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 1 M a y 2 0 2 3

NAV increases by 2.0% in May

  • Net asset value increased by 2.0% to EUR 14.77 per share
  • Portfolio revaluations (+0.8%) and currency movements (+1.7%) were positive
  • Princess received distributions of EUR 4.1 million

In May, Princess' NAV increased by 2.0%. The positive performance was mainly driven by positive foreign exchange movements as the Euro depreciated in May against the US dollar. A number of portfolio companies also materially contributed, with KinderCare being the most notable. KinderCare is the largest for-profit provider of early childhood education and care services in the US, which has seen double-digit growth in revenue and EBITDA, mainly attributable to strong enrolment rates. Techem, a global sub-metering services provider, was also a large contributor, whose valuation increased on the back of robust financial performance supported by regulatory tail- winds and long-term contracts with customers. The third largest contributor to positive revaluations was Civica, a UK-based critical software solutions provider to the public sector. The company continued its strong growth since inception with a solid revenue and EBITDA performance recorded over the last 12-month period. This was primarily driven by strong organic developments in Civica's core software business.

During the month Princess received distributions of EUR 4.1 million, including proceeds from the sale of its remaining stake in Movate (formerly CSS Corp), a technology-focused business process outsourcing provider. EUR 1.7 million was received from Princess' mature legacy fund portfolio and private debt investments.

Key figures

In EUR

30.04.2023

31.05.2023

NAV per share

14.48

14.77

Share price

9.46

9.80

Discount to NAV

-34.7%

-33.6%

Portfolio (in million)

1'041.97

1'065.47

Net current assets (in million)

-40.84

-44.41

Net asset value (in million)

1'001.13

1'021.06

Unfunded commitments (in million)

104.78

106.00 1

Undrawn credit facility (in million)

140.00

27.50

Dividend LTM

0.75

0.365

Dividend yield

7.9%

3.7%

Key figures in GBP

In GBP

30.04.2023

31.05.2023

NAV per share

12.72

12.70

Share price

8.41

8.47

NAV performance (total return)

400

50%

300

25%

200

100

0%

0

-25%

03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23

■ Princess ■ MSCI World TR ■ Performance (RHS)

Total return in EUR (%)

YTD

1 year

3 years

5 years

Princess NAV

3.5

3.7

44.1

68.0

Princess share price

21.0

-11.7

37.1

29.7

MSCI World TR

8.6

2.6

42.6

59.3

Largest ten direct investments

% of NAV

1.

PCI Pharma Services

NAM

Healthcare

5.7

2.

SRS Distribution, Inc.

NAM

Industrials

5.6

3.

KinderCare Education

NAM

Consumer

5.0

discretionary

4.

Emeria

WEU

Real Estate

4.7

5.

Ammega (Megadyne - Ammeraal Beltech)

WEU

Industrials

4.6

6.

Techem Metering GmbH

WEU

Industrials

3.8

7.

Esentia Energy Systems

ROW

Energy

3.1

8.

Vishal Mega Mart

APC

Consumer

3.0

discretionary

9.

DiversiTech

NAM

Industrials

3.0

10.

Civica

WEU

Information

2.6

technology

Monthly NAV performance (total return)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Year

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%

2.3%

3.1%

3.8%

-0.8%

3.1%

3.1%

10.0%

2021

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%

2022

-0.8%

-0.8%

1.7%

-0.6%

-1.3%

-5.8%

2.3%

0.3%

1.0%

-1.3%

0.5%

3.4%

-1.6%

2023

0.7%

0.4%

0.3%

0.1%

2.0%

3.5%

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 1 M a y 2 0 2 3

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 managed in its investment activities by Partners Group, a global private markets investment management firm with USD 135 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

Investor Relations

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

Portfolio composition

Phone: +44 (0) 1481 711 690

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

Registered Office

Princess Private Equity Holding Limited

Tudor House

P.O. Box 477

Guernsey, GY1 6BD

Investments by regional focus

A

North America

47%

C

D

B

Europe

43%

C

Asia-Pacific

6%

D

Rest of World

4%

A

B

Investments by financing category

A

Buyout Small/Mid-cap

56%

C D

B

Buyout Large/Mega-cap

36%

C

Special situations

6%

D

Venture capital

2%

B

A

Currency exposure (look-through on asset level)

A

USD

44%

D E F

B

EUR

44%

C

C

CHF

5%

D

GBP

4%

A

E

INR

2%

F

Other

1%

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 PrivateEquity Holding Limited, showing last twenty years. Princess:based on monthly total return valuations. MSCI World TR: Bloomberg NDDUWI Index in EUR. The inclusion of this index is used for comparison purposes only and should not be construed to mean that there will necessarily be a correlation between the Company/investment return and the index. The Company is not managed nor designed to track such index. Largest ten direct investments Based on net asset value. Portfolio composition Based on total value of investments. Investments by transaction type are: 98% Direct and 2% Funds. Currency exposure Figures are subject to estimates and rounding. Net currency exposure as per reporting date. The net currency exposure is calculated looking through Partners Group programs. Diversification does not ensure a profit or protect against a loss; the portfolio composition may change over time.

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.

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Princess Private Equity Holding Limited published this content on 03 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 July 2023 06:43:07 UTC.