Princess Private Equity : Month 06 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 J u n e 2 0 2 0

NAV increases by 2.9% in June

• Princess Private Equity Holding Limited's (Princess) net asset value in- creased by 2.9% to EUR 11.99 per share
• Portfolio developments were positive (+3.2%) and currency movements were negative (-0.2%)
• Princess invested EUR 3.3 million during the month and received dis- tributions of EUR 93.2 million

In June, Princess' NAV increased in value by 2.9%. The largest contributor to the favorable performance was PCI Pharma Services, a US-based provider of outsourced pharmaceutical services. The company was written-up on the back of an increase in EBITDA, as well as positive valuation multiple development, driven by market comparables. During the COVID-19 crisis, PCI has proven itself as an essential provider in the pharma supply chain, capable of responding with a high degree of flexibility to urgent client demands and fast evolving projects.

EUR 2.9 million of additional capital was provided to KinderCare Education, the largest for-profit provider of early childhood education and care services in the US. KinderCare operates approximately 1'500 centers nationwide. Following the COVID-19 outbreak, the company faced operational and financial disruptions in March and April due to the closure of many of its centers, additional withdrawals by parents and stay-home orders. To mitigate the financial impact, KinderCare implemented a range of cost and liquidity management measures. The capital infusion supports the company's expected liquidity requirements for the remainder of 2020. With stay-at-home orders being lifted, KinderCare will reopen its remaining centers on a state- by-state basis, strictly adhering to all necessary regulations and guidelines. Approximately 1'400 centers were open as of the end of June. The long- term outlook for the business remains positive with utilization rates expected to increase as states re-open and families return to the workforce.

Princess received distributions of EUR 93.2 million during the month, of which EUR 90.0 million was received from the sale of its stake in Action. The proceeds were used to fully repay the Company's EUR 80 million credit facility. EUR 1.6 million was received from the ongoing sale of shares in Ceridian HCM, following the company's listing on the New York Stock Exchange in April 2018.

Princess will hold its quarterly investor conference call on 7 August 2020 at 10:00 BST / 11:00 CET and will provide a detailed update on the recent portfolio developments. Please find the dial-in details on the Company's webpage.

Key figures

In EUR	31.05.2020	30.06.2020
NAV per share	11.65	11.99
Share price	8.40	9.50
Discount to NAV	-27.9%	-20.7%
Portfolio (in million)	880.01	811.35
Net current assets (in million)	-74.14	17.52
Net asset value (in million)	805.87	828.87
Unfunded commitments (in million)	69.14	68.72
Undrawn credit facility (in million)	0.00	80.00
Dividend LTM	0.58	0.58
Dividend yield	6.9%	6.1%

Key figures in GBP

In GBP	31.05.2020	30.06.2020
NAV per share	10.48	10.89
Share price	7.51	8.72

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	-4.6	5.5	26.1	65.8
Princess share price	-12.8	4.4	9.2	60.9
MSCI World TR	-5.8	4.3	23.4	38.7

Largest ten direct investments

				% of NAV
1.	Permotio International Learning SarL	WEU	Consumer	12.9
discretionary
2.	GlobalLogic Inc.	NAM	Information		5.6
technology
3.	Foncia	WEU	Financials	5.2
4.	PCI Pharma Services	NAM	Healthcare		4.4
5.	KinderCare Education	NAM	Consumer	3.9
discretionary
6.	Fermaca	ROW	Energy		3.6
7.	Ammega (Megadyne - Ammeraal Beltech)	WEU	Industrials	3.5
8.	Techem Metering GmbH	WEU	Industrials		3.2
9.	Vishal Mega Mart	APC	Consumer	3.1
discretionary
10.	Hearthside Food Solutions	NAM	Consumer		2.7
staples

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%	3.0%	2.9%							-4.6%

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 J u n e 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 96 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	48%
Registered Office		D		B	North America	38%
C			C	Asia-Pacific	8%
Princess Private Equity Holding Limited				D	Rest of World	6%
Tudor House		A
P.O. Box 477
Guernsey, GY1 6BD	B
	Investments by financing category
				A	Small/Mid-cap	57%
	E	F		B	Large/mega-large-cap	17%
		C	Growth	10%
	D
			D	Special situations	8%
	C			E	Venture capital	6%
			F	Mezzanine	2%
		A
	B
	Investments by transaction type
				A	Direct	95%
		B		B	Primary	5%

A

Key figures in GBP EUR 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 investments Based on net asset value. Portfolio composition Based 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.