VAT Group AG's listing on the SIX Swiss Exchange

News Release

Guernsey, 18 April 2016

Partners Group and Capvis list portfolio company VAT Group AG on the SIX Swiss Exchange

Partners Group, the global private markets investment manager, and Capvis, the leading Swiss mid-market private equity firm, announced the successful initial public offering ("IPO") of VAT Group AG ("VAT"), the global market leader in the production of high-end vacuum valves and related products and services, on the SIX Swiss Exchange on 14 April 2016 (ticker symbol: VACN). VAT's IPO priced at CHF 45 per share, valuing the company at a total market capitalization of CHF 1'350 million. Following the listing and the successful exercise of the over-allotment option, funds managed and/or advised by Partners Group and Capvis hold approximately 45.8% of VAT's share capital.

Founded in 1965 and headquartered in Haag, Switzerland, VAT is the leading global developer, manufacturer and supplier of high-end vacuum valves, multi-valve modules, edge-welded bellows, and related services for advanced vacuum-based manufacturing processes. With operations across Europe, Asia and the US, the company focuses on end markets such as the semiconductor, flat panel display and photovoltaic industries, offering its clients over 1'000 valves that cover all relevant ranges of vacuum pressure. VAT employs around 1'200 people worldwide and reported net sales of CHF 411 million in 2015.

Based on the last reported NAV as of 29 February 2016, the carrying value of Princess' exposure to VAT Group stood at EUR 46.4 million. Based on the offering price of CHF 45.00 per share and the closing bid price of CHF 51.50 per share after VAT's first trading day on the SIX Swiss Exchange, Princess will receive gross proceeds of EUR 29.2 million and retain an on-going exposure of EUR 37.4 million as of 14 April 2016, in aggregate representing an uplift of EUR 20.3 million (44%) over the carrying value as of 29 February 2016.

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 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.