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