Princess NAV increases by 2.3% in May

News Release

Guernsey, 21 June 2011

Princess NAV increases by 2.3% in May

Princess' net asset value (NAV) increased by 2.3% to EUR 8.96 per share in May, maintaining the strong NAV trend over recent months. The bulk of the NAV increase over the month was attributable to valuation developments of portfolio companies, as both exits and the improving operating performance of underlying portfolio companies culminated in a +1.6% increase in Princess' NAV. For instance, the announced exit of the Swiss-based pharmaceutical company Nycomed had a positive impact on Princess' NAV, as this exit was realized at a significant premium to Princess' previous carrying value for the company. The NAV received an added boost from Princess' largest portfolio company, General Nutrition Centers (GNC), as its share price continued to rise following the recent initial public offering (IPO). Also, in contrast to previous months, currency effects had a positive impact, adding 0.9% to May's NAV, as the US dollar rebounded against the euro.

In May Princess' portfolio generated net cash of EUR 10.0 million, as exits of its mature portfolio companies generated distributions of EUR 13.8 million. For instance Kruk, a Polish receivables management company, returned EUR 1.5 million after successfully floating on the Warsaw Stock Exchange last month. This generated an 8x return on the original investment. Capital calls for new investments over the four week investment horizon equated to EUR 3.8 million.

During the month the Board of Directors of Princess announced the resumption of the dividend program and declared an interim dividend of EUR 0.22 to be paid on each Ordinary Share on 15 July 2011. The May-end NAV of EUR 8.96 per share does not account for the declared interim dividend of EUR 0.22 per share. The pro-forma ex-dividend NAV as of 31 May 2011 would thus amount to EUR 8.74 per share. Shares started trading ex-dividend on 8 June 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.