NAV up by 0.7% in November

News Release

Guernsey, 23 December 2015

Princess' NAV up by 0.7% in November, bringing year-to-date performance to +14.6%

· Princess Private Equity Holding Limited's ("Princess") net asset value ("NAV") up by 0.7% to EUR 9.27 per share, adjusted for the interim dividend of EUR 0.27 per share

· Overall portfolio developments (+0.3%) and currency movements (+0.8%) were positive for the month

· Princess received distributions amounting to EUR 5.2 million while capital deployed to existing investments amounted to EUR 0.5 million

During November, the Princess portfolio generated distributions of EUR 5.2 million of which EUR 2.3 million came from direct investments. One of the largest distributions (EUR 0.8 million) came from AWAS Aviation Holdings, an Ireland-based aircraft leasing and trading company. It completed the second tranche of its USD 4 billion aircraft sale to the Macquarie Group. The first tranche of the transaction, comprising a portfolio of 90 young and predominantly narrow-body planes, was agreed in March 2015 and is expected to be finalized in the first half of 2016. This sale is part of a series of ongoing efforts to optimize AWAS' asset concentrations through purchases of new aircraft, asset-backed securitizations as well as disposals, with the goal of maximizing the value of the company ahead of a full exit.

After the reporting period Partners Group announced that it has agreed to acquire Vermaat Groep B.V. ("Vermaat"), the Dutch market leader in high-end catering and hospitality services. Princess will contribute a total of approximately EUR 8.0 million to the transaction. Founded in 1978 as a single delicatessen store in Utrecht, Vermaat today provides outsourced catering services to eight end markets including corporates, museums and hospitals. It employs over 2'300 people and is expected to generate sales of more than EUR 130 million in 2015. Together with Vermaat's management team, Partners Group aims to develop the growth plans of the company, drawing on its long track record of investment in the food sector globally. The company was bought from its founding family and the transaction was closed in December.

The second interim dividend of EUR 0.27 per share was paid on 18 December 2015. The relevant date for the entitlement to the dividend (record date) was 27 November 2015 and the corresponding ex-dividend date was 26 November 2015.

Further information is available in the monthly report which can be accessed via:

http://www.princess-privateequity.net/financialreports.

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 AG, a global private markets investment management firm with over EUR 42 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

Investor relations contact

George Crowe

Phone: +44 (0)20 7575 2771

E-mail: [email protected]

Media relations contact

Partners Group

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. 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 are 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.