KPS CAPITAL PARTNERS TO ACQUIRE CONTROLLING OWNERSHIP OF PRINCESS YACHTS

Investment will Accelerate Company's Growth and Innovation

NEW YORK,Feb. 14,2023 -- KPS Capital Partners,LP ("KPS") announced today that it has entered into a definitive agreement to acquire a controlling equity interest in Princess Yachts (Holdings) Limited,("Princess Yachts" or the "Company"),a leading global manufacturer of luxury motor yachts. Existing stockholders will retain ownership in the Company. Completion of the transaction is expected in the first quarter of 2023 and is subject to customary closing conditions and approvals.

Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless design,hand-crafted quality and exceptional seakeeping. Headquartered in Plymouth,England,the Company's unparalleled level of vertical integration – including on-site design,engineering and manufacturing – has helped position Princess Yachts as one of Britain's most iconic luxury brands. Princess Yachts serves a global customer base through its best-in-class international dealer network. The Company has approximately 3,200 employees and operates five manufacturing facilities in Plymouth,England.

Ryan Harrison,a Partner of KPS Mid-Cap Investments,said,"We are excited to make this significant investment in Princess Yachts,a leading company in the luxury global yachting industry with an iconic brand grounded in British tradition,a remarkable and growing product range and worldwide reputation for quality and innovation. KPS' investment will accelerate Princess' growth trajectory and fund numerous investments for its future. We look forward to working with Princess' existing stockholders,Chief Executive Officer Antony Sheriff,the senior leadership team and the talented employee base at Princess Yachts."

Antony Sheriff,Chief Executive Officer of Princess Yachts,"We are thrilled to partner with KPS for this exciting new chapter for Princess Yachts. KPS and the Princess Yachts team are deeply committed to investing in the Company's future while continuing to further strengthen our portfolio of best-in-class motor yachts.With a current order book nearing a record $1 billion and many model lines sold into 2025,we have never been in a stronger commercial position. Together with KPS' tremendous track record of manufacturing excellence and investing in leading brands,we are now positioned to take Princess Yachts to the next level of industry leadership in quality and innovation.Under KPS' ownership,we will accelerate a range of growth and operational initiatives to build upon our long and successful history."

Paul,Weiss,Rifkind,Wharton & Garrison LLP served as legal counsel to KPS. Macquarie Capital and Latham & Watkins LLP served as financial advisor and legal counsel,respectively,to Princess Yachts.

About Princess Yachts

Princess Yachts is a leading builder of luxury motor yachts and is recognized for its timeless,understated design,unique craftsmanship and exceptional seakeeping. Headquartered in Plymouth,England. For additional information,please visit www.princessyachts.com.

About KPS Capital Partners

KPS,through its affiliated management entities,is the manager of the KPS Special Situations Funds,a family of investment funds with over $14.4 billion of assets under management (as of September 30,2022). For nearly three decades,the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries,including basic materials,branded consumer,healthcare and luxury products,automotive parts,capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better and generates investment returns by structurally improving the strategic position,competitiveness,and profitability of its portfolio companies,rather than primarily relying on financial leverage. The KPS Funds' portfolio companies have aggregate annual revenues of approximately $22.0 billion,operate 232 manufacturing facilities in 27 countries,and have approximately 53,000 employees,directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.