Slides
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PRIVATE & CONFIDENTIAL Full Year Results to 31 May 2026 Investor Presentation
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2 Agenda 1. Highlights and PIN portfolio construction 2. Financial results for the full year 3. Portfolio insights 4. Sources and uses of capital 5. Investment strategy and top 25 companies 6. Corporate governance 7. Recent performance 8. Financial position 9. Conclusion Appendix Unless expressly mentioned, all information and data is sourced from PIN’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.
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3 33% 20% 39% 8% Co-investments Manager-led Secondaries Primaries Fund Secondaries 54%33% 7% 6% North America Europe Global Asia 48% 24% 18% 8% 2% Small/Mid Buyout Large/Mega Buyout Growth Venture Special Situations 35% 17%14% 13% 11% 7% 2% 1% Information Technology Healthcare Consumer Industrials Financials Communication Services Energy Other PIN – FTSE 250 investment trust managed by Pantheon Providing access to a high-quality diversified portfolio of private companies 1 As at 31 May 2026. The fund investment type, stage and region charts are based upon underlying company and fund valuations and account for 100% of PIN’s overall portfolio value. The charts exclude the portion of the reference portfolio attributable to the Asset Linked Note which is immaterial to overall portfolio composition. 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. ²Global category contains funds with no target allocation to any particular region equal to or exceeding 60%. 3 The company sector chart is based upon underlying company valuations as at 31 March 2026, adjusted for calls and distributions to 31 May 2026, and accounts for 100% of PIN’s overall portfolio value. Stage¹ Region¹ ² Company Sectors3Investment Type¹ 53% invested directly in companies Our focus: to deliver sustainably high risk-adjusted returns through an actively-managed portfolio
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4 Proactively allocating capitalBecoming an active seller of assets Reducing our cost baseRefocusing our investment strategy Significant progress has been made in achieving our strategic aims • Invest in leading private equity managers globally and deploy capital more consistently through the economic cycle. PIN’s aim is to achieve an equal weighting of funds and directs over time. • Concentrating the portfolio around ~25 high -conviction managers — teams with differentiated strategies, genuine specialism and demonstrated ability to generate returns in the current and expected market environment. • Since 30 November 2025, the number of managers has reduced from c.90 managers to 62 managers, accelerated by asset sale. • The Board negotiated a new management fee arrangement with Pantheon. • Effective from June 2026, the management fee is now calculated at a flat rate of 1% of NAV. • There will be no fee payable on undrawn commitments. • Periodic asset disposals through the cycle support portfolio management, rotating capital from assets with limited upside into fresh investments and providing additional liquidity for buybacks • Strategic sale of assets in the secondary market announced in May 2026, with proceeds now received. Portfolio equated to 10.7% of PIN’s NAV as at 31 March 2026. The sale priced at 8.1% discount to the reference date NAV, generating all cash proceeds of £224m 1. • At least 80% of proceeds (£180m) will be used for share buybacks. • In October 2025, PIN extended the tenor of its £400m revolving credit facility to October 2029 on improved commercial terms. • £286m of the £400m facility remains undrawn as at 31 May 2026. • PIN also has access to US$150m of private placement loan notes. Managing our balance sheet Driving more portfolio insights • Distribution Pool (“Pool”) was established in October 2025 with an initial commitment of £60m. • The amount committed to the Pool will increase by 20% of monthly gross distributions. Proceeds from portfolio sales may be allocated to the distribution pool at the Board’s discretion. • The Pool will be used at the Board’s discretion to return capital to investors. • We are leveraging our analytics capability to provide more insight into the drivers of performance in our direct investment portfolio. • We believe that this will help investors and analysts to develop a greater understanding of the different elements impacting the underlying portfolio. As at 31 May 2026. 1 Proceeds from asset sale were paid in full at closing with no deferred portion payable at a later date. If the net proceeds were compared against the valuations as at 31 March 2026 and inclusive of fees, FX and other costs incurred, then the portfolio sale discount to NAV would be approximately 13-15%. Source: Pantheon
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5 Long-term outperformance Financial results for the full year ended 31 May 2026 Past performance is not indicative of future results. Future performance is not guaranteed, and a loss of principal may occur. NAV Reporting Date Analysis = New investments: 2%; May 26: 5%; March 26: 76%; December 25: 12%; September 25: 5%. Of the 7% of valuations dated 31 May 2026 or later, 4.6% reflect the mark-to-market fair value adjustment for PIN’s portfolio, which is for listed company holdings. ¹ Inception date is September 1987. Annualised performance as at 31 May 2026 1 yr 3 yrs 5 yrs 10 yrs Since inception1 NAV per share 4.3% 3.9% 8.5% 11.5% 11.4% Ordinary share price 37.5% 14.4% 8.4% 12.1% 10.9% FTSE All-Share, TR 21.6% 15.4% 10.8% 8.9% 8.0% MSCI World, TR (£) 28.0% 19.0% 13.7% 14.5% 9.1% NAV per share relative performance: vs FTSE All Share, TR -17.3% -11.5% -2.3% +2.6% +3.4% vs MSCI World, TR (£) -23.7% -15.1% -5.2% -3.0% +2.3% Share price relative performance: vs FTSE All Share, TR +15.9% -1.0% -2.4% +3.2% +2.9% vs MSCI World, TR (£) +9.5% -4.6% -5.3% -2.4% +1.8% NAV £2.1bn NAV per share growth +4.3% Annual NAV growth over past 10 yrs +11.5% Market cap £1.7bn Share price movement +37.5% 5YR TSR +49.6% PIN’s objective is to maximise capital growth over the long term
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6 PIN's portfolio has held up well in the current macroeconomic environment As at 31 May 2026. 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 which is immaterial to the overall portfolio composition. The valuation movement includes the mark-to-market fair value adjustment of 4.6% of PIN’s portfolio which is for listed holdings and includes the impact of the targeted portfolio sale that was announced in May for completion in June. 2 Includes operating expenses, financing costs and withholding taxes on investment distributions. 3 Portfolio returns include income, exclude gains and losses from foreign exchange movements and look through underlying vehicle structures. Portfolio returns and portfolio NAV exclude returns generated by the portion of the reference portfolio attributable to the ALN and are calculated by dividing valuation gains by opening portfolio values. • Performance has been broadly resilient despite a muted market environment. • Share buybacks, which were completed at an average discount of 30% during the year, were accretive to NAV returns. • Following the completion of the additional buyback commitment announced in May, we expect to have returned c.£580m to shareholders since FY2022. Closing Portfolio 8% 18% 48% 2% 24% NAV % 33.4% 3.5% 3.0% 0.9% -1.8% Venture Growth Small/Mid Buyout Special Situations Large/Mega Buyout Return 496.5p 517.9p(11.8p) 13.3p 5.3p 3.5p 11.1p May 2025 Valuation movement Investment income FX impact Share buybacks Expenses and taxes May 2026 1 1 1 1,2 +2.7% +2.2%+0.7%+1.1% (2.4%) +4.3% NAV per share movement Valuation movements by stage3 Overall Portfolio Return +3.1% Our diversified strategy and access to leading managers underpins resilient performance
