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 3'387'927 registered shares with a par value of CHF 0.05 as of July 14,2005. This corresponds to 5.13% of total capital and voting rights.

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