Valora Holding AG completed a capital

increase raising net proceeds of approximately CHF 166 million. The capital

increase was executed as an "at market" rights offering. The offer

price for the new shares was determined following a bookbuilding process for

the shares not taken up by existing shareholders. Valora will use the proceeds

from the capital increase to refinance its recent acquisition of BackWerk, to

finance the expansion of production capacities, to refinance existing capital

market instruments and for general corporate purposes. Credit Suisse and J.P.

Morgan acted as Joint Global Coordinators and Joint Bookrunners.

Bär & Karrer advised Valora in this

transaction. The team included Thomas U. Reutter, Daniel Raun, Alexander von

Jeinsen, Sandro Fehlmann and Stefanie Walch (all Capital Markets) as well as

Susanne Schreiber and Cyrill Diefenbacher (Tax).