuoni Group to report three segments as of 2015 (GTD, GTS and VFS Global)
► Outbound Nordic and Outbound Europe & Asia to be reported as discontinued operations/
assets held for sale as of 2015 (in accordance with IFRS 5)
 Income statement items to be disclosed as discontinued operations
REPORTING
 Assets and liabilities to be reclassified as assets held for sale
 Depreciation and amortisation waived
► Net result 2015 expected to be negatively impacted by divestiture charges of approximately
CHF 25 million, while the proceeds from the divestiture are expected to be generated more
likely in 2016

DIVIDEND ► Intention to continue with the dividend pay-out ratio of 40-45% of the net result attributable
to shareholders excluding non-recurring items from the divestment process
POLICY

► New mid-term targets to be communicated on 17 March 2015 with announcement of FY

results 2014
MID-TERM
TARGETS ► Aspiration to grow significantly faster than the global travel market, which according to
UNWTO will expand by 3.8%1) annually and continued strong cash flow generation
1) UNWTO press release from December 18, 2014

18 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

CLOSING REMARKS

HEINZ KARRER
CHAIRMAN
QUESTIONS & ANSWERS
 ADDITIONAL INFORMATION

21 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 LEADING TOUR OPERATOR RANKING AMONG
TOP FIVE IN EUROPE
OUTBOUND BUSINESS TO BE DISCLOSED AS DISCONTINUED OPERATIONS/ASSETS HELD FOR SALE
AS OF FISCAL YEAR 2015
NORDIC BENELUX
► Leading market position
Turnover 2014 CHF 844 m1) Turnover 2014 CHF 37 m1)
FTEs 2014 7712) FTEs 2014 612) in Switzerland
► No 3 tour operator ► 3 specialist brands
► Online distribution mainly ► Online distribution only ► Top three position in
► 8 retail outlets Nordics
SWITZERLAND INDIA
► Premium brands in key
Turnover 2014 CHF 679 m1) Turnover 2014 CHF138 m1)
markets
FTEs 2014 1 0512) FTEs 2014 1 1372)
► No 1 tour operator ► 17 own retail outlets, 88 franchised
► Strong specialist portfolio
► 81 retail outlets ► Business travel expert
► Strong specialist portfolio
► Growing presence in India
UK HONG KONG and Hong Kong
Turnover 2014 CHF 410 m1) Turnover 2014 CHF 79 m1)
FTEs 2014 6472) FTEs 2014 1652) ► Distribution through a
► 31 retail outlets ► 4 retail outlets variety of proprietary and
► Premium specialist brand ► High-end niche market focus
3rd party channels
► Long-haul expert

1) Preliminary unaudited turnover figures 2014; 2) As of 30 September 2014

22 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 KUONI GROUP ORGANISATIONAL STRUCTURE
AS OF 14 JANUARY 2015

Chief Executive
Officer

Peter Meier

Human Resources
Finance1)
IT
Thomas Peyer
Strategy &
Communication2)

Exit of Tour Operating

Activities

Global Travel Global Travel

VFS Global Outbound
Distribution Services

Ivan Walter Rolf Schafroth Zubin Karkaria Rolf Schafroth

Member of Executive Board

1) Including Risk, Legal & Compliance; 2) Including Investor Relations

23 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 GLOBAL TRAVEL DISTRIBUTION (GTD)

TURNOVER BUSINESS OVERVIEW

CHF million

► Leading and highly experienced B2B wholesaler

and provider of accommodation and land
components to tour operators and offline and
1 933 online travel agencies globally
1 802
1 703 ► Strong position in intermediated
accommodation market globally with ~38 000
room nights sold online per day
► ~43% of turnover sourced from fast-growing
Asia/Pacific, the Middle East and Africa markets

2012 2013 2014

24 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 GLOBAL TRAVEL SERVICES (GTS)

TURNOVER1) BUSINESS OVERVIEW

CHF million

► Long-standing and leading provider of group

travel and destination management services to
tour operators and travel agencies globally
► Sources and coordinates destination services
1 364 1 360 including accommodation, transportation, tours
1 238 and activities, venues and event management
400 (MICE)2)
417
365 ► #1 player in the growing Asian group travel
market with 60% of turnover generated from
Asia/Pacific source markets
− ~50 000 leisure tours per year
964 943 873
− ~1.8 million travellers per year
− 25 sales offices

2012 2013 2014

► Destination management specialist with ~20-
40% market share in respective destinations
Group Travel Experts DM Specialists
1) Aggregated without turnover elimination between segments; 2) MICE=Meetings, Incentives, Conferences & Events

25 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 VFS GLOBAL

TURNOVER BUSINESS OVERVIEW

CHF million

► Pioneer in travel-related business process

outsourcing solutions for governments and
public institutions
272 − ~18 million visa applications processed in
244 2013

