Disclosure of shareholdings as required by Swiss stock exchange regulation

According to a statement it made on August 31, 2009 Pictet Funds S.A., Route des Acacias 60, 1211 Genève, Switzerland through their funds Pictet (CH), Ethos-Equities CH indexed Corporate Governance (0.10%), Subvenimus Swiss Equities (0.01%), Pictet (CH) Enhanced (0.13%), Pictet (CH) Swiss market Tracker (0.14%), Pictet (CH) Swiss Mid Small Cap (0.84%), Pictet (CH) Swiss Equities (0.41%), Pictet Institutional Swiss Equities (1.25%), Pictet Institutional Fund - Swiss Equities Tracker (0.10%), Pictet Institutional - Pool Swiss Equities (0.02%), informed that they reduced its total shareholdings in registered shares of Valora Holding AG to 2.99% (83756 shares) on August 27, 2009. The contact person is Michel Sermet, Pictet Funds S.A., Route des Acacias, 1211 Genève, Switzerland.