Princess announces November NAV

News Release

Guernsey, 24 December 2012

Princess announces November NAV

The net asset value (NAV) of Princess Private Equity Holding Limited (Princess, or the Company) decreased by 1.7% in November, to end the month at EUR 8.64 per share. In November, Princess' NAV was negatively impacted by the decision to sell a portfolio of tail-end fund positions on the secondary market at an aggregate discount in line with market pricing.

An agreement to sell 19 predominantly venture funds with only limited upside potential was signed with a single buyer, with net proceeds from the sale likely to be in the region of EUR 11 million. The secondary sale is expected to close in the first quarter of 2013.

Elsewhere in the portfolio, positive cash flows continued to improve the net liquidity position of Princess, as distribution proceeds from successful exits (EUR 5.5 million) within the portfolio outpaced new capital calls (EUR 3.8 million) in November. For instance, one of Princess' fund investments made a distribution to the Company following the sale of its shareholding in General Nutrition Corporation (GNC) Inc., a specialty retailer of health products on the open market.

In terms of new investments, Princess committed an additional EUR 50 million to the Partners Group Direct Investments 2012 (EUR) program after the reporting period, as a means of increasing its direct investment allocation over time. Princess has now committed an aggregate of EUR 150 million to the direct private equity investment program. The investment will ensure a continued broad portfolio diversification of direct investments.

Princess delisted from the Frankfurt Stock Exchange on 5 December 2012. The listing of the Company's ordinary shares on the London Stock Exchange will be maintained and remains unchanged.

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 27 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' shares are traded on the London Stock Exchange (Ticker symbol: PEY) and was delisted from the Frankfurt Stock Exchange on 5 December 2012. 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: +44 207 575 27 71

E-mail: [email protected]

Media relations contact

Partners Group AG

Dr Anna Hollmann

Phone: +41 41 784 63 72

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 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.