Rocco Sgobbo Head Investment Solutions Southeast Asia, Bastian Wolff Private Real Estate, Claude Angéloz Co-Head Private Real Estate, Choon Wah Wong Private Real Estate VALUE CREATION IN PRIVATE MARKETS ASSESSING UNDERLYING COMPANIES ANNUAL REPORT 2013 IN A SECONDARY TRANSACTION Julien Marencic Private Equity Secondaries, Stephan Schäli Head Private Equity, Jochen Weirich Investment Solutions Europe and Adam Howarth Co-Head Private Equity Secondaries Passion for Private Markets Passion for Private Markets PARTNERS GROUP – ANNUAL REPORT 2013 – ANNUAL GROUP PARTNERS ZUG | SAN FR ANCISCO | NEW YORK | SAO PAULO | LONDON | GUERNSEY | PARIS | LUXEMBOURG | MILAN | MUNICH | DUBAI | SINGAPORE | SHANGHAI | SEOUL | TOKYO | SYDNEY Rocco Sgobbo Head Investment Solutions Southeast Asia, Bastian Wolff Private Real Estate, Claude Angéloz Co-Head Private Real Estate, Choon Wah Wong Private Real Estate VALUE CREATION IN PRIVATE MARKETS ASSESSING UNDERLYING COMPANIES ANNUAL REPORT 2013 IN A SECONDARY TRANSACTION Julien Marencic Private Equity Secondaries, Stephan Schäli Head Private Equity, Jochen Weirich Investment Solutions Europe and Adam Howarth Co-Head Private Equity Secondaries Passion for Private Markets Passion for Private Markets PARTNERS GROUP – ANNUAL REPORT 2013 – ANNUAL GROUP PARTNERS ZUG | SAN FR ANCISCO | NEW YORK | SAO PAULO | LONDON | GUERNSEY | PARIS | LUXEMBOURG | MILAN | MUNICH | DUBAI | SINGAPORE | SHANGHAI | SEOUL | TOKYO | SYDNEY 2 147 KEY FIGURES CONTACTS Zug: San Francisco: 1 Investor relations 2012 2013 Zugerstrasse 57 150 Spear Street Number of professionals Philip Sauer Average assets under management (in EUR bn, daily) 27.2 30.0 6341 Baar-Zug 18th Floor 750 Phone: +41 41 784 66 60 Switzerland San Francisco, CA 94105 701 professionals 701 Revenue margin2,3 1.39% 1.33% Phone: +41 41 784 60 00 USA Email: [email protected] Fax: +41 41 784 60 01 Phone: +1 415 537 8585 625 Revenues (in CHF m)3 455 492 600 574 Fax: +1 415 537 8558 EBITDA margin 62% 61% Media relations 450 447 EBITDA (in CHF m) 282 300 Alexander von Wolffradt New York: São Paulo: The Grace Building Rua Joaquim Floriano 361 344 Financial result (in CHF m) 18 31 Phone: +41 41 784 66 45 1114 Avenue of the Americas 1120 - 11º andar 16 offices 300 273 IFRS net profit (in CHF m) 257 317 Email: [email protected] 37th Floor São Paulo – SP 04534-004 New York, NY 10036 Brazil around the world 4 175 Adjusted net profit (in CHF m) 265 292 USA Phone: +55 11 3528 6500 150 www.partnersgroup.com Phone: +1 212 908 2600 Fax: +55 11 3528 6501 Fax: +1 212 908 2601 [email protected] Net liquidity position at end of year (in CHF m)5 422 492 0 06 07 08 09 10 11 12 13 London: Guernsey: Total assets under management Shareholders’ equity (in CHF m) 697 858 Heron Tower Tudor House (in EUR bn) Return on shareholder’s equity (ROE)4 43% 39% 14th floor 2nd Floor EUR 31.6 billion 110 Bishopsgate Le Bordage 35 4 assets under management 31.6 Equity ratio 89% 84% London EC2N 4AY St Peter Port GY1 1BT United Kingdom Guernsey 30 27.8 1 2012 figures restated 2 based on average AuM calculated on a daily basis Phone: +44 20 7575 2500 Phone: +44 1481 711 690 25 24.1 3 revenues from management and advisory services, net, including other operating income and share of results of associates Fax: +44 20 7575 2501 Fax: +44 1481 730 947 20.7 4 20 adjusted for certain non-cash items relating to our capital-protected product Pearl Holding Limited 16.6 5 including loans to products 15.5 15 12.6 Paris: Luxembourg: 10 8.6 Share information as of 31 December 2013 10 rue Labie 2, Rue Jean Monnet 1.33% 5 75017 Paris 4th floor France 2180 Luxembourg net revenue margin 0 Share price CHF 237.90 Phone: +33 1 45 03 60 84 Grand Duchy of Luxembourg 06 07 08 09 10 11 12 13 Fax: +33 1 45 74 86 99 Phone: +352 27 48 28 1 Note: AuM exclude discontinued public alternative Total shares 26’700’000 Fax: +352 27 48 28 28 investment activities and divested affiliated companies Market capitalization CHF 6.4 bn 1 Adjusted net profit Free float 64.85% Milan: Munich: (in CHF m) Via Pontaccio 10 Skygarden im Arnulfpark Diluted shares (weighted average) 26’389’530 20121 Milan Erika-Mann-Str. 7 350 2 Italy 80636 Munich 302 Adjusted diluted earnings per share CHF 11.07 CHF 492 million 300 292 Phone: +39 02 888 369 1 Germany 3 265 Dividend per share CHF 7.25 Fax: +39 02 888 369 239 Phone: +49 89 38 38 92 0 net revenues 250 228 213 210 212 3 Fax: +49 89 38 38 92 99 200 Dividend yield