Princess publishes Half-Year Report 2020

News Release

Guernsey, 17 August 2020

Princess publishes Half-Year Report 2020

Princess Private Equity Holding Limited ("Princess" or "the Company") today published its Half-Year Report for 2020. The key items were:

· In the first half of 2020, Princess reported a NAV total return of -4.6% closing the period at EUR 11.99 per share. NAV performance was mainly attributable to movements in the valuation multiples of comparable companies used to value Princess' portfolio companies.

· NAV total return for the first quarter was -14.8%, reflecting the correction observed in public markets during March. NAV performance then partially recovered in the second quarter (+11.9%) as public markets rallied.

· Share price total return over the same period was -12.8%, with share price lagging the recovery in NAV.

· The Company provided revised guidance that it intended to pay a reduced dividend of not less than EUR 0.29 per share in 2020 (2019: EUR 0.58 per share) in order to preserve sufficient liquidity to ensure its ability to support portfolio companies that may be negatively affected by the crisis.

· On 23 June the Board of Directors declared a first interim dividend of EUR 0.145 per share, which was paid to shareholders on 7 August. The Company intends to pay a second interim dividend in December.

· Princess invested a total of EUR 48.8 million during the first half of 2020. Three new investments (EyeCare Partners, eResearch Technology and Allied Universal) were completed in the first quarter of 2020 before the onset of the COVID-19 crisis lead to processes being put on hold.

· Princess received distributions amounting to EUR 128.4 million during the first half of 2020. EUR 111.1 million stemmed from direct investments, including a dividend payment and subsequent full exit of Action as well as the ongoing sale of shares in Ceridian.

· Princess' net liquidity stood at EUR 34.3 million as of 30 June. A further EUR 80 million was available to draw under the Company's committed credit facility, which was fully repaid during the first half of the year following receipt of proceeds from the sale of the Company's stake in Action.

Richard Battey, Chairman comments: "In the first six months of 2020 we have experienced the outbreak of a global pandemic. The impact of COVID-19 remains unprecedented and Princess' portfolio as well as public markets have seen a sharp decline in valuations followed by a partial recovery. In order to preserve sufficient liquidity to ensure Princess is able to support portfolio companies that may be negatively affected by the crisis, the Company provided revised guidance that it intended to pay a reduced dividend of not less than EUR 0.29 per share in 2020. With Princess' robust balance sheet and the exposure to a global portfolio of leading private companies operating in sub-sectors benefitting from long-term, structural growth drivers, the Board believes that the portfolio remains well-positioned to generate further value for shareholders. My fellow Directors and I thank you for the continued trust you have shown in Princess even during these unprecedented times. We believe that Princess continues to represent an attractive investment opportunity, providing shareholders with exposure to a global portfolio of leading private companies."

A detailed analysis and commentary on the developments of Princess over the first half of 2020 is presented in the Half-Year Report published today, which can be accessed via:http://www.princess-privateequity.net/en/investor_relations/reports.php 

A copy of the above document has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

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 managed in its investment activities by Partners Group, a global private markets investment management firm with USD 96 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 Main Market of the London Stock Exchange (ticker: PEY for the Euro Quote; PEYS for the Sterling Quote).

Contacts

Princess Private Equity Holding Limited:

[email protected]

www.princess-privateequity.net

Registered Number: 35241

LEI: 54930038LU8RDPFFVJ57

Investor relations contact

George Crowe

Phone: +44 (0)20 7575 2771

Email: [email protected]

Media relations contact

Jenny Blinch

Phone: +44 207 575 2571

Email: [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 are 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.