Quarterly Report for the period ending 31 December 1999
Princess Private Equity Holding Limited
Princess The Princess Private Equity Holding Limited convertible bond, rated AAAr by Standard & Poor’s, allows institutional as well as private investors access to the private equity asset class while having the par value of the bond at maturity protected under insurance arrangements reinsured by Swiss Re.
This document is not intended to be an investment advertisement; it constitutes neither an offer nor an attempt to solicit offers for regulated investments. 2 Private Equity Access Princess Private Equity Holding Limited ("Princess”), minimum investment requirements, difficult entry to a company formed by Partners Group and Swiss Re, is a sought-after partnerships, lack of liquidity and long Guernsey based private equity investment company. lock-up periods. Princess has addressed these hindrances Through its Luxembourg Stock Exchange listed zero and has responded to a growing world-wide demand coupon convertible bond, Princess provides institutional to efficiently channel funds into private equity. Hamilton Princess employs the as well as private investors the opportunity to invest Lane Advisors, Invesco Private Capital and Partners expertise of three private in the asset class of venture capital/private equity while Group provide the investor an opportunity to combine equity asset managers: having the par value of the bond protected at maturity the expertise of more than 40 private equity investment Hamilton Lane Advisors, under insurance arrangements reinsured by Swiss Re. managers and quantitative analysts. Invesco Private Capital, In general, access to this asset class is hindered by high and Partners Group.
Portfolio Strategy In its top-down approach, Princess utilises a proprietary among the most experienced venture capital asset risk/return model. Based on world-wide statistical data, managers in the world, carry out the bottom-up this model seeks to determine the optimal quantitative approach in the USA and Canada while Partners Group, asset allocation. This information, combined with one of Europe’s leading private equity managers, Through two integrated qualitative partnership selections, leads to what Princess is responsible for the bottom-up approach in Europe. approaches: top-down believes will be a superior global private equity portfolio. Swiss Re and Partners Group combine their expertise and bottom-up, Princess Hamilton Lane Advisors, one of the world’s largest for the dynamic global asset allocation. aims to create an optimised private equity asset managers, and Invesco Private Capital, portfolio.
Over-Commitment Princess uses an over-commitment strategy in an effort performance for the investor from private equity invest- to maximise returns. Statistical data from Venture ments. Princess has created an over-commitment Economics have shown that investments in private equity strategy using cash flow forecasting and monitoring funds have an average level of investment which does models. Princess believes that this approach, after not exceed 65 per cent, while leaving the remainder of an initial build-up phase, will result in higher investment The over-commitment the committed capital invested in short-term instruments. returns because a full investment level should be strategy is used in pursuit The resulting opportunity cost dilutes the overall achieved in a shorter period and be sustained over time. of higher returns. 3 Three secondary transactions and the final issuance of Princess's zero coupon convertible bonds have marked the fourth quarter.
4 Award by Corporate Finance Your Board of Directors is pleased to present the news The consolidated unaudited net asset value per 31 Price News NAV and events of the past quarter. Due to its innovative December 1999 is USD 98.62 per share. In order to avoid magazine and Final Closing structure, Princess’s principal protected zero coupon the consolidation of Princess on the financial convertible bond issue was one of the award winners in statements of Partners Group AG, the Board of Directors the category "Equity-linked Deals” among Corporate modified the definition of "associate” in condition Finance magazine’s "Corporate Finance Deals of the Year 12(h) of the Principal Trust Deed on 30 December 1999, 1999”. On 20 December 1999, Princess completed the by signing the Fourth Supplemental Trust Deed. Princess’s bonds received issuance of its zero coupon bonds with the sale of an This change permitted Partners Group AG to transfer international recognition. additional USD 100 million at a price of 102.75 per cent its equity shares in Princess to a new company, of par value. The final principal amount of the bonds GE&W AG, owned by the three founding partners of issued and outstanding is USD 700 million. Partners Group.
