Change in the Management Team Patrick Vogler to Become the New CEO at the Grand Resort

PRESS RELEASE Change in the management team Patrick Vogler to become the new CEO at the Grand Resort Bad Ragaz

Bad Ragaz, 30 March 2017 – On 1 July 2017, CFO Patrick Vogler (42) will take over the operational management of the Grand Resort Bad Ragaz from Peter P. Tschirky (65). The long-standing CEO will hand over the reins of one of Swiss tourism’s flagship businesses, which under his stewardship has positioned itself as Europe’s Leading Wellbeing & Medical Health Resort.

At the Annual General Meeting of the Grand Resort Bad Ragaz in May, Peter P. Tschirky will not only present a positive Group result for the 2016 financial year, but also take stock of his more than 10 years as Chairman of the Executive Board. On 1 July 2017, he will hand over the reins of the successful company to his long-time companion and CFO Patrick Vogler. The timing of the planned management transition has been carefully chosen by Peter P. Tschirky. Since November, the Grand Hotels have been headed up by the new General Manager Marco R. Zanolari, and on 29 April, the 12- million-Swiss-franc project for the new club house at the Golf Club Bad Ragaz will be completed. “Under the stewardship of Patrick Vogler, the CFO Patrick Vogler (left) will take over the company will then further consolidate and build on its strategic positioning management of the Grand Resort Bad Ragaz from Peter P. Tschirky on 1 July 2017. as the Leading Wellbeing & Medical Health Resort and prepare for its 150th anniversary in 2019,” says Tschirky.

The end of an era Peter P. Tschirky began his tenure as Chairman of the Executive Board of the Grand Resort Bad Ragaz during a period of restructuring. The hotelier, who was born in nearby Mels-Weisstannen, was attracted back from Spain to his home country by the Grand Resort Bad Ragaz in 2006 with the mandate of overseeing the major renovation of the company (2007 to 2009). Between 2009 and 2010, in the immediate aftermath of the financial crisis, a period of development then followed for the traditional Swiss company, now operating under the name Grand Resort. The rouble crash in 2014 and the discontinuation of the euro exchange-rate floor in 2015 put the company to the test. “Under the leadership of Peter P. Tschirky, the company generated record turnover despite turbulent years,” says Wolfgang Werlé, Chairman of the Board of Directors of the Grand Resort Bad Ragaz. “He deserves our sincere thanks for the commitment he has shown,” continues a grateful Werlé. The departing CEO is not yet ready to completely retire, however: “Time will tell what role awaits me in the industry,” says the 65-year-old. New impetus as the company heads for its 150th anniversary Patrick Vogler, the new CEO, is a close confidant of Peter P. Tschirky. Since 2008, the family man and father of three has been Commercial Director and served as direct deputy to his predecessor. Over the course of 10 years, the 42-year-old has actively contributed to shaping the flagship company as a member of the Executive Board. His tasks have included the assumption of responsibility for the Finance and Page 1/2 Controlling, Procurement, IT and Real Estate departments as well as for numerous company-wide projects. He has also headed up various business areas on an interim basis, for example the Casino Bad Ragaz. In preparation for his new challenge, in 2016, Vogler built on his existing practical experience in the hotel industry by completing the General Managers Programme at Cornell University, New York, a leading institute in the area of hospitality. “In Patrick Vogler, we have found the right person to prepare the Grand Resort Bad Ragaz for the challenges of the future,” proclaims Wolfgang Werlé in summing up the new appointment. current role since 2007. Responsible for the overall management of the Group and Chairman of the Board of Directors of Tamina Therme AG. He is also a member of the Board of Directors of Heidiland Tourismus AG, Chairman of the Board of Trustees of the Casino Bad Ragaz AG Grant-Making Foundation (Förderstiftung), a member of the Board of Trustees of the Altes Bad Pfäfers Foundation, a member of the Board of Directors of Golf Club Bad Ragaz and Golf Club Heidiland and Chairman of the committee for the resort’s thermal spring (Quellkommission). Peter P. Tschirky began his professional career in the food and beverage sector. He initially worked as an F&B Controller at the Hilton Hotel Zurich, before taking on the role of Assistant F&B Manager at the Hilton Hotel Munich and working for three years as an Executive Assistant at the Sheraton Bahrain Hotel. His path then took him to Majorca. Here, with the exception of a two-year advisory role for international tourism projects, he held the following positions: 1985 to 1990: Castillo Hotel Son Vida, General Manager; 1990 to 1992: Arabella Golf Hotel Son Vida, Project Manager; 1992 to 2000: Arabella Golf Hotel Son Vida, General Manager, including contribution to the merger of the Arabella and Sheraton hotel chains; 2000 to About Peter P. Tschirky 2006: Arabella Hoteles e Inversiones de España S. A., Chairman of the Peter P. Tschirky, born in 1952, Executive Board. Peter P. Tschirky is married and has a son. Chairman of the Executive Board (CEO), joined 2006,

Patrick Vogler Christen, born in 1974, member of the Executive Board, Commercial Director from 2008 to 2017 (CFO) and deputy to the Chairman of the Executive Board. Responsible for the central Finance and Controlling, Procurement, IT and Real Estate functions as well as for numerous company-wide projects and functions. He is also a member of the Board of Directors of Casino Bad Ragaz AG and Tamina Therme AG, Chairman of the Grand Resort Bad Ragaz AG Supplementary Pension Foundation (Ergänzungsvorsorge) and a member of the Board of the Sarganserland-Werdenberg Employers’ Association (Arbeitgeberverband). Vogler previously held the position of Deputy Director at the auditing and consulting firm KPMG in St. Gallen, Zurich and Melbourne. He has also worked in the credit division of various banks. Patrick Vogler graduated from the University of Applied Sciences in Business Administration in St. Gallen, is a certified public accountant, holds a Master of Advanced Studies in Corporate Finance and a Diploma in Business Law and has completed the General Managers Programme (GMP) at Cornell University, New York, in 2016. He is married and has three children. About Patrick Vogler Christen