Pantheon International : Half Year Results Presentation – 30 November 2022

PRIVATE & CONFIDENTIAL

Pantheon International Plc

Exceptional companies

Excellent long-term performance

February 2023

Agenda

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

Appendix

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	2
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.

Pantheon - investing in private markets for over 40 years

1983 1987 1988 1993 1994 1997 2000 2009 2017 2019 2020 2021 2022 2023	Pantheon Offices
PE Primaries
Pantheon International Plc		2007
		New York
PE Secondaries		2022
	Chicago
	PE Co-investments
		1987
	Infrastructure1	San Francisco
1st investment	Private Debt
	2014
Dedicated strategy
Real Estate	Bogotá

1982 London

2018

Dublin

2011 Israel2

2011 Berlin4

1992

Hong Kong

2014

Seoul3

2018 Tokyo

143	$88.9bn	40 / 60	>960	>585	~10,000	~2,000	2007
	$56.8bn	$32.1bn
	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 2022. Please note this includes 41 professionals who support the deal teams through investment

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structuring, portfolio strategy, research and treasury. 6 As at 30 September 2022.

PIP - FTSE 250 investment trust managed by Pantheon

Providing access to a high-quality diversified portfolio of private companies

33%

34% Investment

Type¹

33%

54% invested

directly in companies

Primary

3%

7%

21%43%

Stage¹

26%

Small/Mid Buyout

7%

10%

Region¹

28%

USA²

55%

2%

3% 1%

7%

10%34%

Company

11% Sectors4

13% 19%

Information Technology

Healthcare

Secondary Co-investment

Large/Mega Buyout

Growth

Special Situations

Venture

Europe ³

Asia and EM

Global

Consumer	Financials
Industrials	Communication Services
Energy	Materials
Others

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

1As at 30 November 2022. 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 company valuations as at 30 September 2022, adjusted for calls and distribution to 30 November 2022, and accounts for 100% of PIP's overall portfolio value.

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PIP's portfolio is actively managed and increasing in concentration

Directs vs Funds

100%
80%				46%
60%
100%
40%
20%						54%
0%
June 2012			Nov 2022
			Directs		Funds

Deliberate shift towards direct company

investments.

Number of Portfolio Companies	Weighted average life of portfolio
Comprising 80% of PIP's Total Exposure	(years)
1,000		8.0		7.2
1,000
800			6.0			4.8
		571
600
		4.0
400
200			2.0
0			0.0
June 2012	Nov 2022		June 2012	Nov 2022

The number of companies comprising 80% of PIP's	Maturity profile results in naturally
total exposure has declined by c.40% since 2012.	cash-generative portfolio.

Increase in direct exposure through co-investments and single asset secondaries

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