Austrian travel offices to be acquired by local management

The Kuoni Group is disposing of its travel offices in Austria. The 30
outlets currently operated by Reisebüro Kuoni GmbH and Restplatzbörse
GmbH are to be taken over by the local management. The corresponding
sale agreements were signed today, and the transaction should be
formally concluded at the end of July. The disposal of these
operations marks a further consistent step in the strategy of
maintaining minimal vertical integration within the Kuoni Group.

Kuoni currently operates 30 travel offices in the Austrian market
under the Kuoni and Restplatzbörse brands. These outlets generated
turnover (commissions received) of CHF 20.4 million last year. All
these operations will now be acquired by the present management of
Reisebüro Kuoni GmbH, which is domiciled in Vienna. The parties
agreed not to divulge the purchase price involved. Sixteen of the
outlets concerned bear the Kuoni name, which the new owners may
continue to use.

"The sale of our Austrian travel offices is a further consistent step
in our strategy of maintaining minimal vertical integration," says
Max E. Katz, Group CFO and Spokesman for the Kuoni Group Executive
Board. "We only operate our own travel offices in markets where we
also have our own travel products. That is not the case in Austria."

The Kuoni Group will retain a presence in Austria: it will continue
to maintain its own offices and operations in Vienna and Innsbruck in
the destination management field.

For full documents please click attached links.

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LAURENCE BIENZ
Head of Investor Relations
Kuoni Travel Holding Ltd.
Neue Hard 7
CH-8010 Zurich
Phone +41 (0)44 277 4529
laurence.bienz@kuoni.com
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