Further to a Partial Award by an Arbitral Tribunal in Geneva on February 21, 2008, Hogg Robinson and Kuoni have reached an agreement on all outstanding points of their dispute. They have also agreed not to divulge the details of their settlement.

Hogg Robinson had initiated arbitration proceedings against Kuoni in October 2005 further to the sale of BTI Central Europe by Kuoni to Hogg Robinson. Most of Hogg Robinson's claims were decided upon by the Arbitral Tribunal in its Partial Award of 21 February 2008. The issues remaining in dispute in the arbitration, as well as related items, have now been settled amicably between the parties. The arbitration proceedings will be withdrawn.
 
The Kuoni Group made provisions over the past few years for the risks associated with these legal proceedings and the possible financial repercussions thereof. A single-digit million-franc amount remaining in these provisions will be released in the 2008 business year.