Disclosure of shareholdings as required by Swiss securities legislation

On January 23, 2009, GoldenPeaks Capital Management Ltd., Suite 7, Provident House, Hvilland Street, St. Peter Port, GY1 2QE, Guerensey, as Investment Manager of GoldenPeaks Active Value Master Fund Ltd., Zephyr House, 122, Mary Street, Grand Cayman, K1 1107, Cayman Islands announced that, as of January 21, 2009, its holdings in registered shares of Valora Holding AG had activated a disclosure threshold.

As of that date, the fund held long positions consisting of 87,588 registered shares (2.65% of the Valora Holding AG’s outstanding share capital) and 1,153,800 call warrants (VALAA, ISIN: CH0049933747, 30 of which warrants entitle their holder to purchase 1 Valora Holding AG share at a strike price of CHF 178, the warrants’ expiry date being January 21, 2010). In aggregate, these positions represent 3.81% of the outstanding share capital of Valora Holding AG.

The contact person responsible for reporting this is Adriano Agosti, GoldenPeaks Capital Partners AG, Baarerstrasse 135, 6300 Zug, Switzerland.

Investor Relations:
Mladen Tomic
Tel: +41 58 789 12 20
E-mail: mladen.tomic@valora.com

or

Media Relations:
Stefania Misteli
Tel: +41 58 789 12 01
E-mail: stefania.misteli@valora.com