Preface. The 2016 business year has experienced some very positive developments.

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1 ANNUAL REPORT 2016

Preface The 2016 business year has experienced some very positive developments. GastroSocial once again saw moderate growth from the already high levels.

2 Preface The 2016 business year has experienced some very positive developments. GastroSocial once again saw moderate growth from the already high levels. The number of affiliated businesses reached for the Compensation Fund, and for the Pension Fund. The total settled payroll grew in the case of the Compensation Fund to 6 billion francs, and to 5.15 billion francs in the case of the Pension Fund. Contributions increased for both the Compensation Fund and the Pension Fund, and stood at billion francs and 370 million francs respectively. Moreover, the Pension Fund excelled with its performance of 4.55 % and a very solid funding ratio of %. These are excellent results in the context of the sector as a whole. The investments totalled 6.3 billion francs. With such positive figures, it is easy to overlook what is actually the most important thing to us, namely, top-quality customer service. This is what stands at the heart of our daily work, and is the basis for our success a success which has continued for decades. That is why it is the affiliated businesses and those who are insured with us which are the focal point of the images bringing this annual report to life. These images provide a colourful insight into the diverse and dynamic world of our clients. This year, we are highlighting restaurants and hotels which have recently renovated their properties, or undertaken new builds. Urs-Peter Amrein Chairman of the Executive Committee Director a.i.

3 Contents The architects of GastroSocial 4 Organisational chart 5 Diversity and innovation 6 Business operations of the Compensation Fund 13 Key figures at a glance 14 Key figures in detail 16 Outsourced tasks 19 Annual financial statements 28 Legal form, governing & executive bodies and management 29 Business operations of the Pension Fund 31 Key figures at a glance 32 Key figures in detail 34 Operating statement 38 Balance sheet 40 Funding ratio/interest 41 Investment 44 Legal form, governing & executive bodies and management 48

4 GASTROSOCIAL GASTROSOCIAL 5 The architects of GastroSocial Organisational chart The 69 years of service jointly clocked up by Urs-Peter Amrein, longstanding Director and Chairman of the Executive

4 4 GASTROSOCIAL GASTROSOCIAL 5 The architects of GastroSocial Organisational chart The 69 years of service jointly clocked up by Urs-Peter Amrein, longstanding Director and Chairman of the Executive Committee, and Annemarie Hofer, longstanding Head of Customer Services and member of the Management Committee, is precisely the age of Switzerland s most important social institution the AHV. These two leaders have, together, built the company into an institution of great importance to the hotel and catering sector. These two leaders both of whom have been so instrumental in GastroSocial s growth, are stepping down from operational management in Board of Directors of Compensation Fund Board of Trustees of Pension Fund Executive Committee Director a.i. Urs-Peter Amrein Controlling We are deeply grateful to them for the decades of outstanding commitment that they have given to GastroSocial and GastroSuisse. Human Resources Support Staff Manuela Wyss Casimir Platzer, President of GastroSuisse Josef Schüpfer, President of the Board of Directors Team of experts Management Assistants Marketing/ Communication Legal Service Quality Management/ Data Protection Organizational Development Customer Service Felix Schwan CF Administration Marc Lucas PF Administration Annemarie Hofer Finance Andreas Beccarelli Investments Beat Wüst Resources Christian Ganglmair Sales Force Employer Audits Contributions Finance Real Estate Information Technology GastroSocial@net Contributions Vested Benefits Collections Securities Logistics Customer Affiliation First-Level-Support Lugano Branch Office As at March 2017 FAZ/EO/MSE Salary Statement Checks Pensions/IV Daily Allowance Special Tasks Benefits

6 GASTROSOCIAL Diversity and innovation One of the distinguishing

Bad Ragaz to McDonald s Suisse Restaurants, from the Crêperie du Château in

Oftringen to the holiday and leisure resort, Swiss Holiday Park in Morschach,

Companies right across the spectrum place their trust in the comprehensive

At GastroSocial we make it our priority to meet all of our clients diverse

GastroSocial is constantly evolving in line with the changing needs of our

Regular surveys of our clients confirm that we are meeting their expectations

The images in this year s annual report depict businesses which have recently

progressiveness of this diverse sector of ours.

