Princess Private Equity : February 2022

Princess publishes February NAV

• ● Princess Private Equity Holding Limited's ("Princess" or the "Company") net asset value decreased by 0.8% to EUR 15.00 per share

• ● Portfolio developments were negative (-0.7%) while currency move-ments were flat

• ● Princess received distributions of EUR 14.2 million and invested EUR 4.4 million

In February, Princess received distributions of EUR 14.2 million, of which EUR 13.5 million stemmed from the sale of a Swiss-based pharmaceutical developer. Over a more than eight-year holding period, the company has been transformed into a high-growth, emerging markets-focused pharma-ceutical firm through several strategic acquisitions.

The remaining distributions of EUR 0.7 million were received from the Company's legacy fund portfolio.

Princess invested EUR 4.4 million in a co-investment in HTL Biotechnology, a leading biotech and industrial player in the development and production of pharmaceutical-grade biopolymers used in pharmaceutical applications such as medical aesthetics, ophthalmology and rheumatology. The company is a pioneer in the production of hyaluronic acid ("HA") and is one of the few global manufacturers that can produce a significant volume of high-grade pharmaceutical quality HA. The investment in HTL Biotechnology stands to benefit from its leading position in the fast-growing HA market. The company also benefits from a diversified customer base that includes major pharmaceutical players with long-term contracts, leading to high cash flow visibility. With a strong international focus and a growing demand in all markets, the company has expanded over the past three years with new offices opened in Singapore and the US. HTL Biotechnology will look to accelerate its development strategy by creating new types of biopolymers and chemical modifications while exploring the untapped potential of bi-opolymers in innovative applications such as regenerative medicine or drug delivery.

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

Dividend yield

31.01.2022

28.02.2022

15.13 15.00

13.05 13.20

-13.7% -12.0%

1'045.00 1.10

1'027.81 9.76

1'046.10 1'037.56

114.76 114.72

55.00 80.00

0.67 0.67

5.1% 5.1%

In GBP

NAV per share Share price

31.01.2022

28.02.2022

12.64 12.56

10.75 10.28

400

300 200

100

■ Princess ■ MSCI World TR ■ Performance (RHS)

50%

25%

0%

Princess NAV Princess share price MSCI World TR

YTD -1.7 -8.7 -6.5

1 year 16.2 25.0 19.7

3 years

5 years

• 52.5 80.0

• 65.4 83.0

• 52.0 67.1

1.

SRS Distribution, Inc.

• 2. Ammega (Megadyne - Ammeraal Beltech)

• 3. Foncia

• 4. PCI Pharma Services

• 5. KinderCare Education

• 6. Vishal Mega Mart

• 7. Techem Metering GmbH

• 8. EyeCare Partners

• 9. United States Infrastructure Corporation

• 10. Fermaca

% of NAV

NAM WEU WEU NAM

Materials Industrials Financials Healthcare

4.1 3.9 3.9 3.8

NAM

Consumer discretionary

3.7

Monthly NAV performance (total return)

2017

2018

2019

2020

2021

2022

• -0.8% -0.8%-1.7%

Industrials Healthcare Utilities Energy

3.4 2.7 2.5 2.5

Jan

Feb

Mar

AprMay

Jun

Jul

Aug

Sep

Oct

Nov -0.5%

DecYear

1.0%

2.1%

2.7%

1.1%

-0.0%

1.6%

-0.4%

-0.2%

1.8%

0.4%

1.1% 11.2%

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%

  0.7%

  0.2%

  -1.0%

  1.8%

  -14.1%

  3.0%

  0.6%

  5.6%

  0.8%

  3.0%

  2.3%

  2.9%

  0.4%

  2.3%

  -0.2%

  3.1%

  4.2%

  3.8%

  -0.4%

  -0.8%

  0.5% 3.1%

  5.7% 21.1% 3.1% 10.0%

  0.1%

  0.9%

  7.3%

  1.5%

  1.2%

  4.8%

  0.6%

  1.1%

  0.9%

  0.8%

• -0.4% -0.8% 19.4%

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 managed in its investment activ-ities by Partners Group, a global private markets investment management firm with USD 127 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

Phone: +44 (0) 1481 711 690 Fax: +44 (0) 1481 730 947princess@partnersgroup.com

Investments by regional focus

D

Registered Office

Princess Private Equity Holding Limited Tudor House

P.O. Box 477 Guernsey, GY1 6BD

Investments by financing category

D

A

Investments by transaction type

B

A B

Key figures in GBP EUR NAV converted to GBP at month-end GBP/EUR exchange rate from Bloomberg. NAV performance (total return) Indexed to 100 at inception of Princess Private Equity Holding Limited, showing last twenty years. 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.