Disclosure of shareholdings as required by Swiss stock exchange regulation

According to a statement it made on January 25, 2010 Pictet Funds S.A., Route des Acacias 60, 1211 Genève, Switzerland informed that through their funds Pictet-Institutional Swiss Equities Segment (1.21%), Pictet (CH) Swiss Mid Small Cap (0.86%), Pictet (CH) Swiss Equities (0.24%), Pictet (CH) Enhanced Swiss Equities 130/30 (0.21%), Pictet - Swiss Market Tracker (0.14%), Ethos (0.09%), Pictet Institutional Swiss Equities Tracker (0.12%), Pictet (CH) Swiss Equities Pool (0.02%), Subvenimus Institutional Fund (0.01%) they decreased their total shareholdings in registered shares of Valora Holding AG to 2.90% (81’068 registered shares) on January 21, 2010. The contact person is Michel Sermet, Pictet Funds S.A., Route des Acacias, 1211 Genève, Switzerland.