Disclosure of shareholdings as required by Swiss stock exchange regulation

According to a statement it made on April 1, 2010 Lombard Odier Darier Hentsch Fund Managers SA (LODHFM), Avenue des Morgines 2, 1213 Petit-Lancy, Switzerland, informed that they hold on March 31, 2010 through its funds LODH Swiss Cap (ex-SMI) (40’220 shares / 1.44%), IF IST2 Actions Suisses Val. Compl. (42’462 shares / 1.52%), IS Valiant Swiss Equities SPI Index + (750 shares / 0.03%) and IF IST2 Actions Suisses SPI Plus (683 shares / 0.02%), IF IST2 European Small Mid Cap (1’135 shares / 0.04%), total shareholdings in registered shares of Valora Holding AG of 85’250 shares which corresponds to 3.04%.

The contact person is Cinzia Dotta, Lombard Odier Darier Hentsch Fund Managers SA (LODHFM), Petit-Lancy, Switzerland.