Net Asset Value as of September 30, 2011
The Net Asset Value (intrinsic value) of one registered share of Private Equity Holding AG stood at EUR 54.41 (CHF 66.35) as of September 30, 2011. This represents an increase of 0.6% in EUR (3.6% in CHF) since August 31, 2011. Taking into account the distribution of paid in-reserves of CHF 2 per share, the increase amounts to 3.9% in EUR.
The enclosed monthly newsletter shows the development of the NAV and of the Share Price as well as certain balance sheet data and portfolio key figures.
Private Equity Holding AG (SIX: 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.
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 3,617,095 as of September 30, 2011 (August 31, 2011: 3,619,134). 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.