5 6 GASTROSOCIAL Diversity and innovation One of the distinguishing characteristics of GastroSocial is its diverse customer base: The Grand Resort Bad Ragaz to McDonald s Suisse Restaurants, from the Crêperie du Château in Neuchâtel to the Restaurant Schlüsselzunft in Basel, and from the Kebab Haus Oftringen to the holiday and leisure resort, Swiss Holiday Park in Morschach, to name but a few examples. Companies right across the spectrum place their trust in the comprehensive service provided by our Compensation Fund and our Pension Fund. At GastroSocial we make it our priority to meet all of our clients diverse needs and requirements to the highest standards. GastroSocial is constantly evolving in line with the changing needs of our clients. Regular surveys of our clients confirm that we are meeting their expectations in terms of service quality. The images in this year s annual report depict businesses which have recently invested in innovation, all of which go to demonstrate the dynamism and progressiveness of this diverse sector of ours. Our offering also includes excellent insurance solutions for companies outside the hotel and catering industry. So, companies like the Tamina Therme AG in Bad Ragaz, Lenzerheide Bergbahnen AG mountain railway company, Grand Casino St. Gallen AG, Seeklinik Brunnen AG and the santémed Gesundheitszentrum AG all benefit from the highest quality standards of GastroSocial.

TANGIBLE LOVE OF THE FINER THINGS IN LIFE Vapiano, Bern Highly-trained and friendly Vapiano staff spoil their guests with superb Italian cuisine.

6 TANGIBLE LOVE OF THE FINER THINGS IN LIFE Vapiano, Bern Highly-trained and friendly Vapiano staff spoil their guests with superb Italian cuisine. The dishes are freshly prepared in front of the customers. Thanks to the success of the Vapiano concept, the company was able to open a new restaurant in Bern in early The high-quality, comfortable ambience of the new rooms is saturated with a Mediterranean feel. «GastroSocial answers all my questions relating to social insurance.» Philipp Leuker, Area Manager Vapiano, Bern

7 VAPIANO BERN

8 Business operations of the Compensation Fund

9 14 GASTROSOCIAL COMPENSATION FUND GASTROSOCIAL COMPENSATION FUND 15 Key figures at a glance m CHF Contribution volume % 2015: m CHF Due to the lowering of the EO (Income Compensation Scheme) contribution rate, there was a slight increase in the total contributions compared to the previous year. Affiliated companies % 2015: The number of affiliated companies has stabilised at a high level over the past few years Number of pensions 1.1 % 2015: In 2016, GastroSocial paid benefits totalling around CHF 570 million to its AHV and IV pensioners Insured persons % 2015: The number of insured persons whose employer are affiliated with the Compensation Fund has steadily increased over the past few years Daily sickness benefits and accident insurance contracts (SWICA) % 2015: The number of premiums for daily sickness benefits insurance and accident insurance also rose slightly m CHF Gross payroll % 2015: m CHF This increase is primarily due to the successful acquisition of larger companies. 114 m CHF Family allowances 2.4 % 2015: 117 m CHF Family allowances are set according to the relevant cantonal law, which differs from canton to canton.

10 16 GASTROSOCIAL COMPENSATION FUND GASTROSOCIAL COMPENSATION FUND 17 Key figures in detail Affiliated companies Total affiliated companies Legal entities Natural entities 2016 Invoiced contributions CHF AHV/IV/EO, personal and equal contributions Maternity insurance ALV contributions Family Compensation Fund contributions of which contributions from outsourced tasks Premiums for daily sickness benefits insurance Accident insurance premiums Total contribution volume Payroll and income structure Trend in contribution volumes m CHF 2.1 % 4.1 % 5.4 % 17.0 % 71.4 % Payroll totals and income in CHF < > The equal contributions are calculated on the basis of the payroll total of the companies. In the case of self-employed people, the calculation is based on taxable income The diagram shows the distribution of the affiliated companies in relation to gross payroll and income. Most of these companies are very small scale enterprises. The Federal Social Insurance Office places tight regulation on compensation funds with regard to contribution collection, fees, default interest and time limits, and ensures that these are complied with at all times. Over the past year the total contributions to the Compensation Fund has been around the billion mark.

11 18 GASTROSOCIAL COMPENSATION FUND GASTROSOCIAL COMPENSATION FUND 19 Outsourced tasks Number of AHV pensions Retirement pensions Widow s and widower s pensions Orphan s pensions Supplementary spouse s pensions Supplementary child s pensions Care allowances Total of AHV pensions Institution SWICA Canton of Geneva BBF Ticino Family compensation offices Swiss Confederation GastroSuisse and cantonal associations Cantons Tasks Contribution collection, contract administration and premium collection Maternity insurance clearing office Contribution collection for Ticino vocational training fund Management in 19 cantons, clearing office in 7 cantons Refunding CO 2 levies Contribution collection for vocational training funds Contribution collection for various cantonal funds Number of IV pensions Disability pensions Supplementary spouse s and child s pensions Care allowances Total of IV pensions Daily sickness benefits and accident insurance Trend in pensions Daily sickness benefits contracts Accident insurance contracts Supplementary accident insurance contracts Total of AHV pensions Total of IV pensions

