Pantheon International : Half Year Results Presentation – 30 November 2021

PRIVATE & CONFIDENTIAL

Pantheon International Plc

Proactive, Responsible, Long-term Performance

Half Year Results to 30 November 2021 24 February 2022

Agenda

1. Introduction
2. PIP half year results
3. Actively managed portfolio
4. Investment and exit activity
5. Financial position
6. ESG
7. Conclusion

Appendix

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Pantheon - investing in private markets for almost 40 years

1983 1987 1988 1993 1994 1997 2000 2009 2017 2019 2020 2021	Pantheon Offices
PE Primaries
				1982
Pantheon International Plc			London
		2007	2014
				New York
PE Secondaries			2022		Seoul3
		Chicago		2011
					Berlin4
	PE Co-investments			2018
			Dublin
	Infrastructure1		1987		2018
		San Francisco	2011	Tokyo
				1992
st				Israel2
1 investment	Private Debt				Hong Kong
			2014
Dedicated strategy
	Real Estate		Bogotá

116	$81.2bn	40 / 60	>800	>565	~10,000	~2,000	2007
	$53.2bn	$27.9bn
	AUM	AUA
Investment	Assets under	% of FUM in	Institutional	Advisory	GPs in Pantheon's	Funds	Became a
professionals5	management	commingled /	investors globally	board seats	database	invested in	signatory to
	and advice6	customised accounts					UNPRI

1 Includes real assets. 2 A location from which executives of the Pantheon Group perform client service activities but does not imply an office. 3 A location from which executives of the Pantheon Group perform client service activities.

4 Pantheon has had a presence in Berlin since 2011 and opened an office in 2021. 5 As at 31 December 2021. Please note this includes 25 professionals who support the deal teams through investment

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structuring, portfolio strategy, research and treasury. 6 As at 30 September 2021.

PIP - FTSE 250 investment trust managed by Pantheon

We believe that PIP provides investors with privileged access to carefully selected investments in exciting private companies globally.

7%

9%

4%

11%

6%

36%

9%

32%

38%

29%

Investment

24%

Stage¹

Region¹

Company

52%

Type¹

Sectors4

12%

28%

33%

29%

14%

19%

c.45% invested

Small/Mid Buyout

Large/Mega Buyout

Information Technology

Healthcare

directly in companies

USA

Europe

Primary

Consumer

Financials

Growth

Special Situations

Asia and EM²

Global³

Industrials

Communication Services

Co-investments

Venture

Energy

Materials

Secondary

Others

Our focus: to deliver sustainably high returns through an actively-managed portfolio

1As at 30 November 2021. The fund investment type, stage and region 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 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. ²EM: Emerging Markets. ³Global category contains funds with no target allocation to any particular region equal to or exceeding 60%. 4The company sector chart is based upon underlying

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company valuations as at 30 September 2021, adjusted for calls and distribution to 30 November 2021, and accounts for 100% of PIP's overall portfolio value.

PIP has a track record of strong long-term performance

Financial results for the half year ended 30 November 2021

	Average	NAV per	Portfolio	Market	5YR	Share price	Net portfolio	Undrawn	AIC ongoing
	NAV growth
NAV	charges
since inception¹	share growth	return	cap	TSR	movement	cashflow	coverage ratio
	1.15%
£2.3bn	+12.3%	+22.1%	+19.7%	£1.7bn	+89.1%	+17.6%	£121m	110%

	Annualised performance		1 yr	3 yrs	5 yrs	10 yrs	Since
	as at 30 November 2021		inception1
	NAV per share		33.9%	16.3%	15.2%	13.8%	12.3%
	Ordinary share price
		37.9%	16.0%	13.6%	17.5%	11.7%
	FTSE All-Share, TR
		17.4%	5.3%	5.5%	7.3%	7.5%
	MSCI World, TR (£)
		23.4%	16.1%	13.9%	14.8%	8.6%
	Share price relative performance:
	vs FTSE All Share, TR	+20.5%	+10.7%	+8.1%	+10.2%	+4.2%
	vs MSCI World, TR (£)
	+14.5%	-0.1%	-0.3%	+2.7%	+3.1%

PIP delivers attractive long-term returns to shareholders

¹Inception date is September 1987. Past performance is not indicative of future results. Future performance is not guaranteed and a loss of principal may occur.

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