Shoestring International project to be discontinued

As a part of the Kuoni Group's consolidation of its Internet-based
activities, the previously autonomous operations of adventure-travel
specialist Shoestring International will be discontinued by the end
of 2008. The company's office in Lugano, Switzerland, will be closed
and 25 employees will be affected by this strategic decision. Kuoni
will assist each of them in seeking new positions within as well as
outside the company. This step will have no influence on existing
customer bookings and business activities of Shoestring
International.

"Following a thorough analysis of the booking levels and market
penetration of Shoestring International, we have come to the
conclusion that these steps are necessary," stated Stefan Leser, Head
of Strategic Business Division Smart and member of the Kuoni Group
Executive Board. The affected employees will be assisted in seeking
new jobs both within and outside the company. Moreover, a social plan
has been drawn up.

Customers who have booked travel via Shoestring International will be
able to take their trips as planned. Shoestring International will
provide customer service through the end of 2008, after which it will
be organised by the Kuoni Group. In the Netherlands, the existing
"Shoestring" brand will be retained.

Shoestring International, which was launched by the Kuoni Group in
2007, offers English-language "soft-adventure tours" that are
distributed solely via the Internet and call centres and are aimed at
a broad mix of international customers.

For full document please check attached links.

For further information
__________________________________________

Laurence Bienz
Head of Investor Relations
Kuoni Travel Holding Ltd.
T +41 (0)44 277 45 29
laurence.bienz@kuoni.com
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