As of March 31, 2003, the unaudited fair value (intrinsic value) of one registered share of Private Equity Holding AG stood at CHF 131.70. The reduction in fair value was primarily related to lower valuations of the underlying companies, especially in the venture segment, whereas the impact from foreign exchange rate fluctuations was minimal. After a sizeable number of new reports were received during last month, the cut-off date for the majority of fund reports considered for this fair value calculation is December 31, 2002.
The development of the fair value, share price and discount (share price versus fair value) of one registered share of Private Equity Holding AG in the reporting year is shown below:
31.12.02: fair value CHF 154.60, share price CHF 41.00, discount 73%
28.2.03: fair value CHF 148.12, share price CHF 14.50, discount 90%
31.3.03: fair value CHF 131.70, share price CHF 12.50, discount 91%
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 March 31, 2002, the company held fund investments in 86 funds and direct investments in 23 companies. For further information: www.peh.ch or Eva Kalias, Investor Relations and Communications (phone +41 41 726 79 80).