Castle Private Equity : Monthly report – June 2020

In USD and unaudited, unless otherwise stated

NAV update as at 30 June 2020

Monthly net return

Year to date* net return

NAV per share

NAV per share in CHF

Share price as at 30 June 2020

Price in CHF

Year to date price return in CHF

Premium / discount in CHF

Portfolio information

Net asset value (USD million)

Private equity assets (USD million)

Investment degree

Net liquidity** (USD million)

Net liquidity** monthly change (USD million)

Uncalled commitments (USD million)

Uncalled commitments (% of NAV)

Shares in circulation(million, net of buybacks)

CHF / USD exchange rate

*from audited December NAV. Adjusted for distributions and options

**cash + short-term assets - bank debt and other liabilities

www.castlepe.com

Monthly report - June 2020

	CastlePE's net asset value decreased by 2.6 per cent during June. The
-2.6%	negative monthly investment result was mainly driven by broad valuation
writedowns across the portfolio as first quarter reports continue to reflect the
-4.8%
economic impact of Covid-19. The negative investment performance was

14.24slightly improved by the 0.9 per cent increase in the value of the Euro versus

13.49 the Dollar during the month resulting in an unrealised currency gain of USD 0.6 million.

10.90June's cash flows were favourable: CastlePE received distributions of over -20.7% USD 2.4 million, while overall investment outflows in the month were less

-19.2%than USD 0.1 million. Uncalled capital ended the month at USD 45.7 million or 31.0 per cent of net asset value.

147.5During June, USD 0.3 million was used to purchase 34,000 shares on the

124.1second line buyback program.

84.1%

23.5

1.6

45.7

31.0%

10.359

0.95

NAV by investment stage as at 30 June 2020		NAV performance in USD from April 1997 to June 2020
	balanced		20				10%
distressed	2%	early VC	18				8%
4%		17%
	16
large buyout						6%
4%		late VC	14				4%
		5%
		12
		growth				2%
		10
		3%				0%
			8
			6				-2%
mid buyout			4				-4%
	small buyout
50%		2				-6%
	15%
			0					-8%
				Mar 97 Mar 99 Mar 01 Mar 03 Mar 05 Mar 07 Mar 09 Mar 11 Mar 13 Mar 15 Mar 17 Mar 19
							Monthly returns	Net asset value

Monthly net returns (%), NAV in USD (from April 1997 to June 2020)

		Jan		Feb		Mar		Apr		May		Jun		Jul				Aug		Sep		Oct		Nov		Dec		YTD
2020		-1.04		-0.24		0.18		1.73		-2.87		-2.64																-4.85
2019		-0.31		-0.48		-0.19		-0.26		1.20		1.05		-0.09		0.33		-0.24		-0.50		0.43		0.75		1.35
2018		0.44	1	-1.40		2.17		0.31		0.15		1.32		0.11		0.09		-1.69		-1.02		2.21		-0.14		5.25
2017		0.36	0.36		1.17		0.92		0.78		1.47		0.84		1.36		0.11		0.08		0.82		0.51		9.13
1
2016		-0.05	0.15		1.55		0.17		0.17		-0.32		1.29		0.73		1.09		0.07		0.80		0.85		6.68
1
2015		-0.86	0.44		0.70		1.09		0.55		2.04		0.21		1.84		0.69		0.03		-0.16		0.30		7.07
1
2014		-0.54	1.76		2.64		0.32		1.50		1.17		-1.02		1.15		0.30		0.15		0.86		-1.70		6.71
1
2013		0.70	-1.04		0.02		0.80		2.06		0.27		0.47			1.24		1.81		-0.05		2.41		1.98		11.12
1
2012		-0.36	1.48		0.77		1.97		-0.03		1.30		-1.05			0.61		0.55		0.94		0.86		2.93		10.35
1
2011		-3.27	5.34		1.76		2.54		1.35		1.34		-0.20			1.03		-0.55		-0.42		-2.59		0.94		7.20
1
2010		-3.05	2.09		2.43		0.12		0.87		0.28		1.92			0.42		2.97		2.78		0.90		7.59		20.73
2009		6.25		-9.55		-1.14		-2.60		-0.64		-0.74		4.94			-0.22		0.62		3.10		2.89		1.45		3.48
2008		1.25		0.76		0.86		-0.35		-1.40		0.64		-0.51			-3.72		-3.17		-11.87		-4.87		-12.79		-30.99
2007		1.48		3.57		5.12		0.86		2.54		1.19		1.45			4.13		2.13		2.78		2.82		0.23		32.13
2006		1.90		0.11		3.69		3.39		1.47		1.01		-0.04			1.03		-0.05		0.18		4.52		2.44		21.37
2005		-0.66		2.53		1.85		1.35		-0.32		2.16		1.64			2.66		0.24		-0.68		4.48		0.75		17.07
2004		0.10		1.07		-0.74		0.32		1.39		1.90		0.79			1.15		1.70		-0.21		2.55		2.20		12.86
2003		-0.98		-1.10		-1.81		-0.91		-0.24		-0.61		0.59			0.17		0.57		1.60		3.42		1.54		2.14
2002		-1.06		-1.51		-3.24		-2.51		-2.33		-1.76		0.44			-2.53		-1.28		-1.03		-0.31		-2.68		-18.14
2001		-1.24		-2.64		-1.54		-1.72		-3.01		-2.96		-1.14			-3.52		-0.73		-2.30		-5.40		-0.82		-24.00
2000		9.64		0.52		0.54		13.18		3.03		-0.36		-0.14			8.75		-0.34		6.43		-0.21		0.52		48.74
1999		0.00		0.00		0.00		0.00		0.64		2.66		5.70			0.01		1.30		2.89		0.02		0.06		13.92
1998		0.00		0.00		0.98		0.00		0.00		-0.38		0.00			0.00		2.44		0.00		0.00		4.25		7.43
1997								0.00		0.22		0.00		0.87			0.00		0.58		0.00		0.00		-0.29		1.38