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7 Portfolio insights 1 The period covered by the value bridge pertains to the year ended 31 December 2025. The direct assets included in this bridge represent 88% of PIN’s total NAV in directs. 2 Vehicle-level impacts includes factors such as GP fees & carry, and preferred equity positions. 3 Our analysis indicates that the direct investments portfolio increased in value during the calendar year to December 2025, rising 4.7%, however, the impact of FX reduced by 3.4%. The period covered by this value bridge differs from the Company’s financial year. During the calendar year to 31 December 2025, sterling appreciated materially against the US dollar, which adversely affected the sterling equivalent valuations of the predominantly US dollar-denominated direct portfolio. Over the Company’s financial year (1 June 2025 to 31 May 2026), the GBP/USD rate was broadly stable between the two period-end dates, resulting in a modestly favourable net foreign exchange impact as reflected in the NAV bridge. 4 This includes the decrease in valuation companies where their valuation has fallen during the period to a multiple of <0.05x. 5 Revenue and EBITDA growth impacting the valuation movement for the companies within the directs included in the detailed analysis. This may not be representative of the whole portfolio. 100.0% 12.0% (0.9%) (2.4%) (1.5%) (0.7%) (1.9%) 104.7% (3.4%) 101.3% December 2024 Value contribution due to revenue growth EBITDA margin impact Net Debt impact Multiple impact Other vehicle- level impacts Valuation movements to <0.05x or less Portfolio value creation FX impact December 2025 Analysis of the sources of NAV growth within the directs portfolio (December 2024 to December 2025)1 Direct investments have continued to deliver strong revenue and EBITDA growth, at +10.3% and +10.8% respectively, though have eased slightly compared to the previous reported period of 12 months to June 2025. The deceleration was concentrated in companies with the strongest, largely M&A-driven growth in that period. The net debt drag eased relative to the twelve months to June 2025. Companies continued to borrow, primarily to fund platform expansion and M&A, but at a reduced pace as acquisition activity moderated. Revenue Growth +10.3% EBITDA Growth +10.8% Performance covered through the value bridge is broadly representative of the overall performance of PIN’s direct portfolio of assets, which account for 53% of NAV FX remains the largest negative driver, reflecting US-dollar weakness against Sterling over the period, in particular during the first half of 2025, partially offset by Euro strength. 2 3 4 5 5 5
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8 Exits demonstrate significant embedded value in PIN's portfolio In April 2017, PIN changed its accounting reference date from 30 June to 31 May of each year. Future performance is not guaranteed and a loss of principal may occur. 1 Realisation events are classified as exit realisations when proceeds equate to at least 80% of total investment value and once confirmation of exit realisation is received from the underlying private equity manager. Uplift on full exit compares the value received upon realisation against the investment’s carrying value 12 months prior to exit or if known, the latest valuation unaffected by pricing effects arising from markets participants becoming aware of the imminent sale of an asset. The analysis includes a subset (98%) of exit realisations. Write-offs are defined as investments whose holding multiples have fallen to 0.05x or less during the 12-month period and where a confirmation of a permanent value impairment is received from the underlying private equity manager. Write-offs for the period amounted to 0.2% of opening portfolio NAV (31 May 2025: 0.4%). 2The call rate for the period decreases to 21% if capital calls in relation to Pantheon Secondary Opportunity Funds (“PSOF”) I and II are excluded from the calculation. PIN committed US$337.5m (GBP equivalent of £258.4m, as at 31 May 2026) to these funds in 2021/2022. PIN’s remaining undrawn commitments to PSOF I and PSOF II amounted to £64.9m as at 31 May 2026. 27% 26% 24% 17% 22% 25% 10% 8% 12% 16% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 PIN Financial Year Annual distribution rate (%) 35% 22% 36% 28% 26% 42% 27% 20% 25% 18% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 PIN Financial Year Value-weighted average uplift on exit realisations (%)1 Annual call rate (%) +28% weighted average uplift over the past 10 years +19% average annual distribution rate over the past 10 years 21% 19% 24% 23% 22% 35% 21% 18% 20% 26%2 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 PIN Financial Year £1.6bn Net portfolio cash flow generated over 10 years Exposure to high quality, resilient companies as shown by uplifts and multiples achieved at exit
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9 Sources of capital Financial year to 31 May 2026 Realisation events are classified as exit realisations when proceeds equate to at least 80% of total investment value and once confirmation of exit realisation is received from the underlying private equity manager. 1 Uplift on full exit compares the value received upon realisation against the investment’s carrying value 12 months prior to exit or if known, the latest valuation unaffected by pricing effects arising from markets participants becoming aware of the imminent sale of an asset. The analysis includes a subset (98%) of exit realisations. Partial exits and write offs, defined as investments whose holding multiples have fallen to 0.05x or less during the year, were excluded from the analysis. 2 The cost multiple is based on a subset (84%) of exit realisations for the year. The data covers primary investments and direct investments, and is based upon gross cost multiples available at the time of the distribution. Fund secondaries and write-offs were excluded from the calculation. 3 Write-offs are defined as investments whose holding multiples have fallen to 0.05x or less during the period and where a confirmation of a permanent value impairment is received from the underlying private equity manager. 4 The data coverage is 100% (for exit realisations by sector) and 95% (for exit realisations by type) of proceeds from exit realisations received during the period. Net portfolio cash flows (£m) Exit realisations by sector4 Exit realisations by type4 Company Manager Proceeds Index Ventures / Insight Partners £27.2m PAI £24.6m Baring Asia PE £18.6m Tene Capital £15.0m Parthenon £14.4m Exit examples • PIN received £392m in distributions from PIN’s portfolio, equivalent to an annualised distribution rate of 16% • Net cash flow rose 60% year-on-year to £215m, despite ongoing market uncertainty • £286m of PIN's £400m loan facility remained undrawn as at the year-end • On average, PIN achieved a 18% uplift1 and 2.9x cost multiple2 on exit realisations during the year o The Company's 10-year average uplift and cost multiple were 28% and 2.9x respectively o Write-offs3 for the period amounted to 0.2% of opening portfolio NAV (31 May 2025: 0.4%) 61% 36% 3% Secondary Buyouts Trade Sales IPO and Secondary share sale £67.8 £36.9 £130.8 £214.9 31 May 2023 31 May 2024 31 May 2025 31 May 2026 27% 23%15% 14% 11% 5% 2% 3% Information Technology Healthcare Consumer Communication Services Financials Industrials Materials Other
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10 Uses of capital Financial year to 31 May 2026 As at 31 May 2026. PIN made 16 new investments during the year, amounting to £168.7m in new commitments, £50.4m of which was funded at the time of completion. 1 Excludes cash invested in capital calls. Quarterly share buybacks (£m) vs discount Cash deployment split1 New commitments 69% 17% 14% Small/mid buyout Venture Large/mega buyout Stage 63% 37% Europe North America Region Primary funds (£97.0m) Co-investments (£37.0m) Manager-led secondaries (£34.7m) 70% 30% Share buybacks New investment costs 19.2 23.6 18.7 36% 28% 32% 21% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 10 20 30 40 Aug-2025 Nov-2025 Feb-2026 May-2026 Share buybacks completed in the quarter Quarter-end discount to NAV 56.9
