Princess announces January NAV

News Release

Guernsey, 22 February 2013

Princess announces the January NAV

The net asset value (NAV) of Princess Private Equity Holding Limited (Princess, or the Company) fell by 0.6% in January to EUR 8.34 per share. Valuation developments had a positive impact on Princess' NAV (+0.2%) during the month, as underlying company holdings continued to produce robust earnings and successful exits. However, adverse currency effects detracted from Princess' NAV (-0.8%), as the euro appreciated 2.9% versus the US dollar on the European Central Bank's (ECB) decision to leave its benchmark interest rate unchanged and on positive growth utterances by the ECB president Mario Draghi.

Princess' net liquidity position nonetheless remains strong, and in January the portfolio continued to generate positive net cash flows, as distributions from exited portfolio companies (+EUR 3.6 million) outpaced new investments (-EUR 0.8 million). During the month, the Company also received an extra EUR 15.5 million in cash proceeds from the two previously announced secondary sales in 2012.

A notable source of distributions during the month was the sale of Advantage Healthcare. In January, Princess' investment partner, Rutland Partners, distributed proceeds stemming from the sale of Advantage Healthcare, a leading UK-based healthcare services provider, for GBP 26.5 million. Advantage Healthcare operates a national network of 27 branches, providing a broad range of home healthcare services. The exit returned a multiple of 2.6x cost.

With the ongoing re-rating of Princess in January, the Company's share price rose 4.5% to EUR 7.14, its highest monthly close since May 2008. As a result, Princess' share price to NAV discount also narrowed to a record low of 14.4%.

From 1 January 2013, a standard management fee of 1.5% per annum across the Company's entire portfolio came into effect. The new fee structure, which should result in reduced operating expenses over time, was introduced to align the Company's fee structure with its new focus on direct investments. The previous management fee structure was put in place at the time of Princess' first listing on the Frankfurt Stock Exchange in December 2006, and assumed an integrated investment strategy with different fee levels for primary, secondary and direct investments.

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 28 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

Media enquiries:

Partners Group AG

Dr. Anna Hollmann

Communications

Tel.: +41 41 768 83 72

[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 Holding Limited. 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.