ALPHA Associates New Manager of Private Equity Holding AG

Private Equity Holding is pleased to announce the appointment of ALPHA Associates AG as its new manager, effective as of April 1, 2004.
ALPHA Associates is an independent company newly established by the present management of Swiss Life Private Equity Partners specializing in private equity and led by Peter Derendinger. Eleven of the seventeen employees of Swiss Life Private Equity Partners will join ALPHA Associates thereby guaranteeing management continuity. Currently, Private Equity Holding is working with ALPHA Associates and Swiss Life on completing the transaction. The parties have agreed not to disclose the terms of the agreement.
Over the last year Private Equity Holding has worked successfully with the team to restructure the balance sheet of Private Equity Holding and eliminate all long-term debt. In addition, remaining open commitments as of March 31, 2003 of EUR 38.1 million were reduced to EUR 17 million as of January 31, 2004 through negotiations and structured transactions.
The restructuring of Private Equity Holding is now completed and the company is repositioned for a new strategic future in an attractive market environment. The appointment of ALPHA Associates secures investment management know-how, experience and expertise, and Private Equity Holding can now confront the future with confidence.
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Private Equity Holding AG (SWX: PEHN), managed by Swiss Life Private Equity Partners, 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 additional information: or Tamara Krebs, Investor Relations and Communications
(phone +41 41 726 79 80).
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News Release