NEWS RELEASE

Zug, December 9, 2019

Net Asset Value as of November 30, 2019

As of November 30, 2019, the Net Asset Value (NAV) per share of Private Equity Holding AG stood at EUR 87.33 (CHF 96.20), representing an increase of 4.3% in EUR (4.4% in CHF) since October 31, 2019.

PEH's very positive NAV performance was supported by several portfolio positions, a strengthening of the USD against the EUR, as well as favourable valuation developments of the listed companies in its portfolio, with Aston Martin being among the biggest contributors.

PEH's portfolio was substantially cash flow positive in November, with the biggest distribution received from Warburg Pincus X following the initial public offering of ESR Cayman, Asia-Pacific's biggest logistics property platform. Further noteworthy distributions were made by Evolution Technology Fund from its sale of Carbon Black, a cybersecurity company developing cloud-native endpoint security software, and Avista Capital Partners III from the sale of SEA-Vista, an operator of petroleum and chemical tankers.

Private Equity Holding will continue its investor relations activities in 2020. Interested parties may subscribe to the newsletter at www.peh.ch or 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 November 30, 2019 (October 31, 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.