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11 Active Capital Management : Share Buybacks vs New Investments PIN has been actively investing in share buybacks Source: Pantheon. FY2026 YTD as at 11 May 2026. £10m £20m £197m £54m £118m £180m FY2022 FY2023 FY2024 FY2025 FY2026 Announced in May 2026 PIN has invested >£350m in buybacks since May 2022 Significant proportion of available capital has been invested in buybacks Including the recently announced £180m, PIN has committed c.£580m to share buybacks (23% of 1 June 2021 NAV)
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12 Strategy Evolution in a New Market Environment Implementing our Active Capital Management Strategy Increased focus on c.25 core managers with differentiated strategies Emphasis on operational value creation over leverage and multiple arbitrage PIN’s aim is to achieve an equal weighting of funds and directs over time Investing through cycle PIN provides investors with a balanced, diversified portfolio of private companies through funds and directs to build long-term value for shareholders PIN’s value proposition A mix of new investments and share buybacks is key, rather than exclusively one or the other Many shareholders invest in PIN for long-term value creation and do not support a buyback- only approach, even where they endorse buybacks as part of the mix Directing 100% of proceeds to buybacks will erode future NAV growth Balanced approach to capital allocation Periodic asset disposals through the cycle support portfolio management, rotating capital from assets with limited upside into fresh investments and providing additional liquidity for buybacks Regular asset sales Since 2024, PIN has utilised leverage through private placement notes as well as an enhanced revolving credit facility Gearing prudently managed through adjustments to new investments, share buybacks and asset sales Balance sheet management Pantheon opinion
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13 Core themes informing PIN's investment strategy Pantheon opinion. There is no guarantee this investment thesis will come to fruition. Themes we are focused on in 2026 Mid-market: Opportunity for outperformance with more attractive entry valuations and lower debt levels vs. large cap. Leverage our expertise in fund and asset selection, targeting positions with robust value creation plans through operational and strategic initiatives Defensive with growth: Focus on resilient, non- cyclical sectors, benefitting from growth tailwinds. Use structure to provide additional downside Sector specialists: specialists are able to generate more operational improvements, which is going to be key in today’s environment High conviction partners: Pursue high-quality assets and access constrained GPs with strong deal alignment and demonstrated expertise Mid-market Defensive with growth Specialisation High conviction partners
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14 Top 25 company investments in PIN's portfolio 1 The largest 25 companies table is based upon underlying company valuations at 31 March 2026 adjusted for known call and distributions to 31 May 2026, and includes the portion of the reference portfolio attributable to the ALN. 2 Formerly called London&Capital. 3 Formerly called Millennium Trust. Company1 Investment type Description % of PIN portfolio NAV Company1 Investment type Description % of PIN portfolio NAV 1. Non-food discount stores 1.5% 14. Developer of a cloud-based modelling and planning platform 0.8% 2. Provider of software solutions for finance and HR departments 1.4% 15. Healthcare provider 0.7% 3. Provider of IT management and monitoring software services 1.4% 16. Satellite communication equipment provider for the maritime industry 0.7% 4. Orthodontic treatments and services provider 1.1% 17. Provider of wireless internet connectivity solutions 0.6% 5. A fintech app which provides various financial services 1.0% 18. Developer of cloud-based patient safety and risk management software 0.6% 6. Digital consulting and software company 1.0% 19. Cybersecurity services provider 0.6% 7. Provider of enterprise software for ERP, asset management, and field service operations 0.9% 20. Developer of assistive learning technology for education and the workplace 0.6% 8. An independent wealth management firm 0.9% 21. An insurance services provider specialising in employee benefits and brokerage solutions 0.6% 9. Provider of food waste recycling services 0.9% 22. A provider of continuing medical education programs for healthcare professionals 0.6% 10. Consultant to telecommunication service providers 0.8% 23. A company providing real-time graphics and media production tools for broadcasters 0.6% 11. Recruitment platform for nurses 0.8% 24. Provider of cloud consulting and engineering services 0.6% 12. Digital advertising company 0.8% 25. Provider of technology-enabled retirement and investment services 0.6% 13. Mobile phone insurance company 0.8% TOTAL PORTFOLIO COVERAGE 20.9% Investment type Primary Fund secondary Co-investment Manager-led secondary 2 3
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15 PIN is committed to the highest standards of corporate governance • The Board has extensive experience in private equity, corporate finance, macroeconomics, government, accountancy, media and marketing. • John Burgess retired from the Board upon conclusion of the AGM in October 2025. • After nine years on the Board, former Chair John Singer CBE retired at the end of 2025. • Tony Morgan became the Chair of PIN on 1 January 2026. • All Directors hold shares in PIN. PantheonShareholders Invest via LSE PIN Board (Oversees)PIN Appoints Manages Tony Morgan Chair Appointed to the Board: 3 January 2025 Mary Ann Sieghart / Senior Independent Director / Appointed to the Board: 30 October 2019 Zoe Clements / Audit Committee Chair / Appointed to the Board: 5 July 2023 Dame Sue Owen DCB / Appointed to the Board: 31 October 2019 Rahul Welde / Appointed to the Board: 25 July 2023 Tim Farazmand / Appointed to the Board: 3 January 2025 Candida Morley / Appointed to the Board: 31 January 2025 Independent and experienced Board holds Pantheon to account
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16 517.9p 525.7p (1.8p) (1.0p)0.4p 5.6p 4.6p May 2026 Valuation movement Investment income FX impact Share buybacks Expenses and taxes June 2026 Update on performance in the financial year to date As at 30 June 2026. Past performance is not indicative of future results. Future performance is not guaranteed and a loss of principal may occur. NAV Reporting Date Analysis = New investments: 4%; June 26: 4%; Mar 26: 79%; December 25: 12%; September 25: 1%. Of the 8% of valuations dated 30 June 2026 or later, 4.2% reflect the mark-to-market fair value adjustment for PIN's listed company holdings. ¹ Inception date is September 1987. 2 Figures are stated net of movements associated with the ALN share of the reference portfolio, which are immaterial to overall PIN performance and cash flows. 3 Valuation movement includes the mark-to-market fair value adjustment of 4.2% of PIN’s portfolio, which is for listed company holdings, as at 30 June 2026. 4 Includes operating expenses, financing costs and withholding taxes on investment distributions. 5 Includes £24.8m of primary commitments that involve minimal or zero cash outlay at the deal completion date. Annualised performance as at 30 June 2026 1 yr 3 yrs 5 yrs 10 yrs Since inception 1 NAV per share 6.8% 4.9% 8.3% 10.9% 11.4% Ordinary share price 23.4% 15.0% 7.5% 11.7% 10.7% FTSE All-Share, TR 21.9% 15.3% 10.9% 8.7% 8.0% MSCI World, TR (£) 25.8% 18.1% 12.9% 13.8% 9.1% NAV per share relative performance: vs FTSE All Share, TR -15.1% -10.4% -2.6% +2.2% +3.4% vs MSCI World, TR(£) -19.0% -13.2% -4.6% -2.9% +2.3% Share price relative performance: vs FTSE All Share, TR +1.5% -0.3% -3.4% +3.0% +2.7% vs MSCI World, TR (£) -2.4% -3.1% -5.4% -2.1% +1.6% NAV per share progression analysis (Financial Year to Date) 2,3 2 2 2,4 (0.3%) +0.1% +1.0% +0.9% (0.2%) +1.5% Since the year-end, PIN has committed £33.3m5 to new investments alongside £63.9m of share buybacks completed
