Disclosure of shareholdings as required by Swiss stock exchange regulation

According to a statement it made on October 16, 2008 Manning & Napier Advisiors Inc., 290 Woodcliff Drive, Fairport, NY 14450, USA informed that they reduced its total shareholdings in registered shares of Valora Holding AG to below 3% on October 15, 2008. The contact person is Jodi L. Hedberg, Manning & Napier Advisors Inc., 290 Woodcliff Drive, Fairport, New York 14450.