The ordinary general meeting of shareholders held on April 29, 2008 approved a share buyback and capital reduction programme covering a maximum of 500,000 registered shares (equivalent to 15.2% of Valora's issued share capital). Since July 1, 2008, this programme has been running via a 2nd trading line on the SWX Swiss Exchange and it will remain operational until December 31, 2009 at the latest.

At future general meetings, Valora's Board of Directors will propose that the shares acquired through the buyback programme be destroyed and the issue share capital reduced accordingly.