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PANTHEON INTERNATIONAL PLC Daily PANI.L 05/09/2017 - 02/09/2019 (LON) Line, PANI.L, Trade Price(Last), 04/09/2019, 2,285, +10, (+0.44%) Price Gbp

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PANTHEON INTERNATIONAL PLC Daily PANI.L 05/09/2017 - 02/09/2019 (LON) Line, PANI.L, Trade Price(Last), 04/09/2019, 2,285, +10, (+0.44%) Price Gbp 6 September 2019 Closed-Ended Investments PANTHEON INTERNATIONAL PLC Daily PANI.L 05/09/2017 - 02/09/2019 (LON) Line, PANI.L, Trade Price(Last), 04/09/2019, 2,285, +10, (+0.44%) Price GBp 2,300 2,285 2,250 2,200 2,150 11.9% average annual NAV growth since 1987 2,100 2,050 2,000 1,950 PIP (ticker PIN) invests in a diversified portfolio of private equity (PE) funds and directly 1,900 1,850 in private companies. On average, it has beaten its benchmark index by ca.4.0% p.a. since 1,800 inception in 1987, generating ca.1.5x the market’s returns. This has been delivered by i) Auto Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 PE funds earning better returns than quoted companies, ii) PIP investing in the right parts Source: Refinitiv of the PE market, iii) benefits from being in the Pantheon family, and iv) a structured fund selection process. PIP gives investors access to the whole PE market, with strong Market data corporate governance. We believe the “real” NAV is above “book” NAV. There are risks EPIC/TKR PIN (see below), but the discount makes the risk/reward anomalous, in our view. Price (p) 2,290 12m High (p) 2,330 12m Low (p) 1,960 ► Value-added: PIP delivers market-beating returns because real value is added in Shares (m) 54.089 the process. PE adds value through better operational performance, strategic Mkt Cap (£m) 1,241 flexibility and financial expertise. Through its whole-market, flexible mandate, PIP NAV p/sh (p) 2,848 can select the best opportunities in this market, and it has proven skills in manager Discount 20% selection. Market Premium equity closed-ended inv. ► Investment neutrals: We see no financial impact from the Woodford situation, but funds it is affecting sentiment. PIP’s costs are a small part of investor returns. Due Description diligence and process make this a high-resource business but, despite this, returns The investment objective of Pantheon post-costs have beaten market indices. Gearing and liquidity appear appropriate. International PLC (PIP) is to maximise capital growth by investing in a ► Valuation: PIP currently trades at a 20% discount to NAV, despite its long-term diversified portfolio of private equity outperformance. We outline why the “real” NAV is likely to be above the (PE) funds and directly in private accounting value, making the discount higher than the public number. PIP re- companies. invests returns for superior capital growth, and does not pay a dividend. Company information ► Risks: Sentiment to the economic cycle is material (we note that PIP’s NAV rose Chairman Sir Laurie Magnus every year in the early 1990s’ recession). Even though PIP has permanent capital Aud. Cte. Chr. Ian Barby and proven uplifts on exit, market sentiment to investments with illiquid and Sen Ind. Dir. Susannah Nicklin unquoted shares is adverse. Sentiment to the duration of the discount may also Inv. Mgr. Pantheon be an issue. Managers Andrew ► Investment summary: PIP is in an attractive market, can pick the best part of that Lebus/Helen Steers market and has competitive operational advantages. Its manager selection and Contact Vicki Bradley portfolio structuring have added value. Corporate governance appears strong, +44 20 3356 1725 and the “real” value of the assets is, we believe, above their accounting value. www.piplc.com Investors are getting liquid access to the whole PE market. There are risks around the cycle, and illiquid and unquoted underlying assets, but comparing these with Key shareholders, 31 May 2109 the historical returns makes the current discount an anomaly. USS 8.15% Old Mutual 7.03% Esperides SA SICAV- SIF 5.75% Financial summary and valuation East Riding of Yorkshire 4.70% Year-end May (£’000s) 2017 2018 2019 2020E 2021E APG Asset Mgt. 4.44% Gains on investments 201,198 149,778 204,473 169,607 187,019 Investec Wealth 4.37% Investment income 17,436 15,504 13,222 14,496 15,984 Private Syndicate pty 3.76% Investment Manager’s fee -12,659 -15,020 -16,584 -21,710 -23,751 Brewin Dolphin 3.45% Other expenses -1,783 -3,270 -573 -1,000 -1,000 Interest payable/similar expenses -1,791 -1,950 -2,386 -2,386 -2,386 Diary Return before taxation 204,790 131,947 194,918 152,008 169,866 10 Sep Institutional cap. mkt. day NAV per share (p) 2,190 2,415 2,771 3,047 3,356 S/P discount to NAV 5% -5% -17% -25% -32% Investments 1,224 1,275 1,450 1,598 1,765 Analysts Equity issued in year -26 -3,546 -500 0 0 Mark Thomas 020 7194 7622 Source: Hardman & Co Research [email protected] . Dr Brian Moretta 020 7194 7622 [email protected] Disclaimer: Attention of readers is drawn to important disclaimers printed at the end of this document Pantheon International Plc Table of contents Executive summary ............................................................................................................ 3 Summary ............................................................................................................................ 5 Investment attractions .................................................................................................... 10 Long-term returns .............................................................................................................................. 10 PE adds value ........................................................................................................................................ 11 Positioning in sweet-spot middle-market ................................................................................ 14 Picking the right stage of investment ......................................................................................... 15 Portfolio vintage management adds value .............................................................................. 16 Benefits from being part of Pantheon family .......................................................................... 19 As a fund of funds, manager selection is key ........................................................................... 20 Independent board/corporate governance ............................................................................ 22 “Real” NAV is higher than accounting NAV ............................................................................. 23 Liquid access to whole PE market ............................................................................................... 27 Other investment positives ............................................................................................................ 27 Investment-neutral .......................................................................................................... 28 Woodford and H2O funds read-across ......................................................................................... 28 Appropriate level of gearing through portfolio ..................................................................... 29 Appropriate liquidity in PIP ............................................................................................................ 30 Costs ......................................................................................................................................................... 33 Other issues .......................................................................................................................................... 36 Investment risks ............................................................................................................... 39 Sensitivity to turn in economic cycle .......................................................................................... 39 Shades of grey in the valuation ..................................................................................................... 43 Unquoted assets/asset illiquidity ................................................................................................ 44 History of discount ............................................................................................................................. 44 Current portfolio .............................................................................................................. 45 Valuation ......................................................................................................................... 47 Alternative approach ......................................................................................................................... 48 Triggers for a re-rating ..................................................................................................................... 48 Financials ......................................................................................................................... 49 Company matters ............................................................................................................ 50 Glossary ........................................................................................................................... 54 Disclaimer ........................................................................................................................ 55 6 September 2019 2 Pantheon International Plc Executive summary PIP delivered ca.1.5x post-cost market PIP has delivered 11.9% average annual NAV growth since inception in 1987. This is a ca.4% annual outperformance compared with benchmark indices over this period returns since inception in 1987 and ca.1.5x the market level of returns after taking account of
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