Valora: Markus Guggenbühler named new Head of IT, Stefan Gächter confirmed as Head of Logistics.

Dissolution of Management Services Division

With effect from March 17, 2008, Markus Guggenbühler will assume the role of Chief Information Officer (CIO). Mr. Guggenbühler, a business administration graduate with many years of trading related international IT experience, has worked for Manor since 1992, most recently as Vice President, IT, and head of the supply chain systems department.

Stefan Gächter has been managing Valora’s logistics operations since April 2007. The appointments of Markus Guggenbühler and Stefan Gächter mean that two key management positions, in IT and Logistics, are now filled. The Management Services Division will be dissolved and IT and Logistics will report directly to the CEO until further notice.

As a result of this restructuring, Ruedi Keller, Head of the Management Services Division and a member of the Group Executive Board, will leave Valora on or before March 31, 2008. Valora’s Board of Directors and Group Executive Board are most grateful to Mr. Keller for the valuable work he has carried out in recent years.