Spice Private Equity AG

Net Asset Value • Oct 31, 2013

National Storage Mechanism | Additional information

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RNS Number : 8693R

Princess Private Equity Holding Ltd

31 October 2013

News Release

Guernsey, 31 October 2013

Princess reports September NAV - New investment completed

è Princess' net asset value (NAV) fell by 0.2% to EUR 8.32 per share

è Growth due to positive valuation adjustments (+0.5%) has been offset by adverse currency movements (-0.5%)

è Positive net cash flow of EUR 6.7 million during the month

In line with Princess' strategy to transition its portfolio to a pure direct investment vehicle, Partners Group completed a new direct investment in Universal Services of America (USA) during the reporting period. USA is a provider of diversified security services to some of the largest real estate management companies in the US. USA offers its clients manned guard services, janitorial services and security systems, with the majority of its revenues derived from the provision of guard services. Partners Group will partner with USA's management team to further expand the company's business, building on its strong reputation via key strategic acquisitions and business development with new and existing customers.

During the month, Princess' liquidity position benefited from positive net cash flows, as distributions (EUR 9.3 million) from the Company's mature portfolio continued to exceed new investments (EUR 2.6 million). The positive net cash flow of EUR 6.7 million further strengthened Princess' balance sheet and supports the second interim dividend which is expected to be declared in November (subject to board approval). Based on the last two semi-annual dividend payments of EUR 0.25 and EUR 0.26, Princess' shares yielded 7.7% as of 30 September 2013.

A notable distribution in September came from the portfolio company Action, a Netherlands-based non-food discount retailer, which successfully completed a EUR 275 million refinancing. The senior loan, which replaced a more expensive vendor loan, was partly used to fund a dividend to shareholders, including Princess. The debt offering was significantly oversubscribed, indicating the company's high credit quality. Prior to this transaction, Action had been able to deleverage significantly as a result of its high cash-flow conversion and strong financial performance.

Further information is available in the monthly report which can be accessed via:

http://www.princess-privateequity.net/financialreports.

Ends.

About Princess

Princess is an investment holding company founded in 1999 and domiciled in Guernsey. It invests, inter alia, in private equity and private debt investments. Princess is advised in its investment activities by Partners Group AG, a global private markets investment management firm with over EUR 30 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure. Princess aims to provide shareholders with long-term capital growth and an attractive dividend yield. Princess is traded on the London Stock Exchange (ticker symbol: PEY). Further information: www.princess-privateequity.net

Contacts

Princess Private Equity Holding Limited:

princess@princess-privateequity.net

www.princess-privateequity.net

Registered Number: 35241

Investor relations contact

George Crowe

Phone: +44 (0)20 7575 2771

E-mail: george.crowe@partnersgroup.com

Media relations contact

Partners Group AG

Dr. Anna Sexton

Phone: +41 41 784 63 72

E-mail: anna.sexton@partnersgroup.com

www.partnersgroup.com

This document does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities and neither is it intended to be an investment advertisement or sales instrument of Princess Private Equity Holdings. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes must inform themselves about, and observe any such restrictions on the distribution of this document. In particular, this document and the information contained therein is not for distribution or publication, neither directly nor indirectly, in or into the United States of America, Canada, Australia or Japan.

This document may have been prepared using financial information contained in the books and records of the product described herein as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This document may describe past performance, which may not be indicative of future results. No liability is accepted for any actions taken on the basis of the information provided in this document. Neither the contents of Princess' website nor the contents of any website accessible from hyperlinks on Princess' website (or any other website) is incorporated into, or forms part of, this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

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