205 − ~50% global market share

− ~70% turnover generated from travellers
from Asia/Pacific
− ~1 400 visa application centres in 117
countries
► Differentiated market position with leading
technologies, infrastructure and capabilities
► Long-term customer relationships and contracts
2012 2013 2014

26 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 WELL POSITIONED WITHIN THE COMPLEX
TRAVEL DISTRIBUTION ECO-SYSTEM
TRAVEL ECO-SYSTEM Kuoni Group

SUPPLIERS Supplier.com CUSTOMERS

 Highly Large international OTAs  2014: >1bn

fragmented international
Hotels Metasearch
arrivals
 Changing
behaviours
Smaller/regional OTAs
 Countless
desires
Transfers
Tour Operators

Travel
Retail

Tours Switches/
GDS

GTD Consolidators/
(FIT Wholesaler) Brokers

Flights Group
travel Visa Processing
Services
Destination
Management

27 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 A LEADING GLOBAL B2B PROVIDER OF HOTEL
ACCOMMODATION AND LAND COMPONENTS
GLOBAL TRAVEL DISTRIBUTION (GTD)

BUSINESS MODEL
Supply side1) Our position Client side

Tour
Traveller
Hotel Operators
Accommodation  A leading B2B provider with
global range of products (hotel
accommodation, land
 45 000 self-contracted
hotels in 152 countries
components) Consoli-
Traveller
dators
 Distribution via XML feeds &
HTML websites

 Retail & Wholesale Pricing

• Over 38 000 room nights per OTAs Traveller

Land
day sold online in 2014
Components
 Brands:
 Over 5 000 transfers and
14 000 sightseeing activities Travel
Traveller
in more than 1 000 cities Retail
available 1) FY 2013

28 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 GROUP TRAVEL PROVIDER ORGANISING MORE
THAN 50 000 TOURS YEARLY
GLOBAL TRAVEL SERVICES (GTS) — GROUP TRAVEL

BUSINESS MODEL
Supply side1) Our position Client side

Hotels

 >3 000 hotels world-wide Tour Group of

 One of the leading destination
 >3m hotel room nights Operators travellers
handlers for Group Travel from
Asia to Europe, organising about
50 000 leisure tours every year, in
15 languages
Transportation  ~1.8m travellers

 >110 000 coaches  25 sales offices

booked per year
 Most visited countries: Italy, UK, Travel Group of
France, Switzerland, Germany
Retail travellers
Sightseeing,  Kuoni Group Travel from Asia to
Venues, Events, Europe with around 35% share to
Catering, … Europe

 >10 000 sightseeing items

 >200 000 meals 1) FY 2013

29 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 DESTINATION INSIDERS PROVIDING ACCESS TO
COMPLEX DESTINATIONS AND PRODUCTS
GLOBAL TRAVEL SERVICES (GTS) — DESTINATION MANAGEMENT

BUSINESS MODEL
Supply side Our position Client side

Land
components  Presence predominately in complex Tour
Traveller
destinations with low accessibility/ Operators
 Hotels  Tours consolidation
 Cars  Transfers
 Destination insider providing
know-how, content and operations
support

 Content sold through multitude of Travel

Traveller
Destination
channels Retail
footprint  All DM Specialists with share
between ~20-40% among DM
 India Specialists in the respective
 South-East Asia destinations
 Eastern & Southern Africa Online
 Middle East  Sales Traveller
 Australia Platform
 USA

30 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 LEADING OUTSOURCING PARTNER PROVIDING
VISA PROCESSING SERVICES TO GOVERNMENTS
VFS GLOBAL

BUSINESS MODEL
Contractual Partners Our position Client side

Governments

 Providing visa processing services

 Governments are increasingly to governments worldwide
outsourcing their visa
application processes to 3rd  Global footprint, serving 45
parties governments Application
Customer
 ~1 400 Visa Application Centers in Centre
 Very specific requirements,
driven by complex political, legal 117 countries
and security environments  ~83m visa applications processed
2001-2013
 VFS Global is a leader with around
50% worldwide market share
Value added
services

 Core support services

(e.g. lounges, express services)

31 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 PRELIMINARY TURNOVER FY 2014
BASED ON 2014 REPORTING STRUCTURE

TURNOVER (UNAUDITED)
Δ% Δ%
(CHF million) FY14 FY13
nominal organic1)

Group Travel 873 943 -7.4 -6.5

FIT (Fully Independent Traveller) 1 933 1 802 +7.3 +8.8

Outbound Nordic 844 982 -14.1 -9.0

Outbound Europe/Asia 1 343 1 4142) -5.0 -1.4

Destination Management Specialists 365 417 -12.6 -9.0

VFS Global 272 244 +11.3 +14.2

Less turnover between segments -121 -133

Kuoni Group 5 509 5 669 -2.8 -0.1

1) Adjusted for currency fluctuations and acquisitions/divestments; 2) Includes turnover of CHF 59m from divested entities