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17 £446m £2,184m £568m Portfolio & Available Financing Undrawn Commitments 4.6x financing cover2 4 117% undrawn coverage ratio3 5 (£69m) £2,098m Net cash / (debt) NAV Drawn Credit Facility Loan notes Net available cash NAV PIN’s balance sheet is prudently managed 1 Excludes outstanding balance on the ALN, as this is not considered debt as defined in PIN’s borrowing agreements. If the ALN is included, net debt to NAV would be 4.1%. 2 As at 30 June 2026. Ratio of net available cash, portfolio value and undrawn loan facility to outstanding commitments. Outstanding commitments relating to funds outside their investment period (>13 years old) were excluded from the calculation as there is a low likelihood of these being drawn. This amounted to £30.0m as at 30 June 2026. 3 Ratio of available financing and 10% of private equity portfolio NAV to undrawn commitments, with the latter adjusted for funds outside their investment period. 4 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.PIN’s available financing consists of net available cash and the undrawn credit facility. The overall credit facility comprises facilities of US$402.3m and €115.2m and had a sterling equivalent value of £402.3m as at 30 June 2026. 5 Excludes outstanding commitments relating to funds outside their investment period (>13 years old) amounting to £30.0m. 3.3% Net debt to NAV1 As at 30 June 2026As at 30 June 2026 • Net available cash balance of £258m as at 30 June 2026. Access to a four-year £400m credit facility, of which £188m remains undrawn. • PIN also has access to $150m (£113m equivalent) of loan notes, resulting in a more flexible capital structure and improving access to a diverse supply of liquidity from high quality counterparties. • Robust coverage ratios give assurance of PIN’s ability to finance its undrawn commitments.
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18 Long-term outperformance over 38 years * As at 30 June 2026. Includes the effect of share repurchases, dividends, share splits, capital repayments and warrants. NAV figure based upon adjusted NAV per share where applicable. Past performance is not a guarantee of future results and loss of principal may occur. Long-term outperformance Actively managed and diversified portfolio Evidence of embedded value Cost-effective and liquid Responsible investment PIN FINANCIAL YEAR 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 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 21 22 23 24 25 PERFORMANCE (REBASED TO 100) NAV per share* PIN Ordinary Share Price * MSCI World Total Return (Sterling) FTSE All Share Total Return 10.9% Annualised NAV per share growth over past 10 years As at 30 June 2026
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19 Conclusion: Rigorous Focus on Driving Performance 1 A finely tuned investment strategy, focussed on a reduced number of managers, reduced cost base and commitment to capital returns 2 Fundamental drivers of investment thesis remain strong 3 A global, diversified portfolio offering further compelling opportunities for value creation 4 Proactively seeking ways to further enhance performance
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APPENDIX
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MARKET UPDATE
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22 Key themes in private equity today Include 3 essential points and reduce the amount text on your slide.1 Activity is recovering, but uneven High-quality assets and larger transactions drove activity in 2025, although distributions grew across stages Include 3 essential points and reduce the amount text on your slide.2 Liquidity remains the key constraint Exit recovery is underway, but backlog remains elevated Include 3 essential points and reduce the amount text on your slide.3 Capital supply remains abundant, but capital formation is down Dry powder high, though moderating; fundraising constrained by weak distributions Include 3 essential points and reduce the amount text on your slide.4 Valuations and financing conditions are stabilising Multiples have moderated somewhat; bid/asks are narrowing; credit markets are supportive Include 3 essential points and reduce the amount text on your slide.5 Macro backdrop is driving uncertainty, and idiosyncratic events can derail progress But hasn’t yet meaningfully impacted underlying company performance Include 3 essential points and reduce the amount text on your slide.6 NAV performance is improving with accelerating uplift seen across PE stages Valuation re-rate is still a headwind in portfolios, but effect is waning Pantheon opinion
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23 Current market themes and concerns Pantheon opinion AI and Software Private Credit Middle East The software profit pool – meaning what software vendors get paid for and how they get paid – is being re-shaped and some business models will be structurally impaired (and some will go extinct) Software is being repriced around who owns the data, the workflow and the outcome – not the interface (e.g. software vendor vs LLM) Software isn’t going away Bear case for software • Coding no longer a moat • Seat-based economics under pressure • Some categories clearly at risk Bull case for software • Incumbency still can mean right to win • AI expands the Enterprise software TAM • Enterprise software as a workflow Following a period of elevated base rates and tightening financial conditions, private credit markets are entering a phase of recalibration with respect to targeted returns and risk assessment Recent volatility and declines in publicly traded Business Development Company (BDC) equity prices, alongside isolated and idiosyncratic borrower-specific events, reflects a natural adjustment to a moderating yield environment rather than structural weakness in overall private credit quality The most immediate impact of the crisis is likely to be on: a) companies based in/with large operations in the region, including Israel, and b) firms directly affected by rising oil and gas prices As the situation continues to evolve, it remains difficult to quantify second order effects and there are several broader dynamics to consider: • Oil and gas prices rise • Inflation risk • Hybrid and cyber-security risks • Broader Gulf infrastructure vulnerability We continue to actively monitor these factors and assess their potential second-order implications for our portfolios, maintaining our focus on diversification, disciplined underwriting, and resilience across market cycles PIN holds high quality assets alongside software specialist managers; too early to say on valuations No Private Credit assets in the portfolio so limited first order impact Very limited immediate impact but too early to tell how broader dynamics will evolve