per share 3.0% 150 141 Dubai: Singapore: 100 Bloomberg ticker symbol PGHN SW Dubai International Financial Center 71 Robinson Road 50 Reuters ticker symbol PGHN.S Level 3, Gate Village 10 Level 13 0 P.O. Box 125115 Singapore 068895 06 07 08 09 10 11 12* 13 Dubai UAE Phone: +65 6671 3500 1 according to SIX Swiss Exchange definition Phone: +971 4 401 9143 Fax: +65 6671 3501 CHF 300 million Note: adjusted for certain non-chash items relating to our 2 adjusted for certain non-cash items relating to our capital-protected product Pearl Holding Limited capital protected product Pearl Holding Limited 3 Fax: +971 4 401 9142 EBITDA *restated as per proposal to be submitted to the annual general meeting of shareholders Share price development 350% Corporate calendar Shanghai: Seoul: Partners Group Unit 2003, Tower II 25th Fl. Gangnam Finance Center 300% +278% Jing An Kerry Centre 737 Yeoksam-Dong Gangnam-Gu 15 May 2014 Annual general meeting of shareholders No. 1539 West Nanjing Road Seoul, 135-984 250% 17 July 2014 Pre-close announcement assets under management as of 30 June 2014 Jing An District South Korea Shanghai 200040 Phone: +82 2 6190 7000 200% CHF 317 million 9 September 2014 Interim results and report as of 30 June 2014 China Fax: +82 2 6190 7001 net profit 150% Phone: +8621 2221 8666 Fax: +8621 2221 8777 100% 50% Tokyo: Sydney: Bloomberg European 0% Financial Index Daido Seimei Kasumigaseki Aurora Place -48% Building 5F Level 33, 88 Phillip Street -50% 1-4-2 Kasumigaseki, Chiyoda-ku Sydney, NSW 2000 Tokyo 100-0013 Australia CHF 292 million -100% Japan Phone: +61 2 8216 1900 adjusted net profit Mar Dec Dec Dec Dec Dec Dec Dec Dec 06 06 07 08 09 10 11 12 13 Phone: +81 3 5532 2030 Fax: +61 2 8216 1901 Fax: +81 3 5532 2040 2 147 KEY FIGURES CONTACTS Zug: San Francisco: 1 Investor relations 2012 2013 Zugerstrasse 57 150 Spear Street Number of professionals Philip Sauer Average assets under management (in EUR bn, daily) 27.2 30.0 6341 Baar-Zug 18th Floor 750 Phone: +41 41 784 66 60 Switzerland San Francisco, CA 94105 701 professionals 701 Revenue margin2,3 1.39% 1.33% Phone: +41 41 784 60 00 USA Email: [email protected] Fax: +41 41 784 60 01 Phone: +1 415 537 8585 625 Revenues (in CHF m)3 455 492 600 574 Fax: +1 415 537 8558 EBITDA margin 62% 61% Media relations 450 447 EBITDA (in CHF m) 282 300 Alexander von Wolffradt New York: São Paulo: The Grace Building Rua Joaquim Floriano 361 344 Financial result (in CHF m) 18 31 Phone: +41 41 784 66 45 1114 Avenue of the Americas 1120 - 11º andar 16 offices 300 273 IFRS net profit (in CHF m) 257 317 Email: [email protected] 37th Floor São Paulo – SP 04534-004 New York, NY 10036 Brazil around the world 4 175 Adjusted net profit (in CHF m) 265 292 USA Phone: +55 11 3528 6500 150 www.partnersgroup.com Phone: +1 212 908 2600 Fax: +55 11 3528 6501 Fax: +1 212 908 2601 [email protected] Net liquidity position at end of year (in CHF m)5 422 492 0 06 07 08 09 10 11 12 13 London: Guernsey: Total assets under management Shareholders’ equity (in CHF m) 697 858 Heron Tower Tudor House (in EUR bn) Return on shareholder’s equity (ROE)4 43% 39% 14th floor 2nd Floor EUR 31.6 billion 110 Bishopsgate Le Bordage 35 4 assets under management 31.6 Equity ratio 89% 84% London EC2N 4AY St Peter Port GY1 1BT United Kingdom Guernsey 30 27.8 1 2012 figures restated 2 based on average AuM calculated on a daily basis Phone: +44 20 7575 2500 Phone: +44 1481 711 690 25 24.1 3 revenues from management and advisory services, net, including other operating income and share of results of associates Fax: +44 20 7575 2501 Fax: +44 1481 730 947 20.7 4 20 adjusted for certain non-cash items relating to our capital-protected product Pearl Holding Limited 16.6 5 including loans to products 15.5 15 12.6 Paris: Luxembourg: 10 8.6 Share information as of 31 December 2013 10 rue Labie 2, Rue Jean Monnet 1.33% 5 75017 Paris 4th floor France 2180 Luxembourg net revenue margin 0 Share price CHF 237.90 Phone: +33 1 45 03 60 84 Grand Duchy of Luxembourg 06 07 08 09 10 11 12 13 Fax: +33 1 45 74 86 99 Phone: +352 27 48 28 1 Note: AuM exclude discontinued public alternative Total shares 26’700’000 Fax: +352 27 48 28 28 investment activities and divested affiliated companies Market capitalization CHF 6.4 bn 1 Adjusted net profit Free float 64.85% Milan: Munich: (in CHF m) Via Pontaccio 10 Skygarden im Arnulfpark Diluted shares (weighted average) 26’389’530 20121 Milan Erika-Mann-Str.