NEWS RELEASE

Zug, November 8, 2019

Net Asset Value as of October 31, 2019

As of October 31, 2019, the Net Asset Value (NAV) per share of Private Equity Holding AG stood at EUR 83.74 (CHF 92.18), representing a decrease of 2.2% in EUR (1.0% in CHF) since September 30, 2019.

PEH's portfolio was substantially cash flow positive in October, despite the negative NAV development, which was mainly due to the strengthening of the EUR against the USD, as well as unfavourable share price developments of some of the listed companies in the portfolio.

The biggest distribution came from Bridgepoint Europe IV, which completed a portfolio sale of its last remaining assets, including Cambridge Education Group, a high quality academic English Language program, Thom Europe, a leading jewellery retailer in Europe with over 1000 stores, and Hobbycraft, an arts and crafts superstore retail chain in the UK.

Another noteworthy distribution came from ABRY Heritage Partners, which sold AddSecure, a leading European provider of premium solutions for secure data and critical communications.

Private Equity Holding is intensifying its investor relations activities with two lunch presentations on November 14 and December 2, 2019, in Zurich. Interested parties may register at info@peh.ch.

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Private Equity Holding AG (SIX: PEHN) is a listed investment company for private equity investments. It offers institutional and private investors the opportunity to participate in a simple and tax-efficient manner in a diversified and professionally managed private equity portfolio with selective fund and direct investments.

Income from the portfolio is partially reinvested, as well as passed on to the shareholders as annual distributions. Private Equity Holding's portfolio is managed by Alpha Associates, an independent Private Equity, Private Debt and Infrastructure investment manager based in Zurich.

For further information, please contact: Anna Knaub, Investor Relations, anna.knaub@peh.ch, phone +41 41 726 79 80, http://www.peh.ch

The 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 2,606,154 as of October 31, 2019 (September 30, 2019: 2,606,154). The calculations are prepared in accordance with International Financial Reporting Standards (IFRS) and pursuant to the guidelines of Invest Europe (formerly known as the European Venture Capital Association). The valuations of the fund investments are based on the most recent reported net asset values (NAVs) of the funds. In estimating the fair value of unquoted direct investments, Private Equity Holding AG considers the most appropriate market valuation techniques. The fair value of listed direct investments is the market value. The NAV of Private Equity Holding AG is calculated at the end of each month under a going concern assumption and usually published within six 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 NAV and the actual total value of Private Equity Holding AG's net assets.