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24 Private equity deal flow up in 2025, recovering towards pre-COVID growth trend Source: 1PitchBook, April 2026, “Q1 2026 Global PE First Look”. 2PitchBook, April 2026, “Q1 2026 Global VC First Look”. Includes all private equity deal types and excludes venture capital. Deal flow by type ($bn)1,2 Much of the 2025 growth was weighted in the second half of the year; large transactions were significant drivers of volume, although distributions grew across all stages YoY 2024 to 2025 Growth 2020 to 2025 CAGR Buyout/LBO 32.0% 12.6% Growth 12.6% 10.9% Add Ons 13.3% 10.8% Venture Capital 30.2% 6.0% $650 $767 $801 $792 $669 $1,278 $1,010 $731 $940 $1,241$89 $115 $113 $120 $162 $284 $236 $204 $242 $273 $270 $350 $407 $449 $404 $775 $641 $535 $597 $676 $201 $225 $347 $346 $382 $754 $530 $368 $392 $51043,542 47,023 52,747 54,994 57,077 80,629 76,740 65,246 63,315 61,229 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Buyout/LBO Growth Add Ons Venture Capital Deal Count
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25 Private equity exit recovery underway, but not enough (yet) to fix liquidity bottleneck Source: 1PitchBook, April 2026 “Q1 2026 US PE Breakdown Summary”, 2PitchBook, April 2026 “Q1 2026 US VC Breakdown Summary”. VC-backed exits include all routes (acquisition, public listing, buyout) Exit flow by type ($bn) 1,2 $160 $155 $177 $98 $154 $246 $144 $158 $205 $293$36 $44 $50 $36 $142 $289 $6 $6 $46 $126 $133 $164 $170 $174 $159 $301 $161 $120 $132 $257 $100 $144 $180 $301 $338 $865 $151 $117 $155 $287 2,365 2,469 2,782 2,718 2,556 4,025 2,941 2,532 2,682 2,843 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Corporate acquisition IPO Sponsor acquisition VC-backed exits Exit Count 2024 to 2025 Growth 2020 to 2025 CAGR Corporate acquisition 42.6% 13.6% IPO 176.5% -2.4% Sponsor acquisition 95.0% 10.0% VC-backed exits 85.3% -3.2%
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26 $219 $50 $49 $0 $100 $200 $300 $400 $500 $600 Buyout Growth Venture Capital Fundraising was down across asset classes in 2025 Source: 1Preqin, as of June 11, 2026. Includes Global Fundraising. Capital raised by strategy ($bn)1 2024 to 2025 Growth 2020 to 2025 CAGR Buyout -15.6% 1.4% Growth -0.3% 1.9% Venture Capital -27.2% -14.5% 866 Number of Buyout and Growth funds Closed in 2025 (↓20.8% from 2024) $720m Average Buyout and Growth fund size (↑11.1% from 2024) 25 Months Average number of months to close, Buyout and Growth (flat from 2024)
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27 Dry powder continues to grow, dominated by mega and large buyout funds Source: Preqin, as of February 13, 2026. Preqin defines “Mega & Large Buyout” as fund sizes greater than or equal to $1.5B and “Mid & Small Buyout” as fund sizes less than $1.5B. “Other Private Equity” includes balanced, turnaround, PIPE, and hybrid fund strategies. 2018 2025 7-Year Growth 7-Year CAGR Mega & Large Buyout 445 832 87% 13% Mid & Small Buyout 247 296 20% 2% Venture 421 509 21% 3% Growth 211 365 73% 7% Other Private Equity 97 78 -20% -3% Total 1,420 2,080 46% 5% $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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28 2025 was the highest year on record for secondaries volume Surpassing 2024 volume by over 40% Source: 1Secondary market volume from Evercore 2025 Secondary Market Highlights, January 2026. There is no guarantee these trends will continue. 26 47 42 37 54 72 80 60 134 103 114 160 226 $0 $50 $100 $150 $200 $250 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Transaction volume ($bn) GP-led LP-led Secondaries market volume1 Record deal flow Strong deal flow $226bn of total transaction volume, representing a 41% YoY increase1 Big jump in GP-leds GP-leds increased 51% YoY 1
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STRATEGY
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30 The Driver of Change – A New Market Environment How we are responding to changes in the cycle Pantheon opinion What changed in the private equity environment? While private equity has generated attractive returns over the long term, the market environment has changed after a sustained period of low exit activity and distributions. This has led to muted private equity performance across the industry. We believe the industry can still generate strong returns and there are fundamental drivers of private equity such as the desire of companies to stay private for longer, public markets shrinking and certain sectors and sizes of companies being harder to access through public markets with many listed businesses taken private. In this new environment, deals may be held for longer, strategies reliant on high leverage may not be repeatable and managers need to differentiate their strategy. Our response includes measures such as implementing the more robust active capital management approach, refining investment strategy, returning capital to shareholders alongside new investments and cost reductions such as the Manager’s fees
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31 Strategy Evolution in a New Market Environment Refocusing the portfolio Source: Pantheon. Increased focus on core managers with differentiated strategies Returns generation is not reliant on cheap debt or multiple arbitrage Continued underwriting discipline Emphasis on operating value creation over leverage Active divestment of limited-upside assets Increased concentration: Concentrating the portfolio around ~25 high-conviction managers — teams with differentiated strategies, genuine specialism and demonstrated ability to generate returns in the current and expected market environment Focus on fundamental value creation in deal underwriting while avoiding reliance on cheap debt or multiple arbitrage from rising market valuations Balanced investments in funds and directs: target allocation of 50:50 in each investment type Funds as the foundation strategy to build the base portfolio and support diversification by type and vintage Direct investments to provide fee-efficient direct access to co- investments and the ability to select investments to fit targets on sector, size, region and operating model Both types of investments offer strong growth potential: funds can provide capital flexibility through liquidity from secondary market direct investments offer “buy and hold” value creation Key areas of focus Smaller deals, primarily in mid-market buyout and growth opportunities, with multiple levers for growth, attractive entry valuations and debt levels, and flexibility around exit options Geographical tilt to the US - the deepest private equity market Source: Pantheon
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32 Active Capital Management : Deep Dive On Recent Portfolio Sales 8.1% discount achieved was solid and the sold portfolio (of Funds) was more tilted towards Europe This £224m asset sale supports the repositioning of the portfolio, rotating capital out of non-core managers into buybacks alongside compelling new investment opportunities 2018 Average Vintage 24 Non-core managers sold ~90 -> 62 32% reduction in manager count Transition to 25 core managers is likely to take a number of years We expect to use the secondary market again when conditions are right Signed May 2026 with proceeds now received North America 53% Europe 33% Global 8% Asia 6% Co-investments 32% Manager-led secondaries 21% Fund secondaries 8% Primaries 39% Investment Type Region Small/Mid Buyout 47% Large/Mega Buyout 24% Growth 18% Venture 7% Special Situations 4% As at 28 February 2026 Post-sale proforma as at 31 March 2026 Aim to rebalance to 50:50 over time ~50% of asset sale was European to tilt portfolio to US Small/mid buyout is area of focus in evolving PE environment Co-investments 36% Manager-led secondaries 22% Fund secondaries 9% Primaries 33% North America 57% Europe 30% Global 7% Asia 6% Small/Mid Buyout 47% Large/Mega Buyout 22% Growth 20% Venture 8% Special Situations 3% Stage 42 Number of investments 28 Number of Managers 8.1% Discount as at 30 June 2025 13-15% Estimated discount to current NAV Source: Pantheon. Past performance is not indicative of future results. Future performance is not guaranteed, and a loss of principal may occur.
