Disclosure of shareholdings as required by Swiss stock exchange regulation

According to a statement it made on November 11, 2009 Threadneedle Asset Management Holdings Ltd., 60 St Mary Axe, London, EC3A 8JQ, UK informed that they increased its total shareholdings in registered shares of Valora Holding AG to 3.21% (89 931 shares) on October 21, 2009.

The contact person is Stacey Dryburgh, Threadneedle Asset Management Holdings Ltd., Holbrook House, Station Road, Swingdon, SN1 1HH, UK.