Net Asset Value as of December 31, 2008

Thursday, 08. January 2009 18:00
Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this
announcement.
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The Net Asset Value (intrinsic value) of one registered share of
Private Equity Holding AG stood at EUR 50.55 (CHF 75.28) as of
December 31, 2008. It decreased by EUR 3.96 compared to November
2008. Several factors contributed to this decline. The most important
one is the weakening of the US Dollar against the Euro in December
2008, which resulted in a lower EUR-value of the company's
USD-denominated positions. The disproportional reduction of the Net
Asset Value in Swiss Francs is the result of the strengthening of the
Swiss Franc against the Euro in December. However, at the time of the
publication of this news release, the exchange rates USD/EUR and
CHF/EUR have moved again in the other direction.
The development of the Net Asset Value, Share Price and Discount
(share price versus Net Asset Value) of one registered share of
Private Equity Holding AG in the reporting year is shown below:


+-------------------------------------------------------------------+
| Date | NAV | NAV | Share | Share | Discount | Exchange |
| | (CHF) | (EUR) | Price | Price | (basis | Rate |
| | | | (CHF) | (EUR) | CHF) | |
|----------+-------+-------+----------+-------+----------+----------|
| 31.12.08 | 75.28 | 50.55 | 31.50 | 21.15 | 58% | 1.4892 |
|----------+-------+-------+----------+-------+----------+----------|
| 30.11.08 | 84.42 | 54.51 | 39.00 | 25.18 | 54% | 1.5487 |
|----------+-------+-------+----------+-------+----------+----------|
| 31.03.08 | 83.46 | 53.08 | 51.00 | 32.44 | 39% | 1.5723 |
+-------------------------------------------------------------------+



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 Net Asset Value calculation and disclaimer
The number of outstanding shares used for calculation of the Net
Asset Value per share amounted to 3,851,818 as of December 31, 2008
(November 30, 2008: 3,856,458). 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 Net Asset 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
Net Asset Values. The Net Asset Value of listed direct investments is
the market value. Based on a composite assessment of all appropriate
and applicable indicators of the Net Asset Value, Private Equity
Holding AG makes a good faith estimate of the Net Asset Value as of
the valuation date. The Net Asset Values are calculated under a going
concern assumption. The Net Asset 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 Net Asset Value and the actual total value of Private
Equity Holding AG's net assets.



--- End of Message ---

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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