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33 Implementation of strategic agenda is underway with significant progress made Pantheon opinion. RCF refinanced in October 2025. Manager’s fee will be reduced effective 1 June 2026, resulting in a £5m saving based on FY2025 actual, compared to the equivalent for FY2025, under the new structure. *Including the recently announced £180m of buybacks following the portfolio sale. *As at 31 May 2022. Portfolio Management Vehicle Management Deployment pace Portfolio Shape FROM TO Highly diversified portfolio - tracks broader PE market Focused investment program seeking alpha Investment pace follows distribution pace Consistent deployment through cycle Largely a buy and hold investor More active buyer and seller of assets Net cash position Gearing to oscillate through cycle PROGRESS Managers reduced 32% from ~90 to 62 New investments on pace; c.£580m of buybacks since FY22 Asset sale recently completed generating £224m Reduced financing costs by £1m; Manager’s fee by £5m
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34 Pantheon’s long-standing engagement on sustainability Early adoption and continued evolution of sustainability practices As of May 2023. 1 Scoring for individual years is available upon request. As a signatory of the PRI, we are required to complete an annual assessment which seeks to facilitate learning and development, identify areas for further improvement and facilitate dialogue between asset owners and investment managers on responsible investment activities and capabilities. Consistently A/A+ in all PRI assessments since 20151 2007 - 2012 2019 - 20232013 - 2018 2007 • Signed up to the Principles for Responsible Investment 2008 • Internal Sustainability Committee and working group established 2009 • Joined PRI Steering Committee 2010 • Sustainability considerations integrated into investment processes 2014 • Commenced sustainability reporting for clients 2016 • Appointed RepRisk as data provider for sustainability monitoring 2017 • Joined PRI Private Equity Advisory Committee 2018 • Integrate RepRisk into DD processes • Sustainability Reporting 2.0 2021 • Launched Pantheon’s first Article 8 fund 2022 • Eimear Palmer joined Pantheon as Global Head of Sustainability • Joined Initiative Climate International (“ICI”) • Launched ICI APAC chapter now including 27 members 2023 • New Article 8 framework for certain commingled funds • New Sustainability Scorecards • In process: Enhanced DD processes
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SUPPORTING DATA
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36 Why PIN What is PIN One of the longest and most well-established global private equity companies listed on the London Stock Exchange since 1987. Over half of PIN’s portfolio comprises direct company investments, complemented by hard-to-access, oversubscribed funds2. Strong prudence reflected in portfolio construction, balance sheet and cashflow management, for an “all weather” company optimised for NAV growth and risk management. Overseen by a truly independent Board which holds Pantheon, the Manager, to account. Private equity invests in unlisted companies. Private equity has outperformed public equity over the long term1. With the shrinking number of companies in the public market, access to private companies is increasingly necessary. As an actively managed investment trust, PIN provides easy access to a high quality, globally diversified private equity portfolio in a cost-effective and highly efficient way. PIN has daily liquidity, where buyers and sellers are not tied into the long lock-up periods of private equity fund structures. PIN: Makes the private, public 1 Analysis of Preqin data from 2006 – 2020. 2021 & 2022 not included in the analysis due to immature performance for these vintages. Data as of December 31, 2022. 2 Please refer to slides 20 and 21 for our business model. 3 Future performance is not guaranteed and a loss of principal may occur. In its 39 year history, PIN has successfully navigated multiple cycles and its NAV has outperformed the public market benchmarks over the same period3.
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37 PIN's business model Our investment strategies 1 Direct investments refer to co-investments and manager-led secondary investments, held through fund vehicles that are managed by third-party private equity managers. 2 As at 31 May 2026. Direct company investments1: 53% of PIN's portfolio2 Funds: 47% of PIN's portfolio2 Co-investments We invest in a company directly, alongside a private equity manager. Primaries We invest in a new private equity fund when it is established. • Direct investment in individual companies that have attractive growth characteristics and have effectively passed through a two layers of scrutiny, alongside PIN’s leading private equity managers. • As these investments sit outside a fund structure, there are typically very low or no management fees or carried interest. This provides a cost-effective way to access the same deals and manager expertise that underpin all of PIN’s investment activities. • Co-investments are through invitation only and are therefore not accessible to most investors. • We capture exposure to leading managers as well as to smaller niche funds that are generally hard to access. • We target leading managers predominantly in the North America and Europe. • Primaries invest capital into companies over an investment period of typically five years, providing steady deployment over time and diversification by vintage year, sector and geography. Manager-led Secondaries We invest directly in a company, alongside a private equity manager, that the manager has already owned for a period of time and therefore knows well. Fund Secondaries Fund secondaries involve the purchase of existing investor interests in private equity funds. Rather than investing in companies directly, secondary fund investors acquire stakes in funds that are already part way through their lifecycle, often with partially or fully deployed capital. • We partner with high-quality private equity managers to acquire, as single transactions, their most attractive portfolio companies via a continuation fund. • Typically, fees are lower than those on primaries. • This provides an opportunity to invest in an asset that the private equity manager believes has potential for further growth, when the fund in which it is held has limited time or capital remaining to the end of its life. • Our fund secondaries are interests in high -quality private equity funds, providing liquidity to existing investors who seek an early exit. • These transactions offer enhanced visibility into the underlying portfolio as the funds have typically already utilised most of their capital to acquire assets. Therefore those assets are known and can be assessed.
