Block sale of shares of VAT Group AG

News release

Guernsey, 28 September 2017

Princess Private Equity participates in block sale of shares in VAT Group AG by Partners Group

VAT Group AG (VAT) announced this morning that funds managed and/or advised by Partners Group, which thus far held approximately 23.07% of the VAT share capital, yesterday after close of trading on SIX Swiss Exchange sold 3'000'000 VAT shares (representing 10% of the VAT share capital) to Mr. Rudolf Maag. Accordingly, upon settlement Partners Group will continue to hold approximately 13.07% of the VAT share capital.

The original media release can be found on the VAT website:

http://www.vatvalve.com/docs/default-source/investor-relations/vat-media-release---on-block-sale-of-vat-shares-by-partners-group.pdf

Prior to yesterday's transaction, VAT represented 9.0% of Princess Private Equity's (Princess) net asset value as of 31 August 2017. Princess participated in the block sale of shares on a pro-rata basis to other funds managed and/or advised by Partners Group.

Ends.

About Princess

Princess is an investment holding company founded in 1999 and domiciled in Guernsey. It invests, inter alia, in private equity and private debt investments. Princess is advised in its investment activities by Partners Group, a global private markets investment management firm with over EUR 57 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure. Princess aims to provide shareholders with long-term capital growth and an attractive dividend yield. Princess is traded on the London Stock Exchange (ticker symbol: PEY). Further information: www.princess-privateequity.net.

Contacts

Princess Private Equity Holding Limited:

[email protected]

www.princess-privateequity.net

Registered Number: 35241

LEI: 54930038LU8RDPFFVJ57

Investor relations contact

George Crowe

Phone: +44 20 7575 2771

E-mail: [email protected]

Media relations contact

Jenny Blinch

Phone: +41 41 784 65 26

E-mail: [email protected]

www.partnersgroup.com

This document does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities and neither is it intended to be an investment advertisement or sales instrument of Princess Private Equity Holdings. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes must inform themselves about, and observe any such restrictions on the distribution of this document. In particular, this document and the information contained therein is not for distribution or publication, neither directly nor indirectly, in or into the United States of America, Canada, Australia or Japan.

This document may have been prepared using financial information contained in the books and records of the product described herein as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This document may describe past performance, which may not be indicative of future results. No liability is accepted for any actions taken on the basis of the information provided in this document. Neither the contents of Princess' website nor the contents of any website accessible from hyperlinks on Princess' website (or any other website) is incorporated into, or forms part of, this announcement.