Princess' NAV up by 2.5% in December

News Release

Guernsey, 26 January 2016

Princess' NAV up by 2.5% in December, bringing full year performance for 2015 to +17.5%

· Princess Private Equity Holding Limited's ("Princess") net asset value ("NAV") up by 2.5% to EUR 9.51 per share

· Overall portfolio developments (+3.6%) were positive for the month while currency movements were negative (-0.7%)

· Princess invested EUR 16.6 million and received distributions of EUR 14.4 million

In December, Princess' NAV benefited from the positive revaluation of a number of its direct investments. Amongst the largest value drivers were the investments in MultiPlan, VAT Vakuumventile and Action. VAT reported an improvement in its EBITDA margin driven by a change in product mix and the optimization of cost of goods sold through a global sourcing program. Additionally, Action, a discount retailer based in the Netherlands, was written up over the last quarter of 2015.

During the reporting period, Princess deployed EUR 16.6 million, including a EUR 8.0 million investment in Vermaat, the Dutch market leader in high-end catering and hospitality services, previously announced in the November monthly report. Furthermore, Princess invested EUR 3.1 million in Seabras-1, a project to construct the first direct subsea fiber optic cable between New York, USA and São Paulo, Brazil. This investment represents an opportunity to invest in the growing telecommunications sector as demand for broadband connection between the US and Brazil is expected to increase substantially. The Seabras-1 cable network is expected to commence operations in the first half of 2017 and has already sold substantial capacity. Partners Group is providing all of the equity financing for the project, which is being developed by Seaborn Networks, a US-based telecommunication infrastructure developer, at a total project cost of USD 500 million. Princess also deployed EUR 1.8 million to a private debt investment in Ascensus, a US-based provider of back-office services to the retirement and college savings sector.

Princess received distributions of EUR 14.4 million during December, including EUR 9.3 million from its mature, legacy funds portfolio. In addition, Princess received a EUR 3.0 million dividend payment from its investment in Global Blue, the world-leading VAT refund provider for international travelers. The dividend was funded through the refinancing of the company's credit facilities and returned over 0.5x cost. Princess also received EUR 1.5 million from the realization of its investment in Project Artemis, a Swedish healthcare provider. Princess provided the company with mezzanine finance in August 2013. Since then, Project Artemis' revenues and EBITDA have grown by more than 10%, due to higher occupancy rates and stable organic growth. The investment generated a multiple of 1.3x and a IRR of 13.2%.

Princess will hold an investor conference call on 4 February 2016, at 15:00 GMT to update interested parties on the recent developments of the Princess portfolio. The information announced will refer to unaudited figures as of 31 December 2015.

The results presentation will be available shortly before the call at http://www.princess-privateequity.net/en/investor_relations/web_cast_live-events.php?ml.

Further information is available in the monthly report which can be accessed via:

http://www.princess-privateequity.net/financialreports.

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 over EUR 46 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 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

Investor relations contact

George Crowe

Phone: +44 (0)20 7575 2771

E-mail: george.crowe@partnersgroup.com

Media relations contact

Partners Group

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. 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.