Pantheon International : Annual Report Presentation 2020

PRIVATE & CONFIDENTIAL

Pantheon International Plc

Year End Results to 31 May 2020

October 2020

PIP has a track record of long-term outperformance

Financial Results for the year ended 31 May 2020

	Average	NAV per		Portfolio		Market	5YR
NAV	NAV growth
since inception	share growth	return		cap	TSR
£1.6bn	+11.6%	+4.0%		+3.9%	£1.1bn	61.3%
Annualised									Since
performance as at		1 yr	3 yrs		5 yrs		10 yrs
			inception
31 May 2020
NAV per share			4.0%	9.6%	13.0%	12.0%	11.6%
Ordinary share price		-7.2%	4.8%	10.0%	14.8%	10.9%
FTSE All-Share, TR		-11.2%	-2.9%	1.3%	6.1%	7.1%
MSCI World, TR (£)		7.4%	6.2%	9.9%	11.1%	7.8%
Share price relative performance:
vs FTSE All Share, TR	+4.0%	+7.7%	+8.7%	+8.7%	+3.8%
vs MSCI World, TR (£)
-14.6%	-1.4%	+0.1%	+3.7%	+3.1%

Share price	Net portfolio	Undrawn	AIC ongoing
movement	cashflow	coverage ratio	charges
-7.2%	£110m	107%	1.23%

PIP delivers attractive long-term returns to shareholders

Past performance is not indicative of future results. Future performance is not guaranteed and a loss of principal may occur.

2

Overall PIP's underlying portfolio continues to perform well

NAV per share progression analysis

Valuation movements by stage³

3,100p

15%

46.7p

(42.7p)

+9.6%

89.9p

18.3p

2,882.8p

10%

+8.0%

2,900p

2,770.6p

+6.0%

+5.6%

5%

2,700p

-28.1%

0%

2,500p

2,300p

-5%

2,100p

-10%

+3.2%

+0.7%

+1.6%

+4.0%

1,900p

(1.5%)

-15%

-20%

May 2019

Valuation

Investment

FX Impact1

Expenses

May 2020

gains1

income1

and taxes1,2

-25%

 NAV per share as at 31 May 2020 reflects the initial impact of the

-30%

Small/

Venture

Large/

Growth

Special

COVID-19 crisis.

Mid-Buyout

Mega-Buyout

Situations

 Valuation declines in companies with energy exposure weighed
CLOSING	41%	5%	26%	20%	8%
on Special Situations.
 We continue to favour growth and small/mid buyouts.	PORTFOLIO
NAV %

PIP's portfolio has attractive growth characteristics

1 Stated net of movements associated with the Asset Linked Note ("ALN") share of the reference portfolio. The ALN refers to the unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference

portfolio consisting of the Company's older vintage funds. 2 Taxes relate to withholding taxes on investment distributions. 3 Portfolio returns include income, exclude gains and losses from foreign

exchange movements, and look through feeders and funds-of-funds to the underlying funds. Portfolio returns and portfolio NAV exclude returns generated by the portion of the reference portfolio		3

attributable to the ALN. Past performance is not indicative of future results. Future returns are not guaranteed and a loss of principal may occur.

Performance and investment activity so far in this financial year

Annualised					Since
performance as at	1 yr	3 yrs	5 yrs	10yrs
inception
31 August 2020
NAV per share	-3.5%	7.3%	12.2%	11.5%	11.5%
Ordinary share price	-1.1%	7.7%	12.1%	15.6%	11.1%
FTSE All-Share, TR
-12.6%	-2.8%	3.2%	5.9%	7.0%
MSCI World, TR (£)
15.0%	9.3%	14.4%	13.0%	8.1%

Share price relative performance:

vs FTSE All Share, TR	+11.5%	+10.5%	+8.9%	+9.7%	+4.1%
vs MSCI World, TR (£)
-16.1%	-1.6%	-2.3%	+2.6%	+3.0%

NAV per share analysis

3,100p	152.3p	2.4p	(180.8p)
2,900p	2,882.8p			(10.5p)	2,846.2p
2,700p
2,500p
2,300p
2,100p
1,900p	+5.3%	+0.1%	(6.3%)	(0.4%)	(1.3%)

May 2020	Valuation	Investment	FX impact1	Expenses	August 2020
	gains1	income1		and taxes1, 2

PIP's deal pipeline points to an active period for new commitments in the months ahead

As at 31 August 2020. Past performance is not indicative of future results. Future performance is not guaranteed and a loss of principal may occur.

¹ Figures are stated net of movements associated with the ALN share of the reference portfolio. 4 ² Taxes relate to withholding taxes on investment distributions.

Looking back

New deal activity and fundraising were in a healthy state pre-crisis…

Multiple (x)

Global Private Equity Deal Volume1

6,000									4,690	5,086
5,000								4,320		4,378
							4,041
						3,809
4,000
		3,133	3,265
			3,027
3,000		2,548
2,000
1,000
0
	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019

Deal Count

Entry EV/EBITDA, All LBOs3

North America vs. Europe

14.0x

North America

Europe

12.0x

10.0x

8.0x

8x.8

1x.9

3x.10

8x.9

3x.9

1x.10

7x.9

0x.10

7x.12

1x.10

5x.10

7x.10

6x.12

1x.10

3x.12

7x.11

3x.13

5x.12

6x.12

1x.11

4.0x

6.0x

2.0x

0.0x

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Global Private Equity Fundraising2
	700											2500
($bn)RaisedCapital	600										61	1000	Fundsof.No
									55		2000
									159
	500							67		96
							113
	400					48		120		109	104	1500
					55	117
	300				55	67	81	111		93
	200		30	48	39	86	75
		35					358
		28	51	44					308	253	500
	100	31	52	38	187	198		232
	35	180
	94	103
	0	79								0
		2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
		Number of funds	Buyout		Growth		Venture		Other

