Press release: Schindler’s participation in ALSO falls below 10%

On May 29, 2013, Schindler Holding AG ("Schindler") issued exchangeable bonds that can be exchanged for registered shares of ALSO Holding AG ("ALSO"). The total issue size was CHF 218 million and the bonds have a maturity date of June 5, 2017. Due to the large number of bonds exchanged to date, the nominal value of the exchangeable bonds is currently CHF 77 million. As a result, Schindler's participation in ALSO has decreased from 28.2% to 9.9% and the free float of ALSO shares has increased substantially. As previously stated, Schindler intends to reduce its participation in ALSO to zero. As a consequence, Schindler will now be a "pure-player" as announced earlier on many occasions.

The shareholder agreement concluded by Schindler and Special Distribution Holding GmbH (a subsidiary of Droege International Group AG, ALSO's principal shareholder) will terminate as planned as a result of the participation falling below the 10% threshold.

About Schindler

Founded in Switzerland in 1874, the Schindler Group is a leading global provider of elevators, escalators and related services. Schindler mobility solutions move more than one billion people every day all over the world. Behind the company's success are over 57,000 employees in more than 100 countries.