Secondary Transactions Princess completed three secondary transactions in the The average level of drawn commitments in these partner- past quarter, which resulted in Princess acquiring ships exceeds 80 per cent. In our experience, the interests in Chase 1998 Pool Participation Fund, William acquisition of interests in existing investment partner- Blair Capital Partners VI and The Second Cinven Fund, ships can add substantial value. For example, the all partnerships from the 1998 vintage year. The first two acquisition of a secondary transaction can increase the of these partnerships are focused on US buyouts and diversification and investment level in a portfolio the last specialises in European buyouts. The original and can provide access to sought-after partnerships. Interests in three commitment amounts acquired by Princess in these Furthermore, we believe the risk assessment is simplified partnerships have partnerships amount to a total of USD 30.25 million. due to the existence of a more mature portfolio. been acquired.
Partnership News SciQuest.com, an investment by Access Technology Through the IPO, 7.5 million shares were offered at a Partners, went public on 19 November 1999, and price of USD 16.00 per share. On 31 December 1999 is trading on the NASDAQ. SciQuest.com provides a the shares closed at a price of USD 79.50. The cost basis web-based marketplace for scientific and laboratory for Access Technology Partners’ stake in the company products. The company’s e-commerce platform is used is USD 7.46 per share. No realisation has yet been made Another IPO out of the by pharmaceutical, clinical, biotechnological, chemical, on this investment because sale restrictions still apply. Access Technology Partners industrial and educational organisations world-wide. portfolio. 5 We continue to pursue our goal at building a diversified venture capital and private equity portfolio.
6 Investment Activity During the past quarter new commitments of USD 280 120 million. This produces an investment level of 17 per million were made to 26 new partnerships. As of 31 cent of NAV which we consider a remarkable achievement December 1999, Princess has made commitments world- for such a short time period. wide totalling USD 613 million, whereof USD 372 million in the USA, USD 236 million in Europe and USD 5 million Your Board of Directors is pleased with the progress in the rest of the world. Princess, directly or indirectly made in this quarter. We appreciate your confidence and participates in 61 partnerships. Due in part to the acqui- trust in us. We will continue to seek out investment sition of the three secondary investments described opportunities which we consider promising. The investment level previously, investments have increased 167 per cent from more than doubled during USD 45 million at the end of the prior quarter to USD The Board of Directors the past quarter. Asset Allocation
USA 61% Rest of World 1% Regions
Europe 38%
Early Stage Venture 19% Small and Mid Size Buyout 30% Special Situations 14% Financing Stages
Later Stage Venture 19% Large Size Buyout 18%
1997 1% 1999 64% Commitments by Vintage Years
1998 35%
7 As of 31 December 1999, the Princess portfolio with total commitments of USD 613 million consists of the following partnerships:
8 USA and Canada – Venture USA and Canada – Buyouts Europe – Venture Access Technology Partners Bruckmann, Rosser, Sherrill & Co. II Elderstreet Capital Partners Advanced Technology Ventures VI Chase 1998 Pool Participation Fund European E-Commerce Fund Austin Ventures VII Duff Ackerman & Goodrich Fund* Index Ventures I Catterton Partners IV Offshore Fenway Capital Partners Fund II Kiwi Ventures-Servicos* Columbia Capital Equity Partners II* Great Hill Equity Partners* Schroder Ventures International Life Science Fund II Doll Technology Investment Fund II* Harbour Group Investments IV* Dolphin Communications Fund Heritage Fund III Europe – Buyouts GeoCapital V* Silver Lake Partners 3i Eurofund III Ideallab! Capital Partners II* T3 Partners Astorg II Infinity Capital Venture Fund 1999 Thomas Weisel Capital Partners Botts Capital Partners Innocal II* TPG Partners III Doughty Hanson & Co. III Morgan Stanley Venture Partners IV Vestar Capital Partners IV European Private Equity Fund D (NatWest) Oak Investment Partners IX* William Blair Capital Partners VI FCV Capital Partners V RRE Investors II* GMT Communication Partners II Skyline Venture Partners II* USA and Canada – Special Situations Italian Private Equity Fund III Summit Accelerator Fund* Canterbury Mezzanine Capital II Palamon European Equity C (Amphion) Worldview Technology Partners III Levine Leichtmann Capital Partners II Partners Private Equity OCM/GFI Power Opportunities Fund Quadriga Capital Private Equity Fund II Pegasus Partners II The Second Cinven Fund