Entry Net Debt/EBITDA, All LBOs3

North America vs. Europe

8.0x

North America

Europe

7.0x

6.0x

(x)

5.0x

Multiple

4x.4 0x.5

0x.5 0x.5

7x.4

0x.5

4x.5 6x.5

5x.5 7x.6

9x.5 3x.5

6x.5 0x.6

6x.6 1x.6

9x.5 6x.6

6x.5 1x.6

2.0x

4.0x

3.0x

1.0x

0.0x

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Note there is no guarantee that these trends will persist. 1 Preqin: Data as of May 29, 2020; includes Buyout and add-on deals only. 2 Preqin: Data as of June 1, 2020.	3 Pitchbook: LBO multiples reflective	6
of average (mean) EV/EBITDA for all buyout transactions in North America and Europe. Asian transactions excluded from analysis due to lack of coverage.

…while secondary turnover and volumes had hit new record levels

Secondary market turnover has been rising1

($bn)	5,000						Global Private Equity AUM
AUM
						Secondary transactions as % of PE AUM (trend)
4,000
Equity
3,000
Private
2,000
Global	1,000
	0
			2003	2004	2005	2006	2007	2008	2009	2010		2012	2013	2014	2015	2016	2017	2018	2019
	2002	2011

2.0%

1.8%

1.6%

1.4%

1.2%

1.0%

0.8%

0.6%

0.4%

AUM PE of % as transactions Secondary

Secondaries transaction volume2

($bn)	100				Actual Volume
80
volume
60
Transaction
40									74	88
									58
	20					42	40
	25	25	28	37
	0
	2011	2012	2013	2014	2015	2016	2017	2018	2019

Market share by transaction type2		Market pricing3

chare by transaction	type
Market

100%		7%	20%	18%	24%	24%
80%			32%	30%
60%
40%		93%	80%	82%	76%	76%
		68%	70%
20%
0%
	2013	2014	2015	2016	2017	2018	2019
					Traditional LP			GP-Led

of NAV)	100%				96%		95%	99%	97%
		91%	94%		93%
90%	86%	84%
(%					93%
		92%			92%
				90%	89%
Price	80%	82%		87%				88%
80%
Secondary
70%						Strong demand has kept pricing in a
						tight band over the past five years
60%
		2011	2012	2013	2014	2015	2016	2017	2018	2019

Buyout funds

All strategies

¹Sources: Preqin private capital market data to Q3 2019 as of May 2020. PE AUM defined as unrealised value plus uncalled capital held by private equity funds at the calendar year end; Greenhill Cogent - Secondary Market Trends and

Outlook, January 2020. Secondary PE Market volume: - 2002: $1.9bn, 2003: $5.0bn, 2004: $7.0bn, 2005: $6.7bn, 2006: $10.0bn, 2007: $18.0bn, 2008: $20.0bn, 2009: $10.0bn, 2010: $22.5bn, 2011:7

$25.0bn, 2012: $25.0bn, 2013: $27.5bn, 2014: $42.0bn, 2015: $40.0bn, 2016: $37.0bn, 2017: $58bn, 2018: $74bn. 2019: $88bn. ² Source: Greenhill Cogent - Secondary Market Trends and Outlook,

Jan 2020. ³Greenhill Secondary Pricing Trends & Analysis, Jan 2020;. Note: There is no guarantee that these trends will continue. Near term available capital is comprised of Dry Powder, Leverage and Near Term Fundraising.

At the end of 2019, global private equity was in a strong position

Pre COVID-19

• More than a decade of rising markets had helped the private equity industry expand to record levels of AUM.
• 2019 was another robust fundraising year, with healthy new deal activity and strong exits.
• But private equity managers were already preparing for a downturn:
• • Fundraised while "times were good", amassing significant war chests over the past few years;
  • Used strong exit conditions to sell portfolio companies;
  • Invested in their own firms adding operational, sector and capital markets expertise;
  • Improved portfolio companies' financial positions and strengthened capital structures;
  • Prepared extreme "downside cases" and stress-tested recession scenarios;
  • Invested in businesses with multiple levers for value creation and increased buy-and-build activity.

Our private equity managers were prepared for more difficult times

8

PIP investment approach prior to COVID-19

• Portfolio steered towards more resilient sectors such as IT, healthcare and consumer companies with durable demand.
• Investment bias to 'overweight' mid-market and growth:
• • Lower entry multiples relative to large/mega buyouts;
  • Typically higher growth rates than larger businesses;
  • More levers to pull to help businesses to grow;
  • Extensive opportunity set and more routes to exit.
• Even tighter filter of new investment opportunities:
• • Pantheon deal teams' 'base-case' scenarios reflect more conservative hair-cutting of underlying managers' projections;
  • Stressed downside cases reflect assumptions that are either in line or worse than market conditions seen in the GFC.
• Prudent management of PIP's balance sheet with conservative approach to undrawn commitments, and initiative launched to increase size of the undrawn credit facility.

