Disclosure of shareholdings as required by Swiss securities legislation

In accordance with Swiss securities legislation governing the reporting requirements for the purchase or sale of shares, Valora Holding AG, Belpstrasse 37, 3007 Bern, Switzerland has today reported that its holdings in its own shares have exceeded on January 5, 2009 the 15% reporting thresholds.

The positions concerned represented a total of 15.36% of the outstanding share capital of the company. These holdings consisted of a 15.13% stake (arising from 499,214 registered shares) and a further stake of 0.23% (arising from a short position in 7,681 put options). The options, which were issued in connection with employee share participation programmes, are European put options expiring on January 31, 2013. Each option entitles its holder to purchase 1 Valora Holding AG registered share at a strike price which will be determined based on the average closing price of the shares in the first week following the end of the applicable lock-up period. Positions sold represent a total of 1.27% of Valora Holding AG’s outstanding voting share capital. These arise from a short position of 41,840 European call options (equivalent to 1.27% of the outstanding voting share capital). These positions are obligations arising from incentive schemes for employees with several years of service who are not members of Group Executive Management. Each option entitles its holder to purchase one share at a strike price of CHF 61 when the options expire on January 31, 2009.

The contact person responsible for reporting this is Mladen Tomic, Valora Holding AG, Bern. Muttenz, January 8, 2009