Partners Grp Regulatory News (PEYS)

News Release

Guernsey, 27 January 2020

NAV increases by 5.7% in December

·; Princess Private Equity Holding Limited's (Princess) net asset value increased by 5.7% to EUR 12.56 per share

·; Portfolio developments (+6.7%) were positive while currency movements negative (-0.2%)

·; Princess invested EUR 10.8 million during the month and received distributions of EUR 23.5 million

The positive NAV performance in December was driven by a number of portfolio companies including KinderCare Education, Permotio International Learning (Permotio) and PCI Pharma Services. KinderCare Education, the largest US private early education provider, was the main performance contributor. It was positively revalued on the basis of increased revenue and EBITDA. In 2020, the company will accelerate new center openings and continue with its digitalization strategy to drive increased enrollment numbers. Permotio, an investment vehicle formed to create a leading international schools group through a 'buy and build' strategy, was positively revalued on the back of strong financial performance. For the twelve months ended 30 September 2019 adjusted EBITDA grew 92.3% to EUR 81.3 million. This was primarily attributable to add-on investments, which included the Ecuador-based school Ortega and La Colina in Colombia, as well as the strong organic growth of the existing schools within the platform. PCI Pharma Services, a US-based provider of outsourced pharmaceutical services, was written up on the back of healthy financial results. Adjusted EBITDA increased by 11.2% to USD 129.7 million. The company's robust results were driven by growth from its clinical services segment and further supported by recent outperformance from its manufacturing segment. Princess invested EUR 10.8 million during December, of which EUR 9.2 million was invested in Axel Springer SE. Partners Group, alongside KKR & Co and other investors, completed the voluntary public tender offer for Axel Springer SE. Founded in 1946, Axel Springer is a publishing house based in Berlin, Germany. The company operates a portfolio of online classified portals as well as print and digital content properties across more than 40 countries.

Princess received distributions of EUR 18.0 million from the sale of Vermaat, the Dutch market leader in premium catering and hospitality services. The investment generated a gross return of 2.75x invested capital and a gross IRR of 30%. Partners Group acquired a majority stake in Vermaat in 2015 from the Vermaat family. Over the four-year investment period, Partners Group worked closely with Vermaat's management team to grow the number of locations. In addition to organic growth, Vermaat completed ten synergistic add-on acquisitions across its key customer segments in hospital, corporate, leisure and travel.

Post-period end, portfolio company Global Blue announced it will merge with Far Point Acquisition Corporation (Far Point). The combined entity will be listed on the New York Stock Exchange. Princess, alongside other funds managed and/or advised by Partners Group, will participate in the transaction. The transaction values the company at an enterprise value of USD 2.6 billion (EUR 2.3 billion), which represents a modest uplift to the carrying value as of 31 December 2019. Assuming no redemptions by Far Point stockholders, Princess will receive estimated proceeds of USD 8.9 million (EUR 8.0 million) and will retain a stake in the combined entity. The transaction is expected to close during the second quarter of 2020, subject to approval by Far Point stockholders and other customary closing conditions, including regulatory approvals.

Further information is available in the monthly report, which can be accessed via: http://www.princess-privateequity.net/financialreports.

Princess will hold its quarterly investor conference call on 18 February 2020 10:00 AM GMT / 11:00 AM CET and will provide a detailed update on the recent portfolio developments. Please find the dial-in details on the Company's webpage.

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, a global private markets investment management firm with USD 94 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

Email: george.crowe@partnersgroup.com

Media relations contact

Jenny Blinch

Phone: +44 207 575 2571

Email: 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. 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.