9

PIP has capitalised on Pantheon's differentiated deal flow

Example deals during the financial year

£13.2m PAI V Secondary

• PAI V investment dominated by Froneri, number two ice cream manufacturer globally.
• Rationale: Highly defensible market position with strong management team with outstanding track record of completing add-on acquisitions.
• Pantheon angle: Pantheon invited into secondary deal at an early stage based upon relationship with PAI.

£7.5m

• Leading global producer of omega-3 ingredients.
• Rationale: Market-leading business with key competitive advantages based on patented technology and processes.
• Pantheon angle: Primary relationship with German mid-market buyout firm capiton secured secondary deal.

£6.4m

• Leading financial and business software solution provider in Northern Europe.
• Rationale: Business continues to benefit from high cash conversion, low capex profile and strong mergers & acquisitions capabilities.
• Pantheon angle: Pantheon's existing relationship with Hg facilitated PIP's co-investment.

£4.6m

• Leading provider of SaaS cybersecurity intelligence based in the USA.
• Rationale: Attractive growth opportunity with a large pipeline of potential targets.
• Pantheon angle: Primary relationship with US-based Insight Venture Partners secured deal.

Please refer to slide 38 for full disclosures regarding case studies.	10

Where we are now

Impact of COVID-19 crisis on private equity

• Our private equity managers have taken rapid action with their portfolios:
• • More and increased frequency of contact with portfolio company management;
  • Conducted rapid assessment of portfolio company issues, challenges and opportunities;
  • Classified companies into low/medium/high impact categories.
• Immediate focus on three critical areas:
• • Workforce Health & Safety;
  • Preserving liquidity, focus on costs and tightened cash management;
  • Operational issues such as site closures, supply chain disruption, demand shocks and customer losses.
• At Q1 2020 portfolio valuations were down, as private equity managers took account of lower public market comparables.
• New deal activity and exits slowed at the end of Q1 2020 as private equity managers focused their efforts on their portfolio companies.

Our PE managers are working hard to ensure the best outcomes for their investee companies

12

Responsible investment during the COVID-19 crisis

• Our private equity managers are living up to their claims of being responsible investors:
• • Priority is health and safety of portfolio company employees;
  • Providing resources (human and financial) to support companies and employees;

 Heightened governance and focus on survival of businesses.

• Many private equity managers have joined the global relief effort:
• • Support: Sizeable donations to local communities;
  • Biotech: Firms involved in search for vaccines and development of testing kits;

 Healthcare: Businesses involved in manufacturing equipment or providing care;

• IT/software: Companies helping to improve the efficiency of the healthcare system through better scheduling, remote care provision and support services;
• Industrial: Retooling to produce disinfectants, hand sanitisers and other hygiene products;
• Food: Companies and restaurants providing free meals to essential workers or donating healthy food to hospitals and clinics.

We expect this heightened ESG awareness to persist in the post COVID-19 world

13

Our response to the crisis

Multiplied and	Detailed portfolio	Intense focus on risk	Increased
extended our	impact assessments	management	communication
regular dialogue	(Manager's Provision)	and liquidity	with clients and
with fund managers			the PIP Board

14

PIP portfolio tilted towards sectors that are more resilient

Company Sectors1

5% 4%

7%25%

10%

12%

21%

16%

Information technology

Healthcare

Consumer

Financials

Industrials

Communication services

Energy

Other

Information Technology

• High proportion of portfolio in software and technology services
• Focus on widespread process automation
• Target adoption of software-as-a-service solutions managed by third party providers

Healthcare

• Emphasis on healthcare services, pharmaceuticals and medical devices
• Demographic trends in each region underpin demand
• Supply / demand imbalance for specialised care

Consumer

• Diverse sector spanning many industries from consumer staples to e-commerce
• More recent focus on defensive subsectors, e.g. education services
• Target predictable revenues and cash-generativebusiness models with high barriers to entry

PIP offers access to many high growth sectors that are under-represented on public markets

1 The company sector chart is based upon underlying company valuations as at 31 March 2020 and accounts for 100% of PIP's overall portfolio value.	15

PIP's high growth portfolio is valued in line with public market comparables

Valuation Multiples (EV / EBITDA)

Uplift on exit

Wtd. Avg. uplift = 28%

14.3x

exitofPercentage

proceedsrealisation

30%

12.7x

25%

12.4x

10.0x

9.6x

20%

15%

10%

5%

0%

PIP Buyout

US Buyout

European

FTSE All

MSCI

<(25)

>(25)-(10)

>(10)-0

>0-10

>10-25

>25-50

>50-75

>75-100

>100

Uplift on exit

Sample

(median)

Buyout

Share

World

(median)

Revenue and EBITDA Growth (LTM Growth)

Historical Distribution Rates

35%

Revenue	EBITDA	AnnualisedQuarterly	Distribution Rate
	16.9%
12.4%
4.2%	3.5%

PIP Buyout Sample		MSCI World

30%

25%

20%

15%

10%

5%

0% Sep-16Dec-16Mar-17May-17Aug-17Nov-17Feb-18May-18Aug-18Nov-18Feb-19May-19Aug-19Nov-19Feb-20May-20

However, underlying companies exhibit stronger growth, and produce significant uplifts on exit

Note: Company and index valuation multiples as at 30 June 2020. PE median buyout EV/EBITDA sourced from Pitchbook, as at 30 June 2020. Revenue and EBITDA growth cover the 12 months to	16
31 December 2019. The valuation multiple, revenue growth and EBITDA growth sample covers approximately 51%, 65% and 64% of PIP's buyout portfolio. Uplift data represents 100% of exit realisations

and 75% of distributions received during the period. Valuation and growth metrics for indices sourced from Numis.

