NEWS RELEASE

Zug, January 10, 2020

Net Asset Value as of December 31, 2019

As of December 31, 2019, the Net Asset Value (NAV) per share of Private Equity Holding AG stood at EUR 86.38 (CHF 93.90), representing a decrease of 1.1% in EUR (2.4% in CHF) since November 30, 2019.

The negative NAV performance in December was largely caused by adverse movements in the USD/EUR exchange rate.

PEH's portfolio was cash flow positive, with the biggest distribution received from ABRY Capital Partners Fund VIII, following the sale of The Hilb Group, based in Richmond, Virginia, a leading property and casualty insurance and employee benefits broker serving predominantly small to medium-sized businesses across the East Coast of the U.S.

Another noteworthy distribution came from Warburg Pincus Fund X and IVP Fund XIII, distributing shares of CrowdStrike, a leading, next-generation, cloud-delivered endpoint security platform based in California that provides a full suite of offerings around endpoint security.

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 2,604,859 as of December 31, 2019 (November 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.