Fortress Softbank Merger

JPEL Private Equity Limited

Ground Floor

Cambridge House

Le Truchot, St Peter Port

Guernsey, GY1 1WD

www.jpelonline.com

Shareholder UPDATE

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Fortress Investment Group LLC, an affiliate of FCF JPEL Management LLC, has entered into an agreement to be acquired by SoftBank Group Corp.

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GUERNSEY, 17 FEBRUARY 2017

SoftBank Group Corp. ("SoftBank" or "SBG") and Fortress Investment Group LLC ("Fortress") announced on 14 February 2017 that they have entered into a definitive merger agreement under which SoftBank will acquire Fortress for approximately $3.3 billion in cash.* Fortress is an affiliate of FCF JPEL Management LLC, the investment manager for JPEL Private Equity Limited ("JPEL" or the "Company").

There has been no change in JPEL's underlying investment process, strategy, investment team or investment committee members as a result of the planned merger. The Company understands that Fortress will operate within SoftBank as an independent business headquartered in New York, and SoftBank is committed to maintaining the leadership, business model, brand, personnel, processes and culture that have supported Fortress's success to date.

Further information on the transaction can be found at:

https://www.fortress.com/pdfs/PressRelease02-14-2017

* The transaction is subject to approval by Fortress shareholders, certain regulatory approvals and other customary closing conditions.

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About JPEL Private Equity Limited

JPEL Private Equity Limited is a Guernsey registered and incorporated, London Stock Exchange-listed, closed-ended investment company (LSE: JPEL) designed primarily to invest in the global private equity market. The investment objective of the Company is to achieve both short and long-term capital appreciation by investing in a well-diversified portfolio of private equity fund interests and by capitalising on the inefficiencies of the secondary private equity market.

ENQUIRIES:

FCF JPEL Management LLC

JPELClientService@fortress.com