PIP's underlying portfolio company debt is actively managed

Buyout Debt Multiples (Debt / EBITDA)

Mid-market debt trends

7.0x
6.0x	5.8x
	5.2x
5.0x
4.0x	3.9x
3.0x
2.0x
1.0x
0.0x

PIP L/M Buyout	PIP S/M Buyout	All LBO (Market data)
Sample	Sample

In-house debt	Covenant-lite
specialists	debt

Disciplined use of debt

We seek to invest in managers with a disciplined approach to leverage

Note: The debt multiple sample for PIP covers 66% of the buyout portfolio and is as at 31 May 2020. LBO debt multiple for the market is sourced from "Pitchbook" Data and is as at 30 June 2020.

17

Looking ahead

Private equity market outlook

Immediate impact

Near-term

Later this year and beyond

Pricing

Follow-on

Investments

Valuations

Private

equity

New

mismatch

investments

into

will settle

secondary

valuation

leads to

to support

companies

and pricing

dealflow will

environment

fewer

existing

less - or

of risk will

accelerate

could bring

new deals

portfolio

positively -

become

interesting

companies

impacted

clearer

opportunities

Exit activity subdued as	Distributions will	Capital calls
buyers and sellers
will continue to support
therefore be slower
adjust to new
portfolio companies
valuations

Private equity is long term and flexible in nature

Pantheon opinion.

19

Secondary opportunities to increase in the second half of 2020

Expected Secondary Activity & Timeline

Special Situations		Flight to Quality
Q2 2020:	Q3 2020:	Q4 2020:
 Rescue Financing	 Follow-on funding	 High quality GP-led portfolio restructurings
 Preferred equity solutions	 High quality single asset continuation vehicles	 Full spectrum of LP portfolio transactions
 Top-up funds	 LP-led deals and tail-end transactions

Secondary Market Volumes & Pricing (2007 - 2014)1

	109%	Global Financial	Post GFC Economic
		Crisis		Rebound				80
110%						96%
				91%	70
100%				89%	86%	84%
90%						60
	73%
80%		59%
							50
70%							42
60%									40
50%							28
			22	25	25		30
40%	18	20
30%							20
		10
20%								10
10%
0%									0
2007	2008	2009	2010	2011	2012	2013	2014

Lessons from the Global Financial Crisis 2008/2009

• Secondary market discounts for buyout interests became more attractive.
• Increased to 27% and 41% in a lower valuation environment in 2008 and 2009, respectively.
• Discounts remained between c.10-15% for the subsequent three years.

Deal Volume ($bn)		Buyout funds

Current lower pricing environment could be expected to persist for several years

Pantheon opinion. 1 Source: Greenhill, Lazard data. Past performance is not indicative of future results. Future performance is not guaranteed, and a loss of principal may occur.	20

Co-investment activity to rebound in the medium term

• Although deal flow appears to have picked up in recent weeks, overall market activity level remains relatively muted as sponsors are:
• • Selective in their pursuit of sectors and businesses;
  • Cautious in the price discovery process due to the evolving impact of COVID-19.
• We may see greater use of co-investment by GPs looking to extend their fund life.
• We have seen deals in the IT and healthcare space, as well as platform investments with a roll-up thesis.
• • While pricing remains firm on high quality assets, terms could be more accommodating to buyers particularly for follow-on investments in which some of the risks could be shared with the sellers.
• Given the amount of private equity dry powder in the market, we expect investment activity will rebound as the COVID-19 impact can be better calibrated in the medium term.

Some co-investors may be less active due to portfolio issues or the denominator effect

21

An increasing set of underlying investment opportunities remains

Public companies

reducing by

c.2% per annum1

Private companies

increasing by

c.8% per annum1

Global Private

Equity Market

US $4.5tn²

North American and European companies

Private vs. Public

	20,000	18,829	18,878	19,016
				18,148	17,682	17,951				18,078
	18,000							16,934
						15,778	14,855	15,799
	16,000							14,197	14,722
companies						14,066		14,306
	9,943
14,000			12,378	13,132	14,973
				11,862
	12,000		10,588	11,151
of	10,000
Number	8,000
	6,000

4,000

2,000

0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

	Year
PE-backed companies	Publicly traded companies

Private markets provide access to faster growing, younger and more innovative companies

1	Source: "PitchBook", July 2020. Public company data for 2019 based on "PitchBook" estimate due to the unavailability of World Bank data which is used for the previous years.		22
2	Source: Preqin, July 2020.

PIP's balance sheet is carefully managed with a conservative approach to cash management

As at 31 August 2020

 Healthy cash balances of £126m at
31 August 2020.
 In May, the revolving credit facility was		3.9x
increased to £300m (term: June 2022) providing	£1,464m
even greater protection in the event of		financing cover1
deteriorating exit markets.
 Healthy coverage ratio gives assurance of PIP's		116%
ability to finance its undrawn commitments.
		undrawn
	coverage ratio2	£487m
	£417m
	Portfolio & Available Financing3	Undrawn Commitments

PIP is well positioned to withstand uncertainty

¹ As at 31 August 2020. ² Ratio of available financing and 10% of private equity portfolio NAV to undrawn commitments. ³ The portfolio and available financing figure excludes the current portion of the Asset Linked Note. The Asset Linked

Note ("ALN") refers to the unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting of the Company's older vintage funds. PIP's available 23 financing consists of net available cash and the undrawn credit facility. The overall loan facility comprises undrawn facilities of $270m and €102m and had a sterling-equivalent value of £292m as at 31 August 2020.

