Princess Private Equity : Month 04 2020

P R I N C E S S P R I V A T E E Q U I T Y H O L D I N G L I M I T E D

M o n t h l y r e p o r t a s o f 3 0 A p r i l 2 0 2 0

NAV increases by 5.6% in April

• Princess Private Equity Holding Limited's (Princess) net asset value in- creased by 5.6% to EUR 11.31 per share
• Portfolio developments (+6.2%) were positive and currency movements were flat
• Princess invested EUR 0.2 million during the month and received dis- tributions of EUR 0.9 million

In April, Princess' NAV partially recovered from the sharp decline in March and increased in value by 5.6%. After the negative revaluations in March, which fully reflected the correction observed in public markets during the month, markets recovered some ground in April which had a positive impact on the valuations of a number of Princess' portfolio companies at April month-end.

The largest contributor to the positive performance in April was Techem, a leading German sub-metering service provider. Techem operates in a noncyclical market and has a proven track record of growth and recession resilience with over 80% of Techem's revenues underpinned by long-term contracts. Techem continues to monitor the potential impact of COVID-19 on its business and results of operations.

Following the imposition of lockdown measures by governments around the world, Partners Group's focus has been on supporting portfolio companies and their employees, ensuring companies maintain sufficient liquidity and implementing short-term cost reduction measures where necessary. These actions have been effective in preserving value in the portfolio during this challenging period. With many countries slowly easing their lockdowns, Princess' affected portfolio companies are also re-opening their businesses according to the local policies. Partners Group maintains its focus on supporting portfolio companies as they emerge from lockdown and remains confident in the long-term outlook for the portfolio.

Key figures

In EUR	31.03.2020	30.04.2020
NAV per share	10.71	11.31
Share price	8.95	9.30
Discount to NAV	-16.4%	-17.8%
Portfolio (in million)	810.47	856.99
Net current assets (in million)	-70.04	-74.89
Net asset value (in million)	740.43	782.10
Unfunded commitments (in million)	72.02	72.52
Undrawn credit facility (in million)	0.00	0.00
Dividend LTM	0.58	0.58
Dividend yield	6.5%	6.2%

Key figures in GBP

In GBP	31.03.2020	30.04.2020
NAV per share	9.47	9.82
Share price	8.22	8.25

NAV performance since inception (total return)

400	50%
300	25%
200
100	0%
0	-25%
	00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

• Princess■ MSCI World TR ■ Performance (RHS)

Total return in EUR (%)

	YTD	1 year	3 years	5 years
Princess NAV	-10.0	2.6	20.9	64.0
Princess share price	-14.7	-1.8	9.9	57.1
MSCI World TR	-10.2	-1.7	15.1	30.2

Largest ten direct investments
				% of NAV
1.	Permotio International Learning SarL	WEU	Consumer	13.3
discretionary
2.	Action	WEU	Consumer		11.4
discretionary
3.	GlobalLogic Inc.	NAM	Information	6.0
technology
4.	Foncia	WEU	Financials		5.3
5.	KinderCare Education	NAM	Consumer	4.3
discretionary
6.	PCI Pharma Services	NAM	Healthcare		3.9
7.	Fermaca	ROW	Energy	3.8
8.	Techem Metering GmbH	WEU	Industrials		3.2
9.	Ammega (Megadyne - Ammeraal Beltech)	WEU	Industrials	2.9
10.	Vishal Mega Mart	APC	Consumer		2.9
discretionary

Monthly net performance (total return)

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year
2015	2.6%	0.8%	2.8%	-1.5%	1.4%	3.4%	-0.3%	-0.4%	3.9%	0.5%	0.7%	2.5%	17.5%
2016	-1.1%	0.1%	1.2%	2.0%	2.1%	1.3%	-0.0%	2.1%	1.8%	0.3%	0.6%	1.8%	12.9%
2017	1.0%	2.1%	2.7%	1.1%	-0.0%	1.6%	-0.4%	-0.2%	1.8%	0.4%	-0.5%	1.1%	11.2%
2018	0.2%	1.0%	0.7%	0.8%	0.2%	2.7%	1.1%	0.2%	2.1%	-0.6%	-0.2%	-1.6%	6.8%
2019	0.7%	1.8%	3.0%	0.6%	0.8%	2.3%	0.4%	-0.2%	4.2%	-0.4%	0.5%	5.7%	21.1%
2020	0.2%	-1.0%	-14.1%	5.6%									-10.0%

P R I N C E S S P R I V A T E E Q U I T Y H O L D I N G L I M I T E D

M o n t h l y r e p o r t a s o f 3 0 A p r i l 2 0 2 0

Princess Private Equity Holding Limited (Princess or the Company) is an investment holding company listed on the London Stock Exchange. The Company's investment objective is to provide shareholders with long-term capital growth and an attractive dividend yield by investing in a global portfolio of private companies. 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.

Information

For further information please visit:

www.princess-privateequity.net

Key facts

Stock exchange	London
Reuters Euro Quote	PEY.L
Reuters Sterling Quote	PEYS.L
Bloomberg Euro Quote	PEY LN
Bloomberg Sterling Quote	PEYS LN
ISIN (Euro and Sterling Quote)	GG00B28C2R28
Sedol Euro Quote	B28C2R2
Sedol Sterling Quote	BF012D4
Product life start date	12.05.1999
Shares outstanding	69'151'168

Investor Relations

Portfolio composition

Phone: [phone]

Fax: [phone]	Investments by regional focus
[e-mail]
	A	Europe	53%
Registered Office	D	B	North America	34%
C	C	Asia-Pacific	7%
Princess Private Equity Holding Limited		D	Rest of World	6%
Tudor House
P.O. Box 477	A
Guernsey, GY1 6BD	B

Investments by financing category

	A	Small/Mid-cap	60%
E F	B	Large/mega-large-cap	15%
C	Growth	9%
D
D	Special situations	8%
C	E	Venture capital	6%
F	Mezzanine	2%
A
B
Investments by transaction type
	A	Direct	94%
B	B	Primary	6%

A

Key figures in GBPEUR NAV converted to GBP at month-end GBP/EUR exchange rate from Bloomberg. NAV performance since inception (total return)Indexed to 100. Since inception of Princess Private Equity Holding Limited. Princess: based on monthly total return valuations. MSCI World TR: Bloomberg NDDUWI Index in EUR. Largest ten direct investmentsBased on net asset value. Portfolio compositionBased on total value of investments.

This document is not intended to be an investment advertisement or sales instrument; it constitutes neither an offer nor an attempt to solicit offers for the product described herein. This report was prepared using financial information contained in the company's books and records as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This report describes past performance, which may not be indicative of future results. The company does not accept any liability for actions taken on the basis of the information provided. Please consult the constituent documents for a more complete description of the terms.