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38 Pantheon has full control over portfolio construction 1 Investment held via third party private equity manager co-investment vehicle. • We have control of investmentstrategy, overseen by the fully independentBoard. • We have the flexibilityto tilt the portfolio towards where we see the best fit for our long-term objectives. • We can accept or decline deals without being “tied in” to other Pantheonfund strategies. • We can control PIN’s investment pacing according to its financial resources at the time. • We have the flexibility to vary the size of its commitments as appropriate and in line with any adjustments to its investment strategy. • We avoid the additional costs that can occur when investing via intermediate vehicles. PIN invests alongside private equity managers directly into companies via co-investments and manager-led secondaries PIN and Pantheon Pantheon is PIN’s investment manager. PIN invests in private equity funds managed by many of the best private equity managers globally PIN CompanyCompanyCompanyCompanyCompany1 Third-party private equity fund Third-party private equity manager Pantheon
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39 Management Fee Reduction Effective 1 June 2026 Pantheon’s management fee will be calculated at a flat rate of 1% of PIN’s net asset value. Management fees will be accrued based on month-end NAV. There will be no fee payable on undrawn commitments. The performance fee element of the existing management fee arrangement remains unchanged. Management fees for FY2025 would have been £22.8m if the new fee arrangement was in place at the time. This translates to a 19% reduction in management fees payable. Management Fees (from 1 June 2026) Pantheon is currently entitled to a monthly management fee calculated as the sum of: • 1.5% on the value of investment assets up to £150m • 1% on the value of investment assets in excess of £150m • 0.5% on the aggregate amount of undrawn commitments For the financial year ended 31 May 2025, PIN paid £28.1m of management fees to Pantheon under this fee structure. Management Fees (Current) We believe that the simpler, cost competitive fee arrangement will enhance shareholder value
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40 Net portfolio cashflow positive despite a slowdown in distributions 1 Call rates will be lower if capital calls in relation to Pantheon Secondary Opportunity Funds (“PSOF”) I and II are excluded from the calculation. PIN committed US$337.5m (GBP equivalent of £259.7m) to these funds in 2021/2022. PIN’s remaining undrawn commitments to PSOF I and PSOF II amounted to £64.9m as at 31 May 2026. 2 Excludes cash flows attributable to the ALN. Future performance is not guaranteed and a loss of principal may occur. 32% 37% 30% 19% 19% 21% 21% 15% 19% 18% 18% 14% 18% 23%25%27%26% 22% 28% Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 May-26 26%24% 19% 12% 7% 9% 10% 10% 9% 8% 8% 8% 11% 17% 11% 12% 16% 14% 21% Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 May-26 Historical Annualised Quarterly Call Rates (%)Historical Annualised Quarterly Distribution Rates1 (%) 190 211 194 170 110 199 232 68 37 131 215 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net Portfolio Cashflow (£m)2 PIN's portfolio has generated a total of £1.6bn of cash since 2015
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41 New investments case studies Please refer to slide 52 for full disclosures regarding case studies. Manager Water Street Healthcare Partners (“Water Street”) Investment Type Primary Commitment £14.8m Stage Small buyout Sector Healthcare Description Chicago-based buyout firm dedicated exclusively to the North American middle-market healthcare sector Manager ECI Partners (“ECI”) Investment Type Manager-led secondary Commitment £10.1m Stage Small Buyout Sector Information Technology Description Headquartered in the UK, CSL is the leading provider of critical connectivity services for business customers Investment Rationale Sector specialisation: Focusing exclusively on one sector has allowed Water Street to build deep expertise and relationships that support both finding deals and creating value in its portfolio companies. Consistent returns: Strong realised performance since inception driven by entry pricing discipline and moderate leverage. Pantheon Angle Pantheon has been a primary investor with Water Street since Fund II in 2008, with commitments across multiple fund generations as well as co-investment and manager-led secondary transactions. Water Street VI continues a long-standing relationship with one of PIN's core healthcare managers. Investment Rationale CSL has a highly recurring revenue model with strong customer retention and net revenue retention, underpinned by the critical nature of its services. • Resilient, recurring business • High customer stickiness • Exposure to structural growth in IoT and critical connectivity • Differentiated positioning • Clear growth plan. Pantheon Angle Pantheon has a long-standing relationship with ECI Partners. PIN has invested alongside ECI through both fund commitments and co-investments.
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42 Distribution case study Private Equity Manager Index Ventures, Insight Partners Investment Type Primary Overview Wiz is a cloud-native cybersecurity platform founded in 2020 by four co-founders, who were all veterans of a prior successful cybersecurity company exit. It helps enterprises find and prioritise the most critical security risks across their cloud environments, mapping how different exposures combine into attack paths so security teams can focus on the issues that matter most. By 2025 it had crossed $1bn (approximately £0.8bn) in annual recurring revenue, reaching that milestone in under five years. Sector Information Technology Region1 North America Stage Venture / growth Why PIN invested Differentiated product: Wiz’s architecture addressed a clear gap: companies moving to the cloud lacked tools that could give their security teams a unified view across all their cloud environments without complex software installation. Founder track record: The founding team had relevant prior experience, having previously built and sold a cybersecurity company to Microsoft, giving both PE managers confidence in management’s ability to execute. Active management and value creation Category creation at the right moment: Accelerating enterprise cloud migration created demand for tools that could provide security teams with visibility across complex, multi-cloud environments. Proprietary architecture: Wiz’s approach was faster to deploy and worked across all major cloud providers simultaneously, giving it an advantage over existing security tools that required more complex installation and offered narrower coverage. Exceptional commercial execution: Wiz scaled from approximately $1m in annual recurring revenue at launch to $100m by 2022, $350m by 2023, $500m by 2024 and over $1bn by 2025 - a trajectory that made it the fastest software company ever to reach the $100m milestone. Its customer base grew to include Morgan Stanley, BMW and LVMH. Exit and outcome Google acquired Wiz for $32bn (approximately £24.1bn) in March 2025, closing in March 2026. PIN received approximately £26.4m in distributions across its Index Ventures and Insight Partners fund positions. On a blended basis, PIN’s combined Wiz holdings generated a gross multiple of approximately 31x. Please refer to slide 52 for full disclosures regarding case studies. 1 "Region" is defined according to the location of the headquarters of the business.
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43 Distribution case study Please refer to slide 52 for full disclosures regarding case studies. 1 "Region" is defined according to the location of the headquarters of the business. Private Equity Manager Searchlight Capital Partners (“Searchlight”) Investment Type Primary Overview Ziply Fiber is a broadband and telecommunications provider in the Pacific Northwest USA (Washington, Oregon, Idaho, and Montana). Formed through the carve-out of Frontier Communications’ network assets, the company launched under new ownership with headquarters in Kirkland, Washington. At entry, it supported ~500,000 residential and business subscribers and had a clear mandate: modernise the network and improve customer experience. Sector Communication Services Region1 North America Stage Special Situations Why PIN invested Searchlight backed Ziply Fiber to capitalise on the structural shift from legacy copper to high-speed fibre. The opportunity: acquire an underinvested asset, upgrade the infrastructure, and meet rising demand for reliable, fast internet access. Active management and value creation Searchlight backed Ziply Fiber to capitalise on the structural shift from legacy copper to high-speed fibre. • Favourable market trends: Continued demand for high-speed broadband supports long-term fibre adoption and take-up. • Attractive valuation entry point: The $1.4bn carve-out offered compelling value in a region with strong demographics and growth potential. • Clear reinvestment roadmap: Searchlight committed $500m to modernise the network and improve service quality – $2.0bn total enterprise commitment. • Experienced Sponsor: Searchlight executed a complex carve-out and backed a seasoned broadband management team to lead the transformation. Exit and outcome In August 2025, Searchlight sold Ziply Fiber to Bell Canada for ~$5.5bn EV, delivering a full realisation. PIN achieved a 2.9x return on cost and a 25% IRR.