PIP's approach to risk management

• PIP invests directly into private equity managers' funds and directly into companies through co-investments, and can respond actively to changing market conditions and investment opportunities.
• Attractively diversified portfolio (geography, stage, sector, vintage, manager), weighted towards more resilient sectors.
• Strong, conservatively managed balance sheet and ability to meet undrawn commitments comfortably.
• Comprehensive and long-established approach to ESG.
• Truly independent Board which holds Pantheon, the Manager, to account.
• We cannot predict the outcome of this crisis however PIP's NAV experienced less volatility than the shares during the GFC.

In its more than 30 year history PIP has been through multiple cycles

24

Conclusion

	4,000	11.5%
TO 100)	3,500
(REBASED	3,000	Annualised NAV growth
2,500	since 1987
PERFORMANCE	2,000
	1,500
	1,000
	500
	0
	88	89	90	91	92	93	94	95	96	97	98	99	00	01	02	03	04	05	06	07	08	09	10	11	12	13	14	15	16	17	18	19	20

PIP FINANCIAL YEAR

The Company's issued share capital consisted of 54,089,447 ordinary shares as at 31 August 2020

NAV *

PIP Ordinary Share Price *

FTSE All Share Total Return

MSCI World Total Return (Sterling)

Long-term	Balanced &	Cost-effective	Responsible
diversified
outperformance	and liquid	investment
portfolio

*As at 31 August 2020. Past performance is not a guarantee of future results	25

Appendix

Pantheon: Investing in private markets for over 35 years

1983 1987 1988 1993 1994	1997 2000 2009 2017 2019 2020	Pantheon Offices
PE Primaries			1982
			London
Pantheon International Plc			2007		2014
		New York
			South Korea2
PE Secondaries					2011
		2018		Germany2
	PE Co-investments		Dublin
	1987			2018
		San Francisco	2011		Tokyo
1st investment	Infrastructure1			1992
	Israel	2
				Hong Kong
Dedicated strategy
Private Debt		2014
		Bogotá

100	$50.7bn	52 / 48	659	~450	~9,500	~2,000	2007
Investment	Funds under	% of FUM in co-mingled /	Institutional	Advisory	GPs in Pantheon's	Funds	Became a signatory
professionals3	management4	customized accounts	investors globally	board seats	database	invested in	to UNPRI

1. Includes real assets.
2. Represents countries from which executives of the Pantheon Group perform client service activities but does not imply an office.

3 As of June 30, 2020. Please note this includes 23 professionals who support the deal teams through investment structuring, portfolio strategy, research and treasury.		27
4 As of March 31, 2020. This figure includes assets subject to discretionary or non-discretionary management, advice or those limited to a reporting function.

PIP has an active and flexible approach to portfolio construction

Investments secured with many of the best private equity managers in the world through:

• Our long experience in the business.
• The strong relationships we have built over time.
• Our dynamic allocation to secondaries, co-investments and primaries.

					4%		Small/mid buyout	8%	USA
32%		Secondary		8%			11%
		33%				40%	Large/mega buyout		Europe
	Investment	Co-investment			Stage¹			Region¹
					Growth	50%
	Type¹		21%
							Asia and EM
		Primary
						Special situations
							31%
								Global
	35%						Venture
				27%

Risk managed through diversification

1 As at 31 August 2020. The fund region, stage and investment type charts are based upon underlying fund valuations and account for 100% of PIP's overall portfolio value. The charts exclude the portion of the reference portfolio	28
attributable to the Asset Linked Note. The Asset Linked Note ("ALN") refers to the unlisted 10-year note issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting

of the Company's older vintage funds. ² EM: Emerging Markets. ³ Global category contains funds with no target allocation to any particular region equal to or exceeding 60%.

PIP manages maturity profile to provide liquidity and to generate cash

Fund Vintage1

		2%
1%	11%	10%
1%

4%

3%14%

Yr 1	Yr 2	Yr 5	Yr 7	Yr 10	Yr 12
			Harvest period
2020
2019		Value creation period
2018		Investment period		Potential fund extension
2017

3%

5%

15%

15%

2016
2015
2014
2013
2012
2011	5.1 years

16%

2010	weighted average
2009	fund age2 of PIP's portfolio
2008 and earlier

Actively managed maturity profile enables PIP to invest through the cycle

1 As at 31 August 2020. The fund maturity chart is based upon underlying fund valuations and account for 100% of PIP's overall portfolio value. The chart excludes the portion of the reference portfolio attributable to the Asset Linked29Note. The Asset Linked Note ("ALN") refers to the unlisted 10-yearnote issued on 31 October 2017 whose cost and repayments are linked to a reference portfolio consisting of the Company's older vintage

funds. ² As at 31 May 2020. Calculation excludes the portion of the reference portfolio attributable to the Asset Linked Note.

PIP is committed to the highest standards of corporate governance

Shareholders

Invest via LSE

Supervises

• The Board has extensive experience in private equity, corporate finance, macroeconomics, government, law, accountancy, media and marketing:
• • Oversees the performance of Pantheon and monitors PIP's investment strategy;
  • Ensures no conflicts of interest: None of Pantheon's team are Board members;
  • Agrees annual targets with Pantheon for the volume and mix of new investments;
  • Safeguards shareholders' interests;
  • The Board continues to explore ways to reduce the share price discount to NAV.

