Princess NAV up by 3.9% in September

News Release

Guernsey, 23 October 2015

Princess NAV up by 3.9% in September

è Princess Private Equity Holding Limited's ("Princess") net asset value ("NAV") up by 3.9% to EUR 9.43 per share

è Overall portfolio developments (+4.5%) were positive for the month while currency movements were slightly down (-0.03%)

è Direct portfolio companies drive performance

In September, Princess' NAV benefited from the quarterly revaluation of its direct investment portfolio. The largest valuation drivers were the direct investments in VAT Vakuumventile AG, MultiPlan and Action.

VAT Vakuumventile AG, the global market leader for high-end vacuum valves, a critical component in highly complex manufacturing processes, benefited from strong growth with revenues and EBITDA above expectations. VAT was reorganized in mid-March to support new growth and operational excellence initiatives. Another material contributor to the Company's performance was the valuation uplift of Action, a Dutch discount retailer. Since Princess invested in the company in 2011, the number of stores has grown from 269 to over 500, increasing the company's international footprint. Based on a product range with typically limited cyclicality and strong cash flow generation the company was able to increase its EBITDA to more than EUR 165 million in 2014 from EUR 99 million at the end of 2012.

Princess invested a total of EUR 2.6 million in September, of which EUR 2.2 million was allocated to a follow-on investment in a Swiss-based pharmaceutical developer. The cash will be used to fund the acquisition of a pharmaceutical company focused on generic drug manufacture. The add-on acquisition manufactured its first product in 2003 and is a well-established branded generics business, with a product portfolio consisting of approximately 30 prescription and over-the-counter drugs, mainly for cardiovascular and central nervous system treatments.

Distributions during the month came predominately from Princess' legacy third party fund portfolio (EUR 6.5 million). Princess also received deferred receivables of EUR 33.1 million increasing net liquidity to EUR 28.2 million (4.3% of NAV). The deferred receivables relate to the sale of 17 partnership interests which took place in September 2012 under a deferred payment structure. The remaining EUR 27.8 million (4.3% of NAV) of receivables were received shortly after the reporting period in early October 2015.

Princess will hold an investor conference call on 29 October 2015, at 15:00 BST to update interested parties on the recent developments of the Princess portfolio. The information announced will refer to unaudited figures as of 30 September 2015.

The results presentation will be available shortly before the call at http://www.princess-privateequity.net/en/investor_relations/web_cast_live-events.php?ml

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 42 billion (over USD 46 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 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

Investor relations contact

George Crowe

Phone: +44 (0)20 7575 2771

E-mail: [email protected]

Media relations contact

Partners Group

Jenny Blinch

Phone: +41 41 784 65 26

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. 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.