Princess' NAV increased by 0.6% in November

News Release

Guernsey, 22 December 2011

Princess' NAV increased by 0.6% in November

The net asset value (NAV) of Princess Private Equity Holding Limited (Princess) increased by 0.6% in November to close the month at EUR 8.84 per share. This NAV is adjusted for the second interim dividend payment of EUR 0.23 per share, which was declared in November and will be paid to shareholders on 23 December 2011. Ultimately, Princess' performance over the month helped to lift NAV growth for the year-to-date to +7.0%.

Valuation developments by underlying portfolio company holdings detracted(-0.5%) from performance in November. This was despite a further increase in the share price of General Nutrition Centers (GNC), which is Princess' largest portfolio holding by NAV exposure. Nonetheless, Princess' overall performance was positive for the month, as this negative was offset by strong currency effects (+2.1%) stemming from the euro's depreciation relative to the US dollar.

In line with the stated objective to reposition its portfolio in favor of direct investments, Princess closed a direct mid-cap buyout investment into a European discount retailer during the month. Despite making this new investment, Princess' portfolio remained cash-flow positive, as distributions (EUR 16.4 million) continued to outpace investments (EUR 5.6 million).

In support of new distributions, Princess' investment in one of the world's largest McDonald's franchisee companies was fully exited via a secondary offering on the New York Stock Exchange at the end of October. The exit generated a distribution of EUR 1.5 million for Princess. In addition, Princess received EUR 2.3 million from its additional indirect holdings in GNC and EUR 4.1 million from the previously announced sale of Nycomed to Takeda Pharmaceutical.

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.