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Disclosure of Shareholdings

FMR Corp. reduced holdings below 5% of Phonak Holding Ltd.

According to the article 20 of the Swiss Stock Exchange Act, Phonak Holding Ltd. announces, that FMR Corp., 82 Devonshire Street, Boston, MA02109, USA reduced as of May 25, 2005 its holdings in Phonak shares below the 5% threshold of total capital and voting rights.

FMR Corp. is an investment company and holds the investment in Phonak Holding Ltd. in its funds.