Last checked at 
21 Mar 2011 13:13
News Release
Guernsey, 21 March 2011
Princess publishes February NAV
During the month of February, the net asset value (NAV) of Princess slightly decreased by 0.3% to EUR 8.55 per share. The companies in the Princess portfolio continued to develop well as many were able to improve their operating results and increase their earnings, contributing +0.4% to the NAV. Foreign exchange movements, however, had an adverse impact on the NAV due to the further appreciation of the euro against the US dollar in February. During the past month, Princess also adjusted its currency hedging contracts. Due to the reduced nominal amount of US dollar denominated investments following the completion of the secondary sales, Princess reduced the notional amount of its US dollar hedging contracts and sold the USD put option with a notional of USD 31.5 million purchased in June 2010. The sale of this put option generated EUR 1.3 million in cash proceeds for the Company. After this sale, Princess' US dollar denominated investments remain partially hedged through a USD put option with a notional of USD 250.0 million and a strike of USD 1.36 which matures in November 2011.
In February, Princess received EUR 6.3 million in distributions from realized portfolio companies, compared to EUR 5.7 million in drawdowns for new investment opportunities. In addition, as previously announced, Princess also received proceeds of EUR 9.1 million from the completion of the secondary sales program at the beginning of February.
Urs Wietlisbach, member of Princess' Board of Directors and Executive Vice Chairman of Partners Group, the Investment Advisor, comments: "The Princess portfolio again witnessed a strong exit activity during the month of February and further contributed to Princess' strong liquidity position, which will be used to finance new direct investments, the share buyback program and to resume dividend payments in 2011. On the investment side, we are currently in the settlement process of the first new direct investment for Princess in Newcastle Coal Infrastructure Group, an Australian operator of a coal export terminal in the Port of Newcastle. Further to the strong progress made in the repositioning of Princess over the past months, we are confident that the focus on direct investments going forward will create further value for Princess' shareholders."
Further information is available in the monthly report which can be accessed via http://www.princess-privateequity.net/en/investor_relations/reports.php?ml
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:
princess@princess-privateequity.net
www.princess-privateequity.net
Registered Number: 35241
Media enquiries:
Partners Group AG
Dr. Anna Hollmann
Communications
Tel.: +41 41 768 83 72
anna.hollmann@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 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.