RNS Number:7451Q
Principle Capital Holdings S.A.
06 February 2007



                        PRINCIPLE CAPITAL HOLDINGS S.A.

                                 TRADING UPDATE


Principle Capital Holdings S.A. today issued the following update on trading in
respect of the year ended 31 December 2006.

Our operational businesses, Principle Capital Partners Limited, Principle
Capital Fund Managers Limited and Principle Capital Advisors Limited (together
"Principle Capital") are dedicated to fund management and investment advice. The
Company invests largely in the products managed/advised by Principle Capital,
but also has certain direct investments.

In total, Principle Capital had assets under management (allowing for certain
cross interests) of #150 million ($290 million) at the year end, with the net
asset value of our flagship fund, Principle Capital Investment Trust plc
("PCIT"), standing at #99 million.

2006 saw the first full year's performance for the ordinary shares of PCIT. This
performance was particularly strong with the unaudited net asset value of the
ordinary shares rising by 20.2%, despite only becoming substantially invested by
the end of April 2006. Between 28 April 2006 and 29 December 2006, the unaudited
net asset value of the ordinary shares rose by 18.82%. This compared with the FT
All Share (Total Return) Index which for the same period rose 6.87%.

In December 2006, following a small initial commitment from certain high net
worth clients, we launched Principle Capital, L.P. ("PCLP"), an open ended
limited partnership. which will invest alongside PCIT. Alongside PCIT and PCLP
are two coinvestment arrangements, one in Nord Anglia (through Bulldog Financial
Limited ("Bulldog")) and the other in Luminar, with combined assets of #18
million. Our investment in Nord Anglia was also a very strong performer. At the
end of the year Bulldog showed a net IRR of 54.3% since inception in April 2005.

In October 2006, the group established two 59.8% owned subsidiaries, called
Proteus Property Partners Limited and Proteus Property Advisors Limited
(together "Proteus"). Proteus is the appointed manager/sub adviser respectively
of South African Property Opportunities plc ("SAPRO"), a closed end fund which
was admitted to AIM, raising #30 million. SAPRO has made two initial investments
and has a strong pipeline of opportunity. The board of SAPRO anticipates that
the issue proceeds will be invested in the first half of 2007.


As a result of the strong performance of the funds under management, the board
of Principle Capital Holdings S.A. estimates that consolidated profit on
ordinary activities after taxation for the full year to 31 December 2006 will be
not less than #2.5 million (before minority interests) (as against a loss of
#1.3 million in the year to 31 December 2005) and the net assets as at 31
December 2006 to be not less than #14 million (as against #12 million at 31
December 2005).


Enquiries

Principle Capital
Brian Myerson/James Peggie
+44 (0)20 7240 3222




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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