Princess Private Equity : Month 05 2020(1110 KB)

NAV increases by 3.0% in May

• ●Princess Private Equity Holding Limited's (Princess) net asset value in-creased by 3.0% to EUR 11.65 per share

• ●Portfolio developments were positive (+3.6%) and currency movements were negative (-0.4%)

• ●Princess invested EUR 3.4 million during the month and received dis-tributions of EUR 3.0 million

In May, Princess'NAV continued its recovery and increased in value by 3.0%. Amongst the largest contributors to the positive performance was AMMEGA, the global leader in mission critical industrial power transmission, lightweight process and conveyor belting. It benefitted from its exposure to diversified end markets with an important share in food and pharma which helped as governments classified its products as "essential" during the lockdowns.

EUR 2.5 million was invested in Fermaca, a leading operator of gas infra-structure in Mexico. The capital was used to repay a bridge loan which Fermaca had obtained during the fourth quarter of 2019 to finance the completion of its construction of natural gas pipelines as well as certain in-terconnections. The company reached a significant milestone in December 2019 as the La Laguna - Aguascalientes project, a pipeline that transports 1'189 million cubic feet of natural gas per day, commenced commercial operation.

Princess received distributions of EUR 3.0 million during the month, predom-inantly from the mature legacy fund portfolio.

Post-period end, Princess announced that the sale of its stake in Action had closed. The Company received initial proceeds of EUR 80.9 million following the closing of the transaction.

On 23 June the Board of Directors declared a first interim dividend of EUR 0.145 per share for FY 2020. The dividend will be paid on 24 July 2020. The relevant date for the entitlement to the dividend (record date) will be 3 July 2020 and the corresponding ex-dividend date will be 2 July 2020. The Company intends to pay a second interim dividend in December such that the total dividend for the year is not less than EUR 0.29 per share, representing a prospective yield of 3.1% on the closing share price of EUR 9.46 on 23 June 2020.

Key figures

In EUR

NAV per share Share price Discount to NAV Portfolio (in million)

Net current assets (in million) Net asset value (in million) Unfunded commitments (in million) Undrawn credit facility (in million) Dividend LTM

30.04.2020

31.05.2020

11.31 11.65

9.30 8.40

-17.8% -27.9%

856.99 880.01

-74.89 -74.14

782.10 805.87

72.52 69.14

0.00 0.00

0.580.58

Dividend yield

6.2%6.9%

Key figures in GBP

In GBP

30.04.2020

31.05.2020

NAV per share Share price

9.82 10.48

8.25 7.51

NAV performance since inception (total return)

400

300 200 100

0 -25% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 1920

■ Princess■ MSCI World TR■ Performance (RHS)

50%

25%

0%

Total return in EUR (%)

Princess NAV Princess share price MSCI World TR

YTD-7.2 -22.9 -7.4

1 year4.9 -11.1

3 years

5 years

• 24.6 66.7

• -2.3 41.0

  7.0

• 20.0 31.0

Largest ten direct investments

• 1. Permotio International Learning SarL

• 2. Action

• 3. GlobalLogic Inc.

• 4. Foncia

• 5. KinderCare Education

• 6.Fermaca

• 7. PCI Pharma Services

• 8. Techem Metering GmbH

• 9. Ammega (Megadyne - Ammeraal Beltech)

10.

Vishal Mega Mart

% of NAV

WEUConsumer discretionary

13.2

WEU

Consumer discretionary

11.2

NAM

Information technology

5.8

WEU

Financials

5.4

NAM

Consumer discretionary

4.3

ROW NAM WEU WEU

Energy Healthcare Industrials Industrials

4.0 3.8 3.3 3.2

APC

Consumer discretionary

3.0

Monthly net performance (total return)

Jan

Feb

Mar

AprMay

Jun

Jul

Aug

Sep

OctNov

DecYear

2015

2016

2017

-1.1%

2.6%

1.0%

0.8%

0.1%

2.1%

2.8%

1.2%

2.7%

-1.5%

2.0%

1.1%

-0.0%

1.4%

2.1%

3.4%

1.3%

1.6%

-0.3%

-0.0%

-0.4%

-0.4%

-0.2%

2.1%

3.9%

1.8%

1.8%

0.5%

0.3%

0.4%

0.7% 0.6% -0.5%

2.5%17.5%1.8%12.9%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%

3.0%-7.2%

Princess Private Equity Holding Limited (Princess or the Company) is an in-vestment 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.

Key facts

Information

Stock exchange Reuters Euro Quote Reuters Sterling Quote Bloomberg Euro Quote Bloomberg Sterling Quote ISIN (Euro and Sterling Quote) Sedol Euro Quote

For further information please visit:www.princess-privateequity.net

Sedol Sterling Quote Product life start date Shares outstanding

London PEY.L PEYS.L PEY LN PEYS LN GG00B28C2R28 B28C2R2 BF012D4 12.05.1999 69'151'168

Investor Relations

Portfolio composition

Phone: [phone] Fax: [phone]

Investments by regional focus

Registered Office

D

Princess Private Equity Holding Limited Tudor House

P.O. Box 477 Guernsey, GY1 6BD

A

Investments by financing category

Investments by transaction type

A	Europe	53%
B	North America	34%
C	Asia-Pacific	7%
D	Rest of World	6%
Small/Mid-cap	61%
Large/mega-large-cap	15%
Growth	9%
Special situations	8%
Venture capital	5%
Mezzanine	2%
Direct	94%
Primary	6%

A

B C D E F

A B

B

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.