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Capital Structure

Cross-shareholdings

Kuoni Travel Holding Ltd. has no cross-shareholdings, whether purely of a capital nature or involving voting rights.

Capital

For further details and the composition of the amounts of ordinary, authorised and conditional capital of Kuoni Travel Holding Ltd. at yearend, please see note 21 on page 207 of the Financial Report. Further information on the capital structure is available on the company website.

Kuoni Travel Holding Ltd. conducted a capital increase in 2011. The new registered shares were used to finance or refinance the acquisition of shares in GTA Holdco Limited, GTA Americas LLC, Octopus Travel.com (USA) Limited and Columbus Technology Developments Limited (collectively known as Gullivers Travel Associates [GTA]). The subscription rights of existing shareholders were granted in full for the new share issue.