The change in fair value was primarily related to positive currency effects which were partly counterbalanced by lower valuations of the underlying companies.
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%
31.3.03: fair value CHF 131.70, share price CHF 12.50, discount 91%
30.4.03: fair value CHF 131.89, share price CHF 16.20, discount 88%
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, 2003, 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).
Private Equity Holding AG
Innere Güterstrasse 4
CH-6300 Zug
Innere Güterstrasse 4
CH-6300 Zug
Telefon +41 41 726 79 80
Telefax +41 41 726 79 81
Telefax +41 41 726 79 81