Source: LGT CP / Bloomberg

1With a cut-off date for the December audited financial statements in March, a significant part of December valuations reflected in the January and February reports has been reflected in the audited December NAV of the previous year. Please see disclaimer on the last page of this document.

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NAV, price and premium/discount

Listing to June 2020, in CHF

25					90%
20					60%
15					30%
10					0%
5					-30%
0						-60%
Mar 97 Mar 99 Mar 01 Mar 03 Mar 05 Mar 07 Mar 09 Mar 11	Mar 13 Mar 15 Mar 17 Mar 19
			Premium/Discount CHF	NAV CHF	Price CHF

Key facts

Investment manager

LGT Private Equity Advisers

Investment adviser

LGT Capital Partners

Custodian*

BNP Paribas Fund Administration Services Ireland Limited

Auditor

PricewaterhouseCoopers

Swiss legal counsel

Niederer Kraft & Frey

Fees

1.0% management fee and 10% performance fee (subject to high watermark of USD 932.8 million)

Market quote

Quoted and traded daily in CHF on SIX

Listing date

CHF: 7 September 1998

ISIN/Valor

CH004885474

Bloomberg

CHF: CPEN SW

*of the company's main subsidiary in Ireland

Board of directors

Gilbert Chalk (Chairman)

Konrad Baechinger (Deputy Chairman)

Thomas Amstutz

Heinz Nipp

For further information, please contact

Benedikt Meyer, GM, tel. [phone]

Disclaimer

Company structure

Castle Private Equity AG ("the Company") is a joint stock corporation established for an indefinite period in the Canton of Schwyz, Switzerland, by deed dated 19 July 1997. The Company's shares have been listed in Swiss Francs on the SIX Swiss Exchange since 7 September 1998 and in US Dollars since 21 January 2002. Trading in CastlePE's USD shares was discontinued on 31 October 2016.

On 21 May 2019 Castle Private Equity Ltd. announced a share buyback programme by issuing put options tradable on SIX Swiss Exchange. Every 20 put options entitled shareholders to tender one registered share at the exercise price of CHF 20.00. In total, 547,654 registered shares were tendered. Furthermore, following the termination of the buyback via issuance of tradable put options, the Board of Directors of Castle Private Equity Ltd. decided to launch a new share buyback programme on a second trading line at SIX Swiss Exchange. It started on 14 June 2019 and a maximum of 578,598 registered shares (maximum 3.21% of the share capital and voting rights registered in the commercial register) will be purchased for cancellation purposes.

As of 30 June 2020, Castle held 608,736 shares from previous buyback programs and 294,654 shares from the current buyback program.

Swiss Security Number: 4885474

Address

Castle Private Equity AG

Schuetzenstrasse 6, CH-8808 Pfaeffikon SZ, Switzerland

This document is for the intended recipient only and may not be passed on or disclosed to any other person. This document is solely for information purposes and does not constitute an offer to sell or an invitation to invest. In particular, it does not constitute an offer or solicitation in any jurisdiction where it is unlawful or where the person making the offer or solicitation is not qualified to do so or the recipient may not lawfully receive any such offer or solicitation. It is the responsibility of any person in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of relevant jurisdictions.

The information and any opinions contained herein have been obtained from or are based on sources which are believed to be reliable, but their accuracy cannot be guaranteed. No responsibility can be accepted for any consequential loss from this information. Prospective investors should rely only on the information contained in the Company's prospectus. Prospective investors should also inform themselves, and should take appropriate advice, on the legal requirements and as to the possible tax consequences, foreign exchange restrictions or exchange control requirements that they may encounter under the laws of the countries of their citizenship, residence or domicile and that may be relevant to the subscription,

purchase, holding, exchange, redemption or disposal of any investments. Performance numbers shown are records of past performance and not an indication of future performance. See also http://www.castlepe.com/en/cpe/disclaimer.html

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