As of February 28, 2002, the unaudited fair value (intrinsic value) of one registered share of Private Equity Holding AG stood at CHF 252.16.
The net decrease in fair value is mainly due to new fund reports and the weaker US dollar.
The development of the fair value, share price and premium/discount (share price versus fair value) of one registered share of Private Equity Holding AG in the reporting quarter is shown below:
- 31.12.01: fair value CHF 259.73, share price CHF 136.50, discount 47%
- 31.01.02: fair value CHF 260.54, share price CHF 128.00, discount 51%
- 28.02.02: fair value CHF 252.16, share price CHF 113.00, discount 55%
Private Equity Holding AG (SWX: PEHN), managed by Swiss Life Private Equity Partners Ltd., offers investors the opportunity to invest, within a simple legal and tax optimized structure, in a broadly diversified and professionally managed private equity portfolio. As of December 31, 2001, the company held fund investments in 84 funds and direct investments in 37 companies. For further information: www.peh.ch or Eva Kalias, Investor Relations and Communications (phone +41-41- 726 79 80).
Basis of the fair value calculation and disclaimer
The fair values of the fund investments are based on the most recent report of the latest NAV (net asset values) as reported by the funds. The fair value of unlisted direct investments and loans is based on the cost of the corresponding assets, adjusted for changes in exchange rates as at the cut-off date and any non-temporary reductions in value. The fair value of quoted direct investments is the market value to which in case of a sale restriction (lock-up) a provision of 25% is made. The company bases its calculation on the guidelines of the European Venture Capital Association (EVCA). The fair value of Private Equity Holding AG is computed as of the end of each month and published four business days after cut-off date. The different reporting cut-off dates of the individual companies and funds in which participations are held can lead to short-term distortions and cause discrepanies between the published fair value and the actual total value of Private Equity Holding AG's net assets.
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