Walter Meier : and Tobler join forces to become Meier Tobler - Switzerland's leading provider of Building Technology

MEDIA RELEASE

Schwerzenbach, 24 November 2017

WALTER MEIER AND TOBLER JOIN FORCES TO BECOME MEIER TOBLER - SWITZERLAND'S LEADING PROVIDER OF BUILDING TECHNOLOGY

As of 1 January 2018, Walter Meier and Tobler will be operating jointly under the name Meier Tobler. Based on the slogan "Einfach Haustechnik" ("Building technology made easy"), the new organisation is looking to build on its leading position in the market. "The merger is geared towards ensuring durability," says Chairman of the Board of Directors Silvan G.-R. Meier. "We want to take the very best from both businesses and carry it with us into the future. The new image combines the two decades-old company names and the characteristic elements of the companies' visual identities and forges them into a new, harmonious whole."

The new organisation is pooling together its trade and service expertise and taking it to a whole new level. As a provider of system solutions for heating and cooling buildings, the company is in a unique position. From single-family homes to building complexes and from conventional heating systems to alternative technologies, Meier Tobler offers an ideal energy-efficient solution for everyone. As a technical wholesaler, the company boasts the densest branch network and the most extensive product range in the HVAC industry. In terms of e-commerce, it is one of Switzerland's ten largest service providers across all sectors. And when it comes to service, more than 400 service technicians will be on hand round the clock in future to ensure that all systems are fully functional. This is underpinned by reliable logistics, guaranteeing deliveries right on cue to every corner of Switzerland.

Meier Tobler is ready to tackle the challenges of the future: the consolidation of building technology, the digital revolution (the key word being "smart home") and society's demand for energy efficiency and sustainability. CEO Martin Kaufmann sees some great opportunities in this: "We are concentrating on three key pillars: firstly, in terms of system landscapes, we are promoting remote applications such as SmartGuard, a remote maintenance solution for heat pumps. Secondly, we are enhancing our e-shop to offer our customers maximum efficiency and flexibility. And thirdly, we will be continuing our intensive efforts to press forward with harmonising the technical documentation database." Meier Tobler's building technology made easy is the perfect answer to an increasingly complex world.

The two companies' existing sites are being coordinated as part of the merger. As Martin Kaufmann is keen to stress, the focus here has been on ensuring comprehensive regional coverage: "Being close to our customers and partners on a geographical level is extremely important to us. This proximity is guaranteed by 50 cash-and-carry stores for installers and 35 service support centres across Switzerland." From 2018, Meier Tobler's administrative headquarters will be in Schwerzenbach in the canton of Zurich. Tobler's current head office in Urdorf (also in the canton of Zurich) will remain in place as a sales headquarters, while the two logistics centres in Nebikon (canton of Lucerne) and Däniken (canton of Solothurn) will continue to operate until a joint site can be set up.

Meier Tobler aims to offer employees a secure professional environment, with good prospects for specialist and management careers and support in the form of individual training provided by the Meier Tobler Academy. More than 20 trainees in four professions are currently preparing for working life at the Academy.

In conjunction with the new joint corporate image and as part of the ongoing integration process, Walter Meier (Klima Schweiz) AG will be renamed

Meier Tobler AG as of 1 January 2018 and merged with Tobler Haustechnik AG in spring 2018. Walter Meier AG will also be adopting a new name - Meier Tobler Group AG - and moving its headquarters to Nebikon (Lucerne). Both are to be proposed to the Annual Shareholders' Meeting on 27 March 2018.

Contrary to the predictions made in August, the renovation market is yet to stabilise and pressure on pricing persists. Walter Meier is therefore expecting sales to drop by around two percent in the 2017 financial year and anticipating lower EBITDA than the previous year. Net profit is likely to be slightly negative due to one-off integration expenses. On the cost side, the planned synergies are on track. It should still be possible to achieve the medium-term EBITDA target of

CHF 60 million, albeit with a delay. Based on this outlook, the Board of Directors is planning to carry on with the stable distribution policy of CHF 2.00 per share for the 2017 financial year. A reduction of the payout still cannot be ruled out for the coming years.

After unveiling the new brand at the "Rock the Boiler" festival in Bern - the biggest industry event of the year - on 24 November, Meier Tobler will be presenting itself to an even wider audience at Swissbau 2018. As far as Martin Kaufmann is concerned, this is one of the most significant events on the calendar for next year: "We want to offer visitors a three-dimensional impression of our new company and introduce them to our joint team and pioneering innovations."

Walter Meier, Corporate Communications

Phone +41 44 806 49 00, group@waltermeier.com

The building technology group Walter Meier operates with a focus on the Swiss market. The company was founded in 1937 and today counts more than 1,400 employees. Shares in Walter Meier are listed on the SIX Swiss Exchange (symbol WMN).

This media release is available at www.waltermeier.com/investors.

Walter Meier AG

Bahnstrasse 24, 8603 Schwerzenbach, Switzerland

Phone +41 44 806 41 41, Fax +41 44 806 49 49

group@waltermeier.com, www.waltermeier.com