Princess announces October NAV

News Release

Guernsey, 22 November 2011

Princess announces October NAV

The net asset value (NAV) of Princess Private Equity Holding Limited (Princess) fell 0.6% in October to close the month at EUR 9.01 per share. However, the strong NAV development experienced by Princess in the recent past means that year-to-date, NAV growth stands at 6.3%.

Efforts to improve operational results continued to support the value of its portfolio companies, which over the month led to a number of positive revaluations. The main contribution to valuations in October came from General Nutrition Centers (GNC), a leading global specialty retailer of health products and Princess' largest portfolio company holding, which published strong earnings results during the month and further increased its sales forecasts for 2011. GNC's share price increased by 23.0% in October, thereby adding 0.7% to NAV. Valuation developments had an overall impact of +1.8% on Princess' NAV. This contribution was nonetheless offset by negative currency effects (-2.1%), as the US dollar depreciated against the euro.

Due in part to its mature portfolio, Princess remained cash flow positive over the month, as distributions (EUR 13.2 million) significantly outpaced investments (EUR 5.4 million). At the end of October, Princess sold approximately 30% of its remaining investment in GNC in a secondary offering at USD 24.75 per share, compared to the IPO issuance price of USD 16.00 per share on 1 April 2011. Altogether, Princess received a EUR 4.2 million distribution from its direct investment in GNC during October, and expects to receive approximately EUR 2.3 million from its additional indirect holdings in GNC during the month of November. In addition, Princess received a EUR 2.4 million distribution from the previously announced sale of Nycomed to Takeda Pharmaceutical in October, with receipt of the remaining exit proceeds of approximately EUR 4.1 million expected in November.

On 9 November, Princess announced a second interim dividend of EUR 0.23 per share for the 2011 calendar year. The total dividend due to shareholders therefore equates to EUR 0.45 per share for the year, including the first interim dividend of EUR 0.22 per share. This translates into a dividend yield of 5.0% on the NAV per share (as of 30 September 2011) and a yield of 7.3% on the share price, based on the October closing price on the Frankfurt Stock Exchange (Xetra). The corresponding ex-dividend date was on 16 November 2011 and the second interim dividend will be reflected in the NAV as of 30 November 2011.

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 20 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 Frankfurt Stock Exchange (ticker symbol: PEY1) and 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.