Partners Grp E Regulatory News (PEY)

News Release

Guernsey, 19 November 2020

Declaration of second interim dividend and future dividend guidance

Princess Private Equity Holding Limited ("Princess" or "the Company") today declares a second interim dividend for FY 2020 and provides guidance on the Company's future dividend objective.

On 1 May 2020, the Company published revised guidance that it intended to pay a reduced total dividend of not less than EUR 0.29 per share for FY 2020 (FY 2019: EUR 0.58 per share). This decision reflected a lack of visibility at that time over the impact of COVID-19 on the Company's portfolio companies, in light of which it was determined that the preservation of liquidity was the most prudent course of action to enable the Company to support its portfolio companies if required, and to protect long-term value for shareholders. In line with this revised guidance, the Company paid a first interim dividend of EUR 0.145 per share in August, with potential to increase the second interim dividend should conditions improve.

During the intervening period, the Investment Manager has worked closely with portfolio company management teams on measures to mitigate the impact of COVID-19, both from an operational and financial perspective. The majority of portfolio companies have proved to be resilient and are expected to continue to grow earnings, even in the event of renewed government restrictions. Consequently, the Investment Manager's assessment of the potential capital requirement to support the Company's portfolio companies is no longer considered material.

Reflecting the positive outlook for the portfolio, the Board has determined to increase the second interim dividend, and to return to a normal level of dividend payments from FY 2021 onwards.

Second interim dividend declared for FY 2020

The Board of Directors today declares a second interim dividend of EUR 0.29 per share for FY 2020. The second interim dividend will be paid on 7 January 2021. The relevant date for the entitlement to the dividend (record date) will be 27 November 2020 and the corresponding ex-dividend date will be 26 November 2020. The last dates for the currency election and the dividend re-investment plan will be 27 November 2020 and 11 December 2020 respectively.

Shareholders wishing to make a currency election should complete the form available in the Dividend Information section on the Company's website:

https://www.princess-privateequity.net/en/investor-relations/dividend-information/

Shareholders wishing to elect for the dividend re-investment plan can visit www.signalshares.com and make an online election. Alternatively, shareholders can contact Link Asset Services on +44 (0)371 664 0321 to receive a personalized dividend reinvestment plan election form.

In aggregate with the first interim dividend of EUR 0.145 per share, the total dividend for FY 2020 will be EUR 0.435 per share, equivalent to 3.5% of opening net asset value. This represents a yield of 3.9% on the closing share price of EUR 11.20 on 18 November 2020.

Future dividend guidance

Prior to FY 2020, the Company had a long-term dividend objective to distribute 5-8% of NAV p.a. via semi-annual payments. In practice, payments had been at the lower-end of the range in recent years, and it was felt that greater clarity could be provided for shareholders by removing the upper-end of the range, while continuing to pay an attractive dividend.

From FY 2021, the Company intends to distribute 5% of opening net asset value, via semi-annual payments.

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:

princess@partnersgroup.com

www.princess-privateequity.net

Registered Number: 35241

LEI: 54930038LU8RDPFFVJ57

Investor relations contact

George Crowe

Phone: +44 (0)20 7575 2771

E-mail: george.crowe@partnersgroup.com

Media relations contact

Jenny Blinch

Phone: +41 41 784 65 26

E-mail: jenny.blinch@partnersgroup.com

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 Holdings. 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.