Disclosure of shareholdings as required by Swiss stock exchange regulation

According to a statement it made on March 4, 2009 Pictet Funds S.A., Route des Acacias, 1211 Genève, Switzerland through their funds Pictet (CH) Enhanced (0.21%), Pictet (CH) Swiss Market Tracker (0.09%), Pictet (CH) Swiss Mid Small Cap (0.82%), Pictet (CH) Swiss Equities (0.51%), Pictet Institutional Swiss Equities (1.06%), Pictet Institutional Swiss Equities Tracker (0.07%), Pictet Institutional - Pool Swiss Equities (0.02%), Ethos - Equities CH Indexed Corporate Governance (0.08%), Subenimus Institutional Fund (0.02%) informed that they reduced its total shareholdings in registered shares of Valora Holding AG to below 3% on February 26, 2009. The contact person is Michel Sermet, Pictet Funds S.A., Route des Acacias, 1211 Genève, Switzerland.