Write-down of the largest fund investment U.S. Ventures L.P. Notification pursuant to Art. 72 (SWX listing rules, ad hoc publicity)

Due to revaluations of the underlying assets, Private Equity Holding AG made an extraordinary write-down on the venture fund participation U.S. Ventures L.P. of CHF 118 million to be recorded on the income statement for the financial year ending March 31, 2002.

The fund investment in U.S. Ventures L.P., the largest participation of the Private Equity Holding Group, was made in March 2000. The fund has fully drawn the capital commitments and made investments in the areas software, telecommunications and e-commerce.

Since an unrealized loss for the participation in U.S. Ventures L.P. was already booked against shareholders' equity as of September 30, 2001, the reduction of fair value from this write-down will be limited to approx. CHF 18 per share.

Although it seems that the greater part of revaluations has already taken place, we continue to believe that besides this extraordinary write-down additional adjustments on the remainder of the portfolio will be necessary. Thereby, the fair value will continue to retreat somewhat in the short-term. Private Equity Holding AG expects to close the financial year 2001/2002 with a net loss in the order of CHF 250 million.

Publication dates:
April 5, 2002 (after trading ends)
Fair Value as of March 31, 2002

April 25, 2002 (before trading starts)
Annual results 2001/2002

Private Equity Holding AG (SWX: PEHN), managed by Swiss Life Private Equity Partners, 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).

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