Princess NAV increases by 4.6% in November

News Release

Guernsey, 22 December 2010

Princess NAV increases by 4.6% in November

The net asset value (NAV) of Princess showed a strong positive performance in November, closing the month at EUR 8.68 per share. This is an increase of 4.58% compared to the October NAV and leads to a NAV development of +18.34% since the end of 2009. The companies in the Princess portfolio continued to show improvements in operating performance during the month and contributed +1.33% to the NAV. Due to the rebound of the US dollar against the euro, foreign exchange movements also had a positive effect on the NAV of +3.44%. During the past month, Princess partially reset the USD put option hedging contract with a new strike of USD 1.36 and maturity in November 2011, generating net cash proceeds of EUR 12 million.

Princess has also made further progress with regards to the announced repositioning and recently signed purchase and sale agreements (the Agreements) for four buyout funds. This first tranche of the secondary sales program will generate cash proceeds of approximately EUR 27 million and release Princess of EUR 12 million in unfunded commitments. Settlement of the transactions is expected within the coming weeks. The second tranche of the secondary sales program, with expected cash proceeds of EUR 20-25 million, is currently expected to close in the next four to six weeks. The Company intends to release further details on the secondary sales program in its monthly report as of 31 December 2010.

Urs Wietlisbach, member of Princess' Board of Directors and Executive Vice Chairman of Partners Group, the Investment Advisor, comments: "After the launch of the share buyback program last week, the signing of the Agreements for the first tranche of the secondary sales program further demonstrates the strong progress in terms of the strategic repositioning of Princess. The secondary sales program should help implement the announced share buyback program and also provide investment capacity for new attractive direct investments in the future, thus enabling the Company to continue to build on its strong NAV development of the current year."

Further information is available in the monthly report which can be accessed via http://www.princess-privateequity.net/en/investor_relations/reports.php?ml.

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.