SWX Swiss Exchange Ad Hoc Publicity: Formal Investigation Against Kuoni Reisen Holding AG

The SWX Swiss Exchange has initiated a formal investigation against Kuoni Reisen Holding AG regarding a possible violation of Art. 72 of the Listing Rules (ad hoc publicity). The preliminary investigation conducted by the SWX has revealed that, in connection with the communication of the annual results of 2005, there was possibly a violation of Art. 72 of the Listing Rules. The duration of these investigative proceedings has not been determined. The SWX will provide information on the outcome of its investigation. No information will be made public with regard to the ongoing investigation.