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7 Changes of Control and Defence Measures

7.1 Duty to Make an Offer

There are no opting-up or opting-out clauses in the Articles of Incorporation of Kuoni Travel Holding Ltd. In view of this, any person owning more than one-third of the voting rights of Kuoni Travel Holding Ltd. must make an offer for all the company’s remaining stock-exchange-listed securities.

7.2 Change-of-Control Clauses

There are no change-of-control clauses in any agreements or plans to the benefit of members of the Board of Directors and / or the Group Executive Board and / or any further members of the management of Kuoni Travel Holding Ltd.