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Disclosure of Shareholdings

Chase Nominees Ltd. reduced holdings below 5% of Phonak Holding Ltd.
According to the article 20 of the Swiss Stock Exchange Act, Phonak Holding Ltd. announces, that Chase Nominees Ltd., London Wall 125, WC2Y 5AJ London, United Kingdom reduced as of December 23, 2005 its holdings in Phonak shares below the 5% threshold of total capital and voting rights.