Disclosure of Shareholdings

According to the article 20 of the Swiss Stock Exchange Act, Phonak Holding Ltd. announces that Fidelity International Limited, Pembroke Hall, 42 Crow Lane, Hamilton, Bermuda holds 3'323’191 registered shares with a par value of CHF 0.05 as of June 24, 2005. This corresponds to 5.03% of total capital and voting rights.

Fidelity International Limited is an investment company and holds the investment in Phonak Holding Ltd. in its funds.