Fair value as of July 31, 2008

Thursday, 07. August 2008 18:00
Corporate news announcement processed and transmitted by Hugin ASA.
The issuer is solely responsible for the content of this

The fair value (intrinsic value) of one registered share of Private
Equity Holding AG stood at EUR 53.57 (CHF 87.48) as of July 31, 2008.
The fair value increased by EUR 0.12 compared to June 2008.
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 | Fair | Share | Share | Discount | Exchange |
| | Value | Value | Price | Price | (basis | Rate |
| | (CHF) | (EUR) | (CHF) | (EUR) | CHF) | |
| 31.07.08 | 87.48 | 53.57 | 49.65 | 30.41 | 43% | 1.63292 |
| 30.06.08 | 85.96 | 53.45 | 51.45 | 31.99 | 40% | 1.60823 |
| 31.03.08 | 83.46 | 53.08 | 51.00 | 32.44 | 39% | 1.57233 |

Private Equity Holding AG (SWX: PEHN), managed by ALPHA Associates,
offers investors the opportunity to invest, within a simple legal and
tax optimized structure, in a broadly diversified and professionally
managed private equity portfolio.
For further information, please contact:
Claudine Birbaum, Investor Relations, claudine.birbaum@peh.ch, phone
+41 41 726 79 80
or http://www.peh.ch

Basis of the fair value calculation and disclaimer
The number of outstanding shares used for calculation of fair value
per share amounted to 3,889,440 as of July 31, 2008 (June 30, 2008:
3,896,345). The calculations are prepared in accordance with
International Financial Reporting Standards (IFRS) and pursuant to
the guidelines of the European Venture Capital Association (EVCA).
The fair values of the fund investments are based on the most recent
report of the latest NAV (net asset values) as reported by the funds.
Unlisted direct investments are rated at fair values. The fair value
of listed direct investments is the market value. Based on a
composite assessment of all appropriate and applicable indicators of
fair value, Private Equity Holding AG makes a good faith estimate of
the fair value as of the valuation date. The fair values are
calculated under a going concern assumption. The fair value of
Private Equity Holding AG is computed as of the end of each month and
published four trading days after the cut-off date. The different
reporting cut-off dates of the individual companies and funds in
which participations are held can lead to short-term distortions and
cause discrepancies between the published fair value and the actual
total value of Private Equity Holding AG's net assets.

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Private Equity Holding AG
Innere Güterstrasse 4 Zug

WKN: 906781;
ISIN: CH0006089921; Index: IGSP;
Listed: Investment Companies in SWX Swiss Exchange;

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