Disclosure of shareholdings as required by Swiss stock exchange regulation

According to a statement it made on November 19, 2009 UBS Fund Management (Switzerland) AG, Postfach, CH – 4002 Basel, informed that they reduced their total shareholdings in registered shares of Valora Holding AG 4.87% (136’249 shares) on November 13, 2009.

The contact person is Pantic Nemanja, EUR1-3-2315 WNGW-LB6, Postfach, 8098 Zürich.