Europe – Special Situations New Partnerships Coller International Partners III are in italics. Doughty Hanson European Real Estate Partnerships Rest of World – Venture Apax Israel II* Jerusalem Venture Partners III
*The investment in these partnerships is made through As of 31 December six partnerships, five in the US commitments to INVESCO limited partnerships. Venture and one in the US Special Situations segment, cannot be disclosed due to confidentiality reasons. 9 Figures and Contacts
10 The results for the period are shown in the statement of The result of this technical requirement in IAS 32 is that income on pages 12 and 13. Princess Private Equity the discount is amortised through the income statement Holding Limited (“the Company”) and Princess Private as a finance cost, on a yield to maturity basis, over Equity Subholding Limited (together “the Group”) the 7.5-year life of the bonds until the first conversion at has made a basic loss per share of USD 230.4418 (USD 1 January 2007. In the longer term, this accounting 621.9685: 30 September 1999) and a diluted loss treatment has no effect on either the economic position per share of USD 0.3287 (USD 1.1825: 30 September or the net asset value of the Group. The cumulative 1999). This loss for the period is the result of the finance cost in retained earnings is offset by an equivalent presentation requirements of International Accounting credit in share premium. However, the required treatment Standard 32, Financial Instruments: Disclosure and clearly does have a significant impact on the net profit Presentation. In accordance with IAS 32, the net proceeds or loss reported in the income statement over the period of USD 446,135,767 are allocated to the liability to the conversion of the bond. component. The liability is therefore stated at a discount of 1.4378703 per cent per quarter, including transaction
costs, to the maturity value. 11 Figures Consolidated unaudited statement of income
For the period from 1 October 1999 to 31 December 1999
01.10.99 – 31.12.99 12.05.99 – 31.12.99
USD USD USD USD
Income1
Bank deposit interest 273,796 434,746 Bond interest 7,399,292 13,795,229 Income from unquoted investments 483,046 483,046 Movement on revaluation of investment in underlying partnerships5 2,269,312 – Unrealised surplus on short-term investments 15,000 –
10,440,446 14,713,021 Expenses
Investment Management fee1 2,208,103 4,198,488 Interest on underpayment of Investment Management fee 255 255 Insurance fee1 2,208,103 4,198,488 Interest on underpayment of Insurance fee 255 255 Administration fee 63,307 129,653 Service fee 15,394 36,218 Legal fees 372,755 1,024,928 Formation expenses – 34,886 Audit fees 6,464 6,464 Bank custody fees 83,969 83,969 Postage fees 1,420 1,420 Tax exemption fee2 – 1,437 GFSC fees – 3,197 Bank charges 2,658 5,511 Sundry expenses 14,725 125,929 Amortisation of transaction costs12 391,768 694,738 Finance cost on convertible bond12 6,652,949 11,547,605 Foreign exchange loss1 722,739 61,996 Unrealised loss on short-term investments – 560,000
Total of expenses (carried forward) 12,744,864 22,715,437
12 Consolidated unaudited statement of income (continued)
For the period from 1 October 1999 to 31 December 1999
01.10.99 – 31.12.99 12.05.99 – 31.12.99
USD USD USD USD
Expenses (continued)
Total of expenses (brought forward) 12,744,864 22,715,437
Movement on revaluation of investment in underlying partnerships – 521,687
12,744,864 23,237,124
Loss for the financial period (2,304,418) (8,524,103)
The disclosures relating to the calculation of the loss per share are included in note 17.
Basic Loss per Share – USD 230.4418
Diluted Loss per Share – USD 0.3287 13 Figures Consolidated unaudited balance sheet
At 31 December 1999
Assets USD USD
Non – current assets
Investments in underlying partnerships1&5 119,813,130 Investments1&6 239,490,000
359,303,130 Current assets
Debtors7 4,013,290 Short-term investments1&6 286,630,000 Loan8 55,418 Cash at banks9 41,445,690 332,144,398
Total assets 691,447,528
Equity and Liabilities
Capital and reserves
Issued capital11 100 Reserves 232,935,245 232,935,345 Liabilities falling due after more than one year
Bond12 458,378,110
Liabilities falling due within one year
Creditors 132,980 Loan13 1,093 134,073
Total equity and liabilities 691,447,528
14 Consolidated unaudited statement of changes in equity
For the period from 12 May 1999 to 31 December 1999
Surplus/(loss) Share Share on underlying Accumulated capital premium partnerships income/(loss) Total USD USD USD USD USD
Issue of share capital 100 999,900 1,000,000
Premium on bond issues – 4,000,000 – – 4,000,000
Equity component of bond – 242,200,000 – – 242,200,000
Transaction costs attributed to equity – (6,170,986) – – (6,170,986)
Surplus on underlying partnership – – 430,434 – 430,434
Loss for the financial period – – – (8,524,103) (8,524,103)
At 31 December 1999 100 241,028,914 430,434 (8,524,103) 232,935,345 15 Figures Consolidated unaudited cash flow statement
For the period from 12 May 1999 to 31 December 1999
USD USD
Cash flow from operating activities
Cash paid to suppliers and employees (9,774,880)
Net cash from operating activities (9,774,880)
Cash flow from investing activities
Purchase of investments (1,196,234,049) Proceeds from redemption of investments 720,000,000 Investment in underlying partnerships (120,654,824) Proceeds from sale in underlying partnerships 690,881 Income received from underlying partnerships 483,046 Interest received 4,454,734
Net cash from investing activities (591,260,212)
Cash flow from financing activities
Proceeds from issuance of share capital 1,000,000 Proceeds from bond issue 700,000,000 Premium from bond issue 4,000,000 Payment of bond transaction costs (17,835,218)
Net cash from financing activities 687,164,782
Cash and cash equivalents at end of period10 86,129,690
16 Unaudited statement of income
For the period from 1 October 1999 to 31 December 1999
01.10.99 – 31.12.99 12.05.99 – 31.12.99
USD USD USD USD
Income1
Bank deposit interest 273,796 434,746 Bond interest 7,399,292 13,795,229 Unrealised surplus on short-term investments 15,000 –
7,688,088 14,229,975
Expenses
Investment Management fee1 2,208,103 4,198,488 Interest on underpayment of Investment Management fee 255 255 Insurance fee1 2,208,103 4,198,488 Interest on underpayment of Insurance fee 255 255 Administration fee 63,307 129,653 Service fee 15,394 36,218 Legal fees 372,755 1,024,928 Formation expenses – 34,886 Audit fees 6,464 6,464 Bank custody fees 83,969 83,969 Postage fees 1,420 1,420 Tax exemption fee2 – 780 GFSC fees – 3,197 Bank charges 2,658 5,511 Sundry expenses 14,725 125,684 Amortisation of transaction costs12 391,768 694,738 Finance cost on convertible bond12 6,652,949 11,547,605 Foreign exchange loss1 2,083 2,321
Total of expenses (carried forward) 12,024,208 22,094,860 17 Figures Unaudited statement of income (continued)
For the period from 1 October 1999 to 31 December 1999
01.10.99 – 31.12.99 12.05.99 – 31.12.99
USD USD USD USD
Expenses (continued)
Total of expenses (brought forward) 12,024,208 22,094,860 Unrealised loss on short-term investments – 560,000
12,024,208 22,654,860
Loss for the financial period (4,336,120) (8,424,885)
The disclosures relating to the calculation of the loss per share are included in note 18.
Basic Loss per Share – USD 433.6120 Diluted Loss per Share – USD 0.6186
18 Unaudited balance sheet
At 31 December 1999
Assets USD USD
Non-current assets
Loan account3 119,471,914 Investment in subsidiary4 10,000 Investments1&6 239,490,000
358,971,914 Current assets
Debtors7 4,013,290 Short-term investments1&6 286,630,000 Loan8 55,418 Cash at banks9 41,445,690 332,144,398
Total assets 691,116,312
Equity and Liabilities Capital and reserves
Issued capital11 100 Reserves 232,604,029 232,604,129 Liabilities falling due after more than one year
Bond12 458,378,110
Liabilities falling due within one year
Creditors 132,980 Loan13 1,093 134,073
Total equity and liabilities 691,116,312 19 Figures Unaudited statement of changes in equity
For the period from 12 May 1999 to 31 December 1999
Share Share Accumulated capital premium income/(loss) Total USD USD USD USD
Issue of share capital 100 999,900 1,000,000
Premium on bond issues – 4,000,000 – 4,000,000
Equity component of bond – 242,200,000 – 242,200,000
Transaction costs attributed to equity – (6,170,986) – (6,170,986)
Loss for the financial period – – (8,424,885) (8,424,885)
At 31 December 1999 100 241,028,914 (8,424,885) 232,604,129
20 Unaudited cash flow statement
For the period from 12 May 1999 to 31 December 1999
USD USD
Cash flow from operating activities
Cash paid to suppliers and employees (9,773,862)
Net cash from operating activities (9,773,862)
Cash flow from investing activities
Purchase of investments (1,196,234,049) Proceeds from redemption of investments 720,000,000 Monies lent to subsidiary (119,481,915) Interest received 4,454,734
Net cash from investing activities (591,261,230)
Cash flow from financing activities
Proceeds from issuance of share capital 1,000,000 Proceeds from bond issue 700,000,000 Premium from bond issue 4,000,000 Payment of bond transaction costs (17,835,218)
Net cash from financing activities 687,164,782
Cash and cash equivalents at end of period10 86,129,690 21 Figures Notes to the consolidated unaudited financial statements
1 Principal accounting policies Investment in underlying partnerships 2 Taxation status The following accounting policies have been applied The investments in underlying partnerships are valued Princess Private Equity Holding Limited and Princess consistently in dealing with items which are considered at the most recent net asset value as reported by the Private Equity Subholding Limited are exempt from material in relation to the Group's financial statements: underlying General Partner and are adjusted for sub- Guernsey income tax under the Income Tax (Exempt sequent net capital activity. The difference between the Bodies) (Guernsey) Ordinances 1989 and 1992 and they Basis of preparation net assets as reported and the contributed capital up are each charged an annual exemption fee of GBP 600 The financial statements have been prepared in to that date is shown as either revaluation of underlying (USD 988). accordance with International Accounting Standard partnerships under the heading of reserves or as re- No. 34 (Interim Reporting). valuation of underlying partnerships in the statement of income. 3 Loan Revenue The loan, which is to Princess Private Equity Subholding Interest on bonds and bank deposits is included on an Investments and Short-term investments Limited, is unsecured, interest free and although accruals basis. The investments and short-term investments are in- repayable on demand, Princess Private Equity Holding cluded in the balance sheet at market values ruling at Limited has confirmed that it will not seek repayment Bond interest also includes the increase in value of the balance sheet date. The difference between cost within one year. bonds purchased at a discount. and valuation is shown as revaluation of short-term investments under the heading of reserves should this Reporting currency result in a surplus or as revaluation of short-term 4 Investment in subsidiary As the Group invests primarily in US dollars and manages investments in the statement of income should this 1999 its activities and makes decisions based on the US dollar, result in a deficit. Realised surpluses and deficits USD this currency has been chosen as the reporting currency on short-term investments are shown in the statement Princess Private Equity Sub-holding Limited for the Group. of income. 100% wholly owned subsidiary
Investment management fee Foreign exchange 10,000 shares of USD 1.00 each 10,000 The investment management fee is paid quarterly in Transactions in foreign currencies are translated into advance pursuant to the Investment Management US dollars at the exchange rate prevailing at the Agreement between Princess Private Equity Holding date of the transaction. Monetary assets and liabilities Limited and Princess Management & Insurance Limited. denominated in foreign currencies are translated into US dollars at the exchange rate prevailing at the balance Insurance fee sheet date. Exchange gains and losses are included in The insurance fee is paid quarterly in advance pursuant the statement of income. to the Insurance Trust Agreement between Princess Private Equity Holding Limited and Princess Management & Insurance Limited.
22 5 Investment in underlying partnerships 6 Investments 1999 Bonds issued Short-term Investments USD at par Bonds issued Bonds issued at par at a discount At 1 October 1999 42,153,898 USD USD USD Total USD Movement on revaluation of underlying partnerships 2,269,312 Cost
44,423,210 At 1 October 1999 240,000,000 50,000,000 165,052,529 455,052,529 Net contribution capital Additions – – 235,865,520 235,865,520 activity from 1 October to Interest received on 31 December 1999 76,110,575 redemption – – 2,620,142 2,620,142 Foreign exchange gain (720,655) Redemptions – – (170,000,000) (170,000,000)
At 31 December 1999 119,813,130 At 31 December 1999 240,000,000 50,000,000 233,538,191 523,538,191
Of this amount USD 74,361,942 has been funded to Valuation twenty United States partnerships, USD 44,951,188 to thirteen European partnerships and USD 500,000 to At 31 December 1999 239,490,000 49,950,000 236,680,000 526,120,000 one Rest of the World partnership.
Included under additions is USD 44,684,000 (USD 69,820,500: 30 September 1999) of money market investments with maturity of up to three months from date of acquisition, which were issued at a discount. As a result, these have been classified as
cash equivalents for the purposes of the cash flow statement. 23 Figures 7 Debtors 11 Share capital As at the balance sheet date the nominal value of the 1999 1999 bond outstanding was USD 700,000,000. The bond USD USD is not convertible into shares until on or after 1 January Authorised 2007, at the option of the investor, using the relevant Interest receivable 4,013,290 20,000,000 Class A shares conversion price. Princess Private Equity Holding of USD 0.01 each 200,000 Limited has entered into an insurance policy to ensure 10,000 Class B shares that it is provided with sufficient funds for the payment 8 Loan of USD 0.01 each 100 of the principal upon redemption of the Bond on The loan, which is to Princess Management & Insurance 31 December 2010. Limited, is unsecured, interest free and repayable on 200,100 demand. In accordance with IAS 32, Financial Instruments: Issued Disclosure and Presentation, the net proceeds of the bond 10,000 Class B shares have been split between the liability and equity option 9 Cash at banks of USD 0.01 each 100 components. The fair value of the equity component has 1999 been calculated as USD 242,200,000 using an accepted USD option valuation model. This amount is classified as 12 Bond share premium and will remain part of the permanent Cash at banks 41,445,690 1999 equity of the Company. USD The remaining net proceeds, after the allocation of the 10 Cash and cash equivalents At 1 October 1999 339,458,518 liability related transaction costs, of USD 446,135,767 Cash and cash equivalents consist of cash at banks and Issued during period 114,450,000 are allocated to the liability component. The liability is investments in money market instruments. Cash and Transaction costs attributed to debt (2,575,125) therefore stated at a discount of 1.4378703% per cash equivalents included in the cash flow statement quarter, including transaction costs, to the maturity value. comprise the following balance sheet amounts: Net bond proceeds 451,333,393 The result of this technical requirement in IAS 32 is that 1999 Amortisation of transaction costs 391,768 the discount is amortised through the income statement USD as a finance cost, on a yield to maturity basis, over 451,725,161 the 7.5-year life of the bonds until the first conversion at Cash at banks 41,445,690 1 January 2007. In the longer term, this accounting Investments in money market instruments 44,684,000 Finance cost on convertible bond 6,652,949 treatment has no effect on either the economic position or the net asset value of the company. The cumulative 86,129,690 At 31 December 1999 458,378,110 finance cost in retained earnings is offset by an equivalent credit in share premium. However, the required treatment clearly does have a significant impact on the net profit
24 or loss reported in the income statement over the period bonds that if converted at USD 100 per share would Diluted Loss per Share to the conversion of the bond. result in 7,000,000 shares. This would result in a total For the period ended 31 December 1999, the Company of 7,010,000 shares and diluted Net Assets per share of had 10,000 issued shares, and 700,000,000 convertible USD 98.5709 (USD 97.5687: 30 September 1999), based bonds that if converted at USD 100 per share would 13 Loan on Net Assets for the period of USD 690,982,239. result in 7,000,000 shares. This would result in a total The loan, which is from Partners Group Private Equity The Net Assets are calculated by deducting the Current of 7,010,000 shares and a diluted loss per share of Administration Limited, is unsecured, interest free and Liabilities from the Gross Assets. USD 0.6186 (USD 0.7773: 30 September 1999), based repayable on demand. on a loss for the period of USD 4,336,120.
17 Group Basic and Diluted Loss per Share 14 Commitments 19 Contingent Asset During the financial period the Group entered into Basic Loss per Share On 30 June 1999, Princess Private Equity Holding Limited contracts with twenty-six underlying partnerships (twenty: For the quarter ended 31 December 1999, the Group entered into an Insurance Agreement with Princess 30 September 1999) and committed the sum of USD had 10,000 issued shares that result in a basic loss per Management & Insurance Limited, to ensure that it will 284,200,000 (USD 613,390,000: 31 December 1999). share of USD 230.4418 (USD 621.9685: 30 September be provided with sufficient funds to be able to pay the The unfunded commitments at the balance sheet date 1999), based on a loss for the period of USD 2,304,418. principal amount of the Bond at maturity on 31 December amount to USD 498,951,317 (USD 288,372,580: 30 2010. September 1999). Diluted Loss per Share For the quarter ended 31 December 1999, the Group had 10,000 issued shares, and 700,000,000 convertible 20 Post Balance Sheet Event 15 Group Net Assets per ordinary share bonds that if converted at USD 100 per share would Since the period end Princess Private Equity Subholding For the quarter ended 31 December 1999, the Company result in 7,000,000 shares. This would result in a total Limited has committed an additional USD 24,000,000 had 10,000 issued shares, and 700,000,000 convertible of 7,010,000 shares and a diluted loss per share of USD to two United States partnerships. It has also made an bonds that if converted at USD 100 per share would 0.3287 (USD 1.1825: 30 September 1999), based on a additional commitment of USD 3,000,000 to a United result in 7,000,000 shares. This would result in a total loss for the period of USD 2,304,418. States partnership and paid out an additional USD of 7,010,000 shares and diluted Net Assets per share of 18,332,161. USD 98.6182 (USD 97.1635: 30 September 1999), based on Net Assets for the period of USD 691,313,455. 18 Company Basic and Diluted Earnings per Share The Net Assets are calculated by deducting the Current 21 Registration Liabilities from the Gross Assets. Basic Loss per Share Princess Private Equity Holding Limited was registered in For the period ended 31 December 1999, the Company Guernsey on 12 May 1999, whereas Princess Private had 10,000 issued shares that result in a basic loss per Equity Subholding Limited was registered in Guernsey on 16 Company Net Assets per ordinary share share of USD 433.6120 (USD 408.8764: 30 September 28 May 1999. For the quarter ended 31 December 1999, the Company 1999), based on a loss for the period of USD 4,336,120.
had 10,000 issued shares, and 700,000,000 convertible 25 Figures Contacts Registered Office Market Makers Princess Private Equity Holding Limited ABN Amro Rothschild Elizabeth House London, England Les Ruettes Braye Tel. +44 (0)171 374 76 63 St. Peter Port, Guernsey Channel Islands Deutsche Bank AG Tel. +44 (0)1481 730 946 Frankfurt, Germany Fax +44 (0)1481 730 947 Tel. +49 (0)69 910 34442
Investment Manager Auditors Princess Management & Insurance Limited PricewaterhouseCoopers Guernsey, Channel Islands
Trading Information Listing Luxembourg ISIN-Number XS0098576563 Swiss Security Number 813.917 German Security Number 313.965 Reuters AACB03 / DBSTRUK03 Bloomberg 2293Z LN
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