PIP

PIP Board

Pantheon

Manages

• Ian Barby retired from the Board upon conclusion of the 2020 AGM.
• Dame Sue Owen and Mary Ann Sieghart were appointed to the Board in October 2019:
   Following the 2020 AGM, three out of seven Directors are female.
• Strong alignment of interests: all Directors own PIP shares.

Independent and experienced Board ensures that strategy puts shareholders first

30

Committed to investing responsibly and championing diversity

Responsible Investing

• Pantheon: 13 years as signatories to the UNPRI:
   Awarded A+ in 2020 for private equity.
• ESG evaluation is an integral part of the entire investment assessment and due diligence process with each private equity manager rated green, amber or red based on a variety of factors:

A workforce that reflects the people we serve

Gender Diversity¹	Ethnic Diversity¹
Overall workforce²	Overall workforce³

• • Among the 13 primary commitments made by PIP during the period, the majority received a green rating with the remainder receiving an amber rating;
  • Over three quarters of the managers have a formal process in place to engage with their portfolio companies on ESG issues.
• RepRisk, a third party news information service, has been fully integrated into Pantheon's pre- and post-monitoring processes since 2017:
• • During the period, incidents in companies accounting for less than 1% of PIP's NAV required follow up with the relevant GP;
  • • In all the cases, Pantheon was satisfied that the correct action had been taken where necessary and that the issue did not betray systematic underlying process issues.
• Pantheon works closely with various private equity trade associations and speaks at educational seminars and workshops.

UNPRI awarded A+ for

Strategy & Governance,

Private Equity and

Infrastructure 2020

40% 39%

Non-white ethnic background

Investment team heads

45%

Women

¹ The response rate for Pantheon's voluntary survey in December 2019 - January 2020 was 68%.	31
² c.1% prefer not to say.

³ c. 3% prefer not to say.

Active pipeline of deal flow across all types, stages and region

New Commitments as at 31 May 2020

• In the year to 31 May 2020, PIP made £244.5m of new commitments:
• • 13 Primaries: £96.2m
  • 16 Co-investments:£74.8m
  • 15 Secondaries: £73.5m

				4%
30%				9%
	Primary
					Europe
	Investment	39%
	Co-investments		Region¹		USA
	Type¹		51%
		Secondary	36%			Asia and EM

Global

31%2%

6%

18%		Small/Mid-Buyout

Stage¹	45%	Growth
	Large/Mega-Buyout
		Venture
29%		Specialist situations

Interesting pipeline of opportunities for second half of 2020

1 As at 31 May 2020.	32

What the Global Financial Crisis might tell us

• The characteristics of the COVID-19 crisis are not exactly the same as the GFC but there are some interesting observations that can be made about how private equity performed in previous market cycles.
• Private equity (on average) outperformed the MSCI World AC Index in both bull markets and during the GFC.
• We believe that one of the main reasons for this is the active ownership model employed by private equity managers.
• Private equity is well positioned to emerge strongly from this crisis.

Performance in the bull economy, 2010-2019

	12%	10.38%
Returns
10%	8.78%
8%
Annualised	6%
4%
2%
	0%

		MSCI World AC Index	Private equity (average)
Performance in the Global Financial Crisis, 2007-2009
	12%				10.08%
	10%
Returns
8%
	6%
Annualised	4%
2%
	0%
	-2%
	-4%
	-4.39%
	-6%
		MSCI AC World Index	Private equity (average)

Source: Bloomberg, ThomsonOne PE Index as at Q4 2019.	33

Key information

Ordinary shares

Trading symbol	PIN
Bloomberg	PIN:LN
Exchange	London Stock Exchange, MAINMARKET
SEDOL	0414850
ISIN	GB0004148507
Market Cap1	£1.2bn
Net Asset Value per share1	2,846.2p
Admission to trading	September 1987
Currency	GBP
Company information
Investment manager	Pantheon Ventures (UK) LLP
Company Address	Beaufort House, 51 New North Road, Exeter, EX4 4EP
Registered	England & Wales
Company Secretary	Link Alternative Fund Administrators Limited
Broker	Investec Bank plc
Auditor	Ernst & Young LLP
Website	www.piplc.com
Contact	Vicki Bradley, Investor Relations
Telephone: [phone] / Email: [e-mail]

1 As at 31 August 2020	34

Important Notice

This document and the information contained herein is the proprietary information of Pantheon International Plc ("PIP"); it may not be reproduced, amended, or used for any other purpose, without the prior written permission of PIP.

This document is distributed by Pantheon Ventures (UK) LLP ("Pantheon UK"), a firm that is authorised and regulated by the Financial Conduct Authority ("FCA") in the United Kingdom, FCA Reference Number 520240. Pantheon UK is PIP's Manager and receives a monthly management fee at the rate of 1.5 per cent. per annum on the value of PIP's investment assets (that is, all assets excluding cash and fixed interest near-cash investments) up to £150 million and at the rate of 1 per cent. per annum on the value of investments assets above £150 million. Pantheon UK also receives a monthly fee at the rate of 0.5 per cent. per annum on the amount committed by PIP to investments which is for the time being outstanding and unpaid, up to a maximum amount equal to the total value of PIP's investment assets. Further Pantheon UK is entitled to an annual performance fee equal to 5 per cent. of all growth in PIP's fully diluted total net asset value above 10 per cent. per annum calculated on a compounded basis. Further information on the fees payable to Pantheon UK can be found in The Directors' Report section of PIP's latest annual report and accounts.