32 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 FINANCIAL CALENDAR 2015

REPORTS ON BUSINESS PERFORMANCE ON THE FOLLOWING DATES:

Annual Results 2014 17 March 2015

General Meeting of Shareholders 20 April 2015 in Zurich

CONTACT DETAILS

Corporate Communications Phone: + 41 44 277 4363 communications@kuoni.com

Investor Relations Phone: + 41 44 277 4529 investor.relations@kuoni.com

www.kuoni.com mailing list: www.kuoni.com/group-news

33 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015

 DISCLAIMER
THIS COMMUNICATION CONTAINS STATEMENTS THAT CONSTITUTE “FORWARD-LOOKING STATEMENTS” INCLUDING, BUT NOT LIMITED TO,
THOSE USING THE WORDS “BELIEVES”, “ASSUMES”, “EXPECTS” OR FORMULATIONS OF A SIMILAR KIND. IN THIS COMMUNICATION, SUCH
FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION, STATEMENTS RELATING TO OUR FINANCIAL CONDITION, RESULTS OF
OPERATIONS AND BUSINESS AND CERTAIN OF OUR STRATEGIC PLANS AND OBJECTIVES. SUCH FORWARD-LOOKING STATEMENTS ARE MADE
ON THE BASIS OF ASSUMPTIONS AND EXPECTATIONS THAT WE BELIEVE TO BE REASONABLE AT THIS TIME, BUT MAY PROVE TO BE
ERRONEOUS. BECAUSE THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES, ACTUAL FUTURE RESULTS,
THE FINANCIAL CONDITION, THE DEVELOPMENT OR PERFORMANCE OF KUONI TRAVEL HOLDING AND/OR ITS AFFILIATES (REFERRED TO AS
“KUONI”) MAY DIFFER MATERIALLY FROM THOSE EXPRESSED IN OR IMPLIED BY THE STATEMENTS. MANY OF THESE RISKS AND
UNCERTAINTIES RELATE TO FACTORS WHICH ARE BEYOND KUONI'S ABILITY TO CONTROL OR ESTIMATE PRECISELY, SUCH AS FUTURE
MARKET CONDITIONS, CURRENCY FLUCTUATIONS, THE BEHAVIOUR OF OTHER MARKET PARTICIPANTS, THE ACTIONS OF GOVERNMENTAL
REGULATORS AND OTHER RISK FACTORS DETAILED IN KUONI’S PAST AND FUTURE FILINGS AND REPORTS, INCLUDING PRESS RELEASES,
REPORTS AND OTHER INFORMATION POSTED ON KUONI’S WEBSITES OR IN OTHER FORM. READERS ARE CAUTIONED NOT TO PUT UNDUE
RELIANCE ON FORWARD-LOOKING STATEMENTS WHICH SPEAK ONLY OF THE DATE OF THIS COMMUNICATION. KUONI DISCLAIMS ANY
INTENTION OR OBLIGATION TO UPDATE AND REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION,
FUTURE EVENTS OR OTHERWISE. IT SHOULD BE NOTED THAT PAST PERFORMANCE IS NOT A GUIDE TO FUTURE PERFORMANCE. PLEASE ALSO
NOTE THAT INTERIM RESULTS ARE NOT NECESSARILY INDICATIVE OF THE FULL-YEAR RESULTS. MOREOVER, THE PRO FORMA INFORMATION
PROVIDED IN THIS PRESENTATION SERVES AS AN ILLUSTRATION AND CONTAINS SIMPLIFIED ASSUMPTIONS. ROUNDING EFFECTS MAY OCCUR.
THE REPRESENTATION OF THIS FINANCIAL INFORMATION IS BASED ON HYPOTHETICAL BUSINESS EVENTS AND FACTS AND DOES NOT REFLECT
KUONI'S ACTUAL ASSET, FINANCIAL AND INCOME SITUATION. THE ASSET, FINANCIAL AND INCOME SITUATION OF KUONI IN FUTURE
FINANCIAL STATEMENTS AND REPORTS MAY SUBSTANTIALLY DIFFER FROM THE INFORMATION PROVIDED HEREIN. THE REASON FOR THIS IS A
STRING OF FACTORS, SUCH AS, FOR EXAMPLE, BUSINESS DEVELOPMENTS, CHANGES IN THE MARKET, AND IN THE LEGAL, REGULATORY
AND/OR ECONOMIC FRAMEWORK, AS WELL AS AMENDED ACCOUNTING REGULATIONS. PERSONS REQUIRING ADVICE SHOULD CONSULT AN
INDEPENDENT ADVISER. THIS COMMUNICATION DOES NOT CONSTITUTE AN OFFER OR AN INVITATION FOR THE SALE OR PURCHASE OF
SECURITIES IN ANY JURISDICTION.

34 NEW KUONI GROUP – ZURICH – 14 JANUARY 2015