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 reduced as of June 27, 2005 its holdings in Phonak shares below the 5% threshold of total capital and voting rights.

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