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44 (20.0%) (10.0%) - +10.0% +20.0% +30.0% +40.0% +50.0% +60.0% Small/Mid Buyout Large/Mega Buyout Growth Venture Special Situations 2021 2022 2023 2024 2025 2026 The majority of investment types and all stages have produced positive returns during the period. Portfolio returns include income, exclude gains and losses from foreign exchange movements, and look-through underlying vehicle structures to the underlying funds. Portfolio returns exclude returns generated by the portion of the reference portfolio attributable to the ALN, and are calculated by dividing valuation gains by opening portfolio values. Investment type and stage charts are based upon underlying fund and company valuations. The charts exclude the portion of the reference portfolio attributable to the Asset Linked Note (“ALN”). There is no guarantee that these returns will continue. 1 As at 31 May 2026. Returns by type Returns by stage Current % of closing portfolio NAV by type1 8% 20% 33% 39% Current % of closing portfolio NAV by stage1 48% 24% 18% 8% 2% (20.0%) (10.0%) - +10.0% +20.0% +30.0% +40.0% +50.0% +60.0% Fund Secondaries Manager-led Secondaries Co-investments Primaries 2021 2022 2023 2024 2025 2026 We believe that appropriate diversification enables resilient portfolio growth through cycles
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45 PIN manages its maturity profile to maximise growth and liquidity 1 As at 31 May 2026. The fund maturity chart is based upon underlying company and fund valuations and account for 100% of PIN’s overall portfolio value. The chart excludes the portion of the reference portfolio attributable to the Asset Linked Note which is immaterial to the overall portfolio composition. . 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 As at 31 May 2026. Calculation excludes the portion of the reference portfolio attributable to the Asset Linked Note. 3 ACM: Active Capital Management. Potential fund extension Value creation period Yr 1 Yr 2 Yr 5 Yr 7 Yr 10 Yr 12 5.7 years weighted average fund age2 of PIN’s portfolio Investment period Harvest period 12% 6% 8% 10% 6% 15% 25% 7% 6% 5% 2016 and earlier 2017 2018 2019 2020 2021 2022 2023 2024 2025 and later Fund vintage1 ACM3 approach will underpin more active management of maturity profile and more consistent investment through the cycle
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46 Reasonable Valuation Positioning Relative to Public Peers Q4 2025 vs Q4 2024 19.6x 14.8x 14.9x 14.5x 14.7x 10.2x 16.0x 15.3x 30.9x 21.3x 16.6x 22.2x 19.8x 17.4x 14.6x 20.8x IT Health Care Financials Consumer Disc. Industrials Consumer Staples Materials Comms ServicesPIN Q4 2025 MSCI Q4 2025 Information Technology Health Care Financials Consumer Disc. Industrials Consumer Staples Materials Comms Services Peers based on MSCI World index, capped at 50x. PIN’s multiples are NAV-weighted EV/EBITDA multiples. 1 100% coverage of the Directs portfolio. 2 As at 31 December 2025. PIN’s valuations have held up across sectors relative to public market indices despite market uncertainty in 2025. PIN’s weighted average EBITDA multiple for the directs portfolio is 15.7x, broadly flat relative to the multiple as at June 2025. PIN Direct Portfolio vs. MSCI World We believe that the portfolio is reasonably valued relative to public market comparables. The MSCI World Index is dominated by larger public companies relative to PIN’s portfolio. PIN’s portfolio companies are valued at a lower average EBITDA multiple relative to public markets 30% 18%18% 13% 12% 6% 2% 1% Information Technology Healthcare Consumer Financials Industrials Communication Services Energy 27% 17% 15% 11% 10% 9% 8% 3% Information Technology Financials Consumer Industrials Healthcare Communication Services Energy Others PIN Directs Portfolio1 MSCI World2
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47 Debt in PIN's direct company portfolio is actively managed The debt multiple data used in the chart is based on Direct companies included in the Value bridge analysis data set and has a coverage of 88% of the overall Directs assets portfolio NAV. 1 Pantheon Opinion. 2 Sourced from PitchBook, LCD Global Research, Data as at 31 December 2025. 4.9x 5.0x PIN Directs Subset MSCI World Mid-market debt trends1Directs Debt Multiples (Debt / EBITDA) Directs constitute 53% of PIN's overall portfolio In-house debt specialists Disciplined use of debt Covenant-lite debt We seek to invest in managers with a disciplined approach to leverage 2
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48 Our proprietary Sustainability Due Diligence Scorecards For illustrative purposes. Multi- Asset ratingSingle Asset ratingFund ratingGP rating Sustainability scorecards GP Oversight & Implementation Reputation Climate Diversity, Equity & Inclusion Biodiversity Fund Track record Sustainability Commitments Climate Reporting Single Asset Oversight & Implementation Reputation Climate Biodiversity Country Risk Inherent Sector RiskInherent Sector Risk Multi-Asset Country Risk Climate Biodiversity Reputation Pantheon has developed our own Sustainability Scorecards to provide a comprehensive view of each investment during due diligence and to support ongoing monitoring
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49 49 Investing in private markets for 40+ years 1A location from which executives of the Pantheon Group perform client service activities but does not imply an office. 2A location from which executives of the Pantheon Group perform client service activities. 3Pantheon has had a presence in Berlin since 2011 and opened an office in 2021. 4Pantheon has had a presence in Hong Kong since 1992 but does not imply an office. 5As of 30 June 2026. Please note the investment team includes 43 professionals across Core Portfolio Management, Investment Structuring & Tax, and Sustainability. 6As of 31 December 2025. 7As of 31 December 2025. Pantheon Offices1983 1987 1988 1993 1994 1997 2000 2009 2017 2019 2020 2021 2022 2023 2026 PE Primaries PE Secondaries PE Co-investments Infrastructure and real assets Private Credit Real EstateDedicated strategy 1st investment 1987 San Francisco 2007 New York 1982 London 2018 Dublin 2022 Chicago 2014 Bogotá 2021 Berlin 3 2011 Tel Aviv1 2018 Tokyo2 2014 Seoul2 1992 Hong Kong4 2023 Singapore 2023 Geneva2 Pantheon International Plc >10,900 Private equity managers in Pantheon’s database7 ~760 Institutional investors globally7 >3,600 Funds invested in 63 / 37 % of AUM in commingled / customized accounts6 2007 Became a signatory to UNPRI 139 Investment professionals5 $83.8bn Assets under management6 570 Global staff5 >682 Advisory board seats5
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50 Key information 1As at 30 June 2026. Ordinary shares Trading symbol PIN Bloomberg PIN:LN Exchange London Stock Exchange, MAINMARKET SEDOL BP37WF1 ISIN GB00BP37WF17 Market Cap1 £1.5bn Net Asset Value per share1 525.7p Admission to trading September 1987 Currency GBP Company information