euro adhoc: Valora Holding AG / other / Valora launches strategy programme targeting sales growth of 3 - 5% p.a. and an EBIT margin of 3 - 4% by 2012

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Disclosure announcement transmitted by euro adhoc. The issuer is responsible
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Media- and Investors' Day 2008

24.09.2008

. "Valora 4 Success" strategy programme comprises 4 core
initiatives: - Expanding core skills - Growth - Boosting
efficiency and enhancing quality - Strengthening Valora´s
corporate culture

. Potential cost savings of CHF 30 mm p.a. - to be fully effective
by late 2011

. Restructuring measures will result in provisions of CHF 25 million
against 2008 income

. Changes in Group Executive Management

. 2008 guidance confirmed

. Dividend policy unchanged

Strategy programme to accelerate growth and enhance profitability

Valora already announced its intention of taking steps to accelerate
growth and enhance profitability when reporting its 2008 interim
results. The firm is now launching a comprehensive strategy programme
under the "Valora 4 Success" banner. The principal focus will be on
increasing sales and net income at Valora Retail and on raising
efficiency levels in logistics and IT. The programme plans to make a
substantial and lasting improvement to the Group´s operating results
(EBIT) by 2012 and to sharpen Valora´s competitive edge. Management
re-affirms its objective of achieving an EBIT margin of 3 - 4% in
2012. The programme is expected to generate initial positive effects
from 2009.

"Valora 4 Success" already being implemented

Valora is already hard at work implementing specific measures from
the strategy programme.

Strengthening the Retail division By expanding and strengthening the
firm´s core expertise in its kiosk business, and concertedly
exploiting the convenience store sector´s profit potential, Valora
aims to give a lasting boost to the sales of its Retail division and
to improve the EBIT margin it generates. For the kiosk business, the
key elements of the programme are beefing up the k kiosk retail
brand, attaining operational excellence and achieving a sustainable
increase in the turnover generated by each rented outlet.
Transformation of existing Valora outlets, additional new locations,
expansion and co-operations will enable the avec. brand to raise the
Group´s profile further in the convenience store sector. Consumers
already benefit from the avec. concept every day, with its emphasis
on fresh, high-quality food products and branded non-food items. By
the end of 2009, Valora intends to extend its network of avec. shops
from the present 35 to some 100 outlets.

Valora expects these measures to enable its Retail division to
achieve annual sales growth of above 5% and to improve its gross
margins by about 1 percentage point compared to current levels.

Enhancing efficiency and effectiveness Targeted initiatives will be
carried out in logistics, IT and the back office which will raise
efficiency levels within the Valora Group. The plans notably include
adoption of a centralised and uniform IT structure, a new location,
new systems and process re-engineering for Valora´s logistics and a
reorganisation and harmonisation of processes in the back office
(Finance, HR and other areas). By 2012, these measures will enable
Valora to cut its annual costs by some CHF 30 million compared to
current levels.

Financial implications

One-off costs in 2008 - bottom line improvements from 2009
Implementation of the "Valora 4 Success" programme will require
one-off restructuring provisions totalling CHF 25 million. This
entire amount will be charged to the 2008 income statement.

The Valora Group´s net income should already begin to see a
sustainable improvement from 2009. The objective is to achieve an
EBIT margin of 3 - 4% by 2012, with annual sales growth of 3 - 5%.

Dividend policy

The Board maintains its existing dividend policy and will recommend
to the General Meeting on April 29, 2009 that a dividend of CHF 9 per
share be paid out in respect of 2008.

Re-location of jobs to Egerkingen

Starting in December 2008, Valora will move its logistic operations
from Muttenz to Egerkingen product group by product group, with
completion scheduled for late 2009. Valora will either assign those
affected to new tasks in Egerkingen or will seek suitable alternative
solutions for them.

Changes in Group Executive Management

Valora Holding AG´s Board of Directors and Markus Voegeli, Valora
CFO, have mutually agreed to part company with effect from September
30, 2008. This decision was prompted by diverging opinions regarding
Valora´s strategy and future development of its core activities. The
Board is most grateful to Markus Voegeli for the energetic commitment
he has shown to Valora during his four years as Chief Financial
Officer and wishes him every success for the future. Thomas
Vollmoeller, CEO, will assume the duties of Group CFO on an interim
basis. The Board has initiated a search for a suitable replacement.

Outlook for 2008

Valora re-affirms its earlier guidance on full-year 2008 results,
subject to the restructuring provisions mentioned above. Valora aims
to achieve year-on-year sales growth of 3 - 5% and EBIT in the region
of CHF 62 - 64 million. On an adjusted basis, with respect to the
one-off expenditure arising from the strategy programme, overall
Group profitability for 2008 will be considerably higher than in
2007.

"The "Valora 4 Success" programme aims to make Valora successful. Our
objectives are to achieve steady growth, make our Retail division
more competitive, sustainably improve our net earnings and satisfy
the expectations of our customers, partners, shareholders and
employees", as CEO Thomas Vollmoeller sums it up.

Valora´s Media and Analysts´ Day will take place in Muttenz today.
The presentation can be downloaded from www.valora.com.

Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
THE UNITED STATES THIS DOCUMENT IS NOT BEING ISSUED IN THE UNITED
STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO U.S. PERSONS OR
PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. THIS
DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR
OR PURCHASE ANY SECURITIES. IN ADDITION, THE SECURITIES OF VALORA
HOLDING AG HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE
UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION UNDER OR AN
APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED
STATES SECURITIES LAWS

This document contains forward-looking statements about Valora which
may incorporate some uncertainty and risk. Readers must therefore be
aware that such statements may diverge from actual future
developments. These forward-looking statements concern projections
about possible future events. All forward-looking statements are
based on data which were available to Valora at the time this
document was written. Valora makes no commitment to update any
forward-looking statements contained in this document at a later date
based on new information, subsequent events or the like.

end of announcement euro adhoc
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ots Originaltext: Valora Holding AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Investor Relations: Tel: +41 58 789 12 20

Mladen Tomic E-mail: mladen.tomic@valora.com

or

Media Relations: Tel: +41 58 789 12 01

Stefania Misteli E-mail: stefania.misteli@valora.com

Branche: Retail
ISIN: CH0002088976
WKN: 208897
Börsen: SWX Swiss Exchange / official market
BX Berne eXchange / official dealing