Disclosure of shareholdings as required by Swiss stock exchange regulation

According to a statement it made on July 27, 2010, GoldenPeaks Capital Management Ltd., Suite 7, Provident House, Hvilland Street, St. Peter Port, GY1 2QE, Guerensey, as Investment Manager of GoldenPeaks Active Value Master Fund Ltd., Zephyr House, 122, Mary Street, Grand Cayman, K1 1107, Cayman Islands, informed that they decreased their shareholdings in Valora Holding AG to below 3% on July 21, 2010. The contact person is Ivano Rizzuto, GoldenPeaks Capital Partners AG, Baarerstrasse 135, 6300 Zug, Switzerland.