Fair value test


The fair value (intrinsic value) of one registered share of Private Equity Holding AG stood at EUR ------ (CHF -------) as of November 30, 2003.
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:
 
Date
Fair Value
(CHF)
Fair Value
(EUR)
Share Price
(CHF)
Share Price
(EUR)
Discount
Exchange
Rate
31.8.03
55.92
36.39
22.00
14.32
61%
1.53684
30.9.03
55.20
35.91
23.05
15.00
58%
1.53704
31.10.03
55.12
35.57
23.90
15.42
57%
1.54967
 
 
Freundliche Grüsse
 
Morten Hanssen
 
Product Specialist
Hugin (Schweiz) AG
Rämistrasse 7, 8001 Zürich, Switzerland
E-mail: morten@hugin.no
Phone: +41 1 260 20 80
Direct: +47 22 80 79 26
Fax: +41 1 260 20 08
 
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