Disclosure of Shareholdings

According to the article 20 of the Swiss Stock Exchange Act, Phonak Holding Ltd. announces that FMR Corp., 82 Devonshire Street, Boston, MA 02109, USA holds 3'294’668 registered shares with a par value of CHF 0.05 as of February 7, 2005. This corresponds to 5.03% of total capital and voting rights.

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