EMPLOYEES THE KEY TO SUCCESS Hotel Royal Savoy, Lausanne Only employees whose morale is good can offer the guest a high-quality service, and this is something which Hotel Royal Savoy is very

12 EMPLOYEES THE KEY TO SUCCESS Hotel Royal Savoy, Lausanne Only employees whose morale is good can offer the guest a high-quality service, and this is something which Hotel Royal Savoy is very conscious of. The guests also value the care and attentiveness of the staff. The hotel is moreover renowned for its exquisite cuisine and superlative ambience. The Royal Savoy was reopened in November 2015 after several years of renovation works. Today, this historic building is one of the architectural treasures of Lausanne. «GastroSocial knows exactly what my needs are as an employee, and what the challenges are that I face in my line of work.» Reza Nahaboo, sommelier, Best Swiss Sommelier Award 2016 Hotel Royal Savoy, Lausanne

13 HOTEL ROYAL SAVOY LAUSANNE

ARCHITECTURAL SHOWPIECE The View, Lugano It s the smallest details that make all the difference, and in the knowledge of this fact, The View pampers its guests in more ways than one.

14 ARCHITECTURAL SHOWPIECE The View, Lugano It s the smallest details that make all the difference, and in the knowledge of this fact, The View pampers its guests in more ways than one. The needs and comfort of the guests are the number-one priority here. Attentive staff and a cultured and elegant atmosphere guarantee an extremely high-quality service. The interior design of the building is striking, reminiscent of a modern luxury yacht. The 5-star design hotel was opened in «Support from a competent industry specialist like GastroSocial gives me a great sense of security.» Nicola Albanese, Head Ambassador The View, Lugano

15 THE VIEW LUGANO

16 28 GASTROSOCIAL COMPENSATION FUND GASTROSOCIAL COMPENSATION FUND 29 Annual financial statements Legal form, governing & executive bodies and management Compensation balance sheet CHF AHV/IV/EO contributions Benefits paid out AHV pensions AHV care allowances IV pensions IV care allowances IV daily allowances Income compensation payments Maternity allowances Surplus transferred to AHV Compensation Fund Administrative costs CHF Operating expenses Personnel expenses General expenses Real estate expenses Project reserves Depreciation on investments Other expenses Income surplus Total operating expenses CHF Operating income Company contributions to administrative costs Cost contributions for outsourced tasks Fees Investment income Other income Total operating income Legal structure Independent federal institution under public law Board of Directors of Compensation Fund Josef Schüpfer Chairman Ernst Bachmann Vice-Chairman François Gessler Muriel Hauser Walter Höhener Gilles Meystre Casimir Platzer Moritz Rogger-Riechsteiner Massimo Suter The Board of Directors consists of ex officio members of the Board of GastroSuisse. Presidium Urs-Peter Amrein Chairman Josef Schüpfer Tobias Zbinden Head of Compensation Fund Urs-Peter Amrein from Andreas Markwalder until Auditing and supervision Auditors PricewaterhouseCoopers Ltd, Basel Supervision Federal Social Insurance Office, Bern

17 Business operations of the Pension Fund

18 32 GASTROSOCIAL PENSION FUND GASTROSOCIAL PENSION FUND 33 Key figures at a glance 359 m CHF Contribution volume % 2015: 356 m CHF The key figure reflects the continued growth of GastroSocial. Affiliated companies % 2015: The GastroSocial Pension Fund is the largest association based pension fund in Switzerland Number of pensions % 2015: The increase is primarily seen in the retirement pensions Insured persons % 2015: The number of insured persons has been experiencing moderate and continuous growth for several years Funding ratio % 2015: % The funding ratio has once again seen a significant increase and bears out the sound financial position of the GastroSocial Pension Fund m CHF Insured payroll % 2015: m CHF The increase in payroll is mainly attributable to the increase in the number of larger-scale affiliated companies m CHF Investment capital + 6.9% % 2015: m CHF The growth of the business and the sound investments lead to positive growth in the managed assets.

19 34 GASTROSOCIAL PENSION FUND GASTROSOCIAL PENSION FUND 35 Key figures in detail Invoiced contributions m CHF Affiliated companies Total affiliated companies Legal entities Natural entities Number of insured persons Payroll structure % 24.3 % 3.1 % 1.3 % 65.6 % Gross payroll < Insured under 25 Insured over > The diagram shows the distribution of the affiliated companies in relation to payroll. Most of these companies are very small scale enterprises. Number of pensions Retirement pensions IV pensions Partner s pensions Child s pensions In 2016, retirement pensions, IV pensions, 894 partner s pensions and child s pensions were paid out.

CUSTOMER-FOCUSED AND ATTENTIVE La Pinte vaudoise, Pully Over the course of three months, 38 job seekers complete their theoretical and practical training in the areas of service, kitchen work and

20 CUSTOMER-FOCUSED AND ATTENTIVE La Pinte vaudoise, Pully Over the course of three months, 38 job seekers complete their theoretical and practical training in the areas of service, kitchen work and housekeeping. Thanks to the professional support they receive, these individuals are able to successfully enter the job market. The guests are always the central focus, and they enjoy the variety and creativity in the menus. The restaurant s success is proof that its approach is working customer satisfaction levels are very high. In the winter of 2015, all the furnishings were completely renewed, giving the restaurant a much more modern and more friendly look. «The advice I receive from the specialists at GastroSocial is easy to understand and is tailored to what I need.» Alison Deleuze, Cheffe de rang and supervisor La Pinte vaudoise, Pully

21 38 GASTROSOCIAL PENSION FUND GASTROSOCIAL PENSION FUND 39 Operating statement CHF Inflow from contributions and deposits Contributions Purchases Vested benefits paid in CHF Investment income Money market Bonds Mortgages/Constant Cash Flow Real estate Outflows for benefits and advance withdrawals Equities Regulatory benefits Retirement pensions Partner s pensions Asset management costs Net investment result Disability pensions Other regulatory benefits Lump sum payments at retirement Lump sum death payments Vested benefits paid out Administrative costs General administration Marketing and advertising Agents and brokers Auditors and pension actuary of employee benefits insurance Creation ( )/Release (+) of pension capital and technical reserves Supervisory authorities Creation ( )/Release (+) of pension capital Creation ( )/Release (+) of technical reserves Administrative income Other income Income from insurance benefits Net result for the administrative account Insurance costs Net result from insurance component Income (+)/Expenses ( ) surplus before creation/release of fluctuation reserve Creation ( )/Release (+) of fluctuation reserve Income/Expenses surplus 0 0 The GastroSocial Pension Fund is a non-profit foundation. Its administrative costs are the lowest in Switzerland, standing at CHF 65 per beneficiary.

22 40 GASTROSOCIAL PENSION FUND GASTROSOCIAL PENSION FUND 41 Balance sheet Funding ratio/interest Assets Funding ratio CHF Investment % % % % % % Liquid resources and money market % Bonds % Mortgages/Constant Cash Flow Real estate Equities Receivables Accrued income and deferred expenses Total assets % 100 % 95 % 90 % The funding ratio represents the relationship between pension assets and pension liabilities. Over the course of 2016, the funding ratio rose from % to % Liabilities CHF Liabilities Accrued expenses and deferred income Employer contribution reserves Interest 1.50 % / 1.50 % 2.0 % 1.50 % / 1.50 % 2.00 % / 1.75 % 1.75 % / 1.75 % 1.50 % / 1.25 % Pension capital and technical reserves Pension capital active insured % Pension capital pensioners Technical reserves % Fluctuation reserve Foundation capital % Total liabilities % Funding ratio % % GastroSocial Pension Fund BVG minimum interest The pensioners pension capital is calculated on the basis of a technical interest rate of 3.00 % as of The Board of Trustees decided to lower the rate to 2.75 % for 2017.

HOSPITALITY ON THE AARE Restaurant Brücke, Niedergösgen Restaurant Brücke in Niedergösgen not only prides itself on the personal service it offers to its guests, but also on its creative and seasonal

23 HOSPITALITY ON THE AARE Restaurant Brücke, Niedergösgen Restaurant Brücke in Niedergösgen not only prides itself on the personal service it offers to its guests, but also on its creative and seasonal menu. Guests enjoy freshly prepared dishes in a congenial atmosphere right by the river Aare. In 2008, the restaurant was fully refurbished, and the redesign of the grounds followed in The new light-flooded, modern rooms and wonderful garden restaurant are perfect places for relaxation and a leisurely meal. «GastroSocial s user-friendly online programmes save me a lot of work.» Markus Gfeller, proprietor Restaurant Brücke, Niedergösgen

24 44 GASTROSOCIAL PENSION FUND GASTROSOCIAL PENSION FUND 45 Investment Review/Outlook 2016 will be remembered as a year of unexpected change. Such changes demonstrated that only robust and diversified portfolios like that of the GastroSocial Pension Fund will successfully withstand rapidly changing conditions. In 2016, thanks to stabilised growth in China, and the recovery of oil prices, the investment markets moved on relatively quickly from an initial phase that was fraught with scepticism. The recovery was faster and more vigorous than had been expected. The Brexit vote came as a surprise to most forecasters, as did the lack of sustained turbulence in the aftermath. The next surprise to follow was the American presidential election. The final major occurrence in 2016 was the increased inflation expectations after years of low and falling inflation rates. Thanks to our tendency towards conservative assessments of growth expectations, the GastroSocial Pension Fund retained its overweight in more defensive equity positions. These contributed significantly to the stabilisation of yield developments in the first six months. The global economy is looking more robust for 2017 than it has done over the past few years. The recovery is more balanced regionally and in terms of sectors, and is broadly supported by current figures and leading indicators. Market valuations are nevertheless high. Disappointments and phases of increased political uncertainty can very quickly find expression in market corrections. The positioning of the GastroSocial Pension Fund therefore continues to be a balanced one. Asset structure and strategic bandwidths Asset class CHF Percentage as at Strategy Bandwidth Money market % 1 % 0 10 % CHF bonds % 12 % 8 16 % Foreign currency bonds % 19 % % Mortgages/Constant Cash Flow % 10 % 4 16 % Swiss equities % 10 % 6 12 % Foreign equities % 24 % % Swiss real estate % 20 % % Foreign real estate % 4 % 1 6 % Alternative investments % 0 % 0 1 % Total % 100 % Performance Performance as at Benchmark Money market 0.00 % 0.91 % CHF bonds 1.12 % 1.32 % Foreign currency bonds 3.07 % 2.78 % Mortgages/Constant Cash Flow 5.27 % 2.49 % Swiss equities 1.18 % 1.41 % Foreign equities 5.60 % 7.23 % Swiss real estate 7.44 % 4.00 % Foreign real estate 6.54 % 4.00 % Alternative investments % 0.01 % Overall performance 4.55 % 3.75 % The achieved performance of 4.55% significantly exceeds the benchmark as well as the usual comparative values for the sector. As a result of broad diversification and tactical positioning, all investment elements in the various market phases contributed to this success. Cumulative performance comparison 10 % 8 % 6 % 4 % 2 % 0 % Performance GastroSocial 0.50 % 4.55 % Benchmark 1.24 % 3.75 % Pictet reference index for pension funds 0.47 % 3.21 %

25 LA PINTE VAUDOISE PULLY RESTAURANT BRÜCKE NIEDERGÖSGEN

26 48 GASTROSOCIAL PENSION FUND Legal form, governing & executive bodies and management Legal form Pension foundation equality Board of Trustees: Employer representatives Tobias Zbinden Chairman, member of Investment Committee Frédéric Haenni Peter Oesch Josef Schüpfer Member of Investment Committee Ruedi Stöckli Massimo Suter Board of Trustees: Employee representatives Stefan Unternährer Vice-Chairman, member of Investment Committee René Haas Franziska Hänggi Markus Kunz Member of Investment Committee Esther Lüscher René Meier The term of office for Trustees is 3 calendar years. The employer representatives have been elected by GastroSuisse and the employee representatives by the Hotel & Gastro Union. Presidium Urs-Peter Amrein Josef Schüpfer Tobias Zbinden Chairman Imprint Manager Urs-Peter Amrein from Andreas Markwalder until Content and layout Photo GastroSocial, Aarau Riechsteiner Fotografie, Micha Riechsteiner, Christa Minder, Worb The printed matters are released in German, French, Italian and English and are also available on the website at Auditing and supervision Pension actuary Auditors Supervisory authorities Mercer AG, Zurich PricewaterhouseCoopers Ltd, Basel BVG- und Stiftungsaufsicht Aargau, Aarau (BVSA) 2017, GastroSocial, 5001 Aarau ISO 9001: 2008 / GoodPriv@cy

27 GastroSocial Buchserstrasse 1 Postfach 5001 Aarau T F info@gastrosocial.ch Institution GastroSuisse

Preface. «We believe in excellent services, well-qualified employees and secure investments.»

Preface. «We believe in excellent services, well-qualified employees and secure investments.» ANNUAL REPORT 2017 Preface The 2017 business year was a very good year, and Gastro- Social recorded a healthy growth at a high level. The number of affiliated businesses reached 20 516 for the Compensation