The information and any views contained in this document are provided for general information only. Nothing in this document constitutes an offer, recommendation, invitation, inducement or solicitation to invest in PIP. Nothing contained in this document is intended to constitute legal, tax, securities or investment advice. You should seek individual advice from an appropriate independent financial and/or other professional adviser before making any investment or financial decision. This document is intended only for persons in the UK and persons in any other jurisdiction to whom such information can be lawfully communicated without any approval being obtained or any other action being taken to permit such communication where approval or other action for such purpose is required. This document is not directed at and is not for use by any other person.

You should remember that the value of an investment in PIP, and any income from it, may go down as well as up, and is not guaranteed, and investors may not get back the amount of money invested. There is no assurance that the investment objective of PIP will be achieved. Further, the market price of PIP shares may not fully reflect their underlying net asset value and it is not uncommon for the market price of PIP shares to trade at a substantial discount to their net asset value. This discount may increase or reduce due to market factors which are unrelated to PIP's net asset value or performance. You should also remember that past performance cannot be relied on as a guide to future performance and that rates and levels of taxation may change. The spread between the purchase and sale prices for certain investment trusts, and classes of investment trust, can be wide. This means the purchase price can be considerably higher than the sale price.

You should note that PIP invests in private equity funds and unquoted companies which are less readily marketable than quoted securities and may take a long time to realise. In addition, such investments may carry a higher degree of risk than investments in quoted securities. PIP may be adversely affected by these risks notwithstanding the level of diversification which PIP seeks to achieve in relation to its investment portfolio. In addition, most of PIP's investments are in funds whose principal investment focus is outside the UK. Movements in exchange rates between sterling and other currencies therefore affects the value of PIP's investments. Losses may be multiplied since PIP invests in a range of private equity strategies including buyouts that commonly use gearing. PIP's investment valuation method is reliant on financial information provided by underlying funds and companies into which it invests. Valuation methods used by those funds and companies may be inconsistent. At any given time, PIP typically has outstanding, unpaid commitments to private equity funds which are substantial relative to PIP's assets. PIP's ability to meet these commitments (and avoid the potentially adverse consequences of default) depends on PIP receiving cash distributions from its investments and, to the extent these are insufficient, on the continuing availability of PIP's financing facilities. Other principal risks associated with PIP's activities are described in PIP's latest annual report and accounts.

Unless expressly mentioned, all information and data is sourced from PIP's monthly and statutory reporting, and Pantheon. Pantheon has taken reasonable care to ensure that the information contained in this document is accurate at the date of publication. However, no warranty or guarantee (express or implied) is given by Pantheon as to the accuracy of the information in this document, and to the extent permitted by applicable law, Pantheon specifically disclaims any liability for errors, inaccuracies or omissions in this document and for any loss or damage resulting from its use.

Copyright © Pantheon 2020. For more information regarding Pantheon, please consult our website: https://www.pantheon.com/legal-regulatory-notice/. All rights reserved.

35

Non-U.S. Disclosure

This document and the information contained herein has been prepared and distributed by Pantheon and is the proprietary information of Pantheon; it may not be reproduced, provided or disclosed to others, without the prior written permission of Pantheon. This document is distributed by Pantheon which is comprised of operating entities principally based in San Francisco, New York, London, Dublin, Hong Kong and Tokyo. Pantheon Ventures Inc. and Pantheon Ventures (US) LP are registered as investment advisers with the U.S. Securities and Exchange Commission ("SEC") and Pantheon Securities LLC, is registered as a limited purpose broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority ("FINRA") and the Securities Investor Protection Corporation

("SIPC"). Pantheon Ventures (UK) LLP is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. Pantheon Ventures (Ireland) DAC is regulated by the Central Bank of

Ireland ("CBI"). Pantheon Ventures (HK) LLP is regulated by the Securities and Futures Commission ("SFC") in Hong Kong. In Hong Kong, this document is distributed by a licensed representative of Pantheon Ventures (HK) LLP , a corporation licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activity, on the basis that you are a Professional Investor as defined in the Securities and Futures as defined by the FCA and regulation within the local jurisdiction where the investor is based. In Japan this document is provided by Pantheon Ventures (Asia) Limited, registered as a Type II Financial Instruments Business and Investment Advisory and Agency Business Operator under the registration entry "Director General of the Kanto Local Finance Bureau (Financial Instruments Business Operator) No. 3138" under the Financial Instruments and Exchange Act of Japan (the "FIEA") and a regular member of the Type II Financial Instruments Firms Association of Japan and Japan Investment Advisers Association, to "Professional Investors" (tokutei toshika) as defined in Article 2, paragraph 31 of the FIEA. By accepting this document you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to a person who is not a Professional Investor as defined by the FCA and regulation within the local jurisdiction where the investor is based. The registrations and memberships described above in no way imply that the SEC, FINRA, SIPC, FCA, CBI or the SFC have endorsed any of the referenced entities, their products or services, or this material. This information is intended only for distribution in Australia to persons who wholesale clients under section 761G of the Corporations Act 2001 (Cth) ("Wholesale Clients"). By receiving this document you represent and warrant that you are a Wholesale Client. Pantheon Ventures (UK) LLP is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) in relation to any financial services provided in Australia to Wholesale Clients under ASIC Class Order 03/1099. Pantheon Ventures (UK) LLP is regulated by the FCA under the laws of England and Wales, which differ from Australian laws. Pantheon Ventures (UK) LLP relies on the Australian Corporations (Repeal and Transitional Instrument) 2016/396 which grants transitional continuance relief to foreign financial services providers relying on Australian Class Order 03/1099 in order to provide financial services to Wholesale Clients in Australia. By accepting this document you acknowledge and agree that this material is provided for your use only and that you will not distribute or otherwise make this material available to a person who is not a Professional Investor as defined by the FCA and regulation within the local jurisdiction where the investor is based.

This document is a marketing communication, and has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Nothing in this document constitutes an offer or solicitation to invest in a fund managed or advised by Pantheon or recommendation to purchase any security or service. The information contained in this document has been provided as a general market commentary only and does not constitute any form of legal, tax, securities or investment advice. It does not take into account the objectives, financial situation, risk tolerance, attitude to risk and investment restrictions of any persons, which are necessary considerations before making any investment decision. Unless stated otherwise all views expressed herein represent Pantheon's opinion. The general opinions and information contained in this publication should not be acted or relied upon by any person without obtaining specific and relevant legal, tax, securities or investment advice. The source of information included in this publication is based upon information derived from public sources that are believed by Pantheon to be reliable, but Pantheon does not guarantee their accuracy or completeness. Pantheon does not undertake to update this document, and the information and views discussed may change without notice. Legal, accounting and tax restrictions, transaction costs and changes to any assumptions may significantly affect the economics and results of any transaction or investment. In general, alternative investments such as private equity or infrastructure involve a high degree of risk, including potential loss of principal invested. These investments can be highly illiquid, charge higher fees than other investments, and typically do not grow at an even rate of return and may decline in value. These investments are not subject to the same regulatory requirements as registered investment products.

36

Non-U.S. Disclosure continued

In addition, past performance is not indicative of future results. Future performance is not guaranteed and a loss of principal may occur. Market and exchange rate movements may cause the capital value of investments, and the income from them, to go down as well as up and the investor may not get back the amount originally invested This presentation may include "forward-looking statements". All projections, forecasts or related statements or expressions of opinion are forward-looking statements. Although Pantheon believes that the expectations reflected in such forward- looking statements are reasonable, it can give no assurance that such expectations will prove to be correct, and such forward-looking statements should not be regarded as a guarantee, prediction or definitive statement of fact or probability.

Pantheon has taken reasonable care to ensure that the information contained in this document is accurate at the date of publication. However, no warranty or guarantee (express or implied) is given by Pantheon as to the accuracy of the information in this document, and to the extent permitted by applicable law, Pantheon specifically disclaims any liability for errors, inaccuracies or omissions in this document and for any loss or damage resulting from its use.

In Australia, this document and the information contained herein is intended only for wholesale clients under section 761G of the Corporations Act 2001 (Cth) ("Wholesale Clients"). By receiving this document you represent and warrant that you are a Wholesale Client. Pantheon Ventures (UK) LLP is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) in relation to the provision of any financial product advice regarding the financial products which are referred to in this document under ASIC Class Order 03/1099 and is regulated by the FCA under UK laws, which differ from Australian laws.

This document and the information contained herein is directed only at: (i) persons outside the United Kingdom and (ii) persons in the United Kingdom and who are "investment professionals" as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, persons falling within any of the categories of persons described in Article 49(2)(a) to (d) of that Order or other persons to whom it may lawfully be communicated in accordance with that Order. No other person in the United Kingdom should access this document and the information it contains, or act or rely upon by it. In all jurisdictions other than the United Kingdom, this document is intended only for institutional investors to whom this document can be lawfully distributed without any prior regulatory approval or action.

Any reference to the title of "Partner" in these materials refers to such person's capacity as a partner of Pantheon Ventures (UK) LLP. In addition, any reference to the title of "Partner" for persons located in the United States refers to such person's capacity as a limited partner of Pantheon Ventures (US) LP.

Copyright © Pantheon 2020. All rights reserved.

PVL 13016

37

Disclosures - case studies

Disclosures 1

These case studies are examples of specific private transactions made by Pantheon funds / clients and are designed to assist prospective investors / clients to understand Pantheon's investment management style / strategy. It should NOT be regarded as a recommendation. Pantheon makes no representation or forecast about the performance, profitability or success of such transaction. You should not assume that future recommendations will be profitable or will equal the performance of past recommendations. The statements above reflect the views and opinions of Pantheon as of the date of the investment analysis.

Please also note that all performance numbers quoted in these case studies are net of underlying fund fees, carry and expenses and gross of Pantheon fund fees, carry and expenses. Pantheon does not calculate performance net of Pantheon fund fees, carry and expenses at the underlying fund investment level. Past Performance is not indicative of future results. Future performance is not guaranteed and a loss of principal may occur.

Disclosures 2

These case studies are also examples of specific private transactions made by third party fund managers (not Pantheon) and are designed to assist prospective investors / clients to understand recent market activity. It should NOT be regarded as a recommendation or endorsement of such transactions or the third party managers responsible for such investment decisions. Pantheon makes no representation or forecast about the performance, profitability or success of such transaction or the third party managers responsible for such investment decisions.

Please also note that all performance numbers quoted in these case studies are net of underlying fund fees, carry and expenses and gross of Pantheon fund fees, carry and expenses. Pantheon does not calculate performance net of Pantheon fund fees, carry and expenses at the underlying fund investment level. Past Performance is not indicative of future results. Future result performance is not guaranteed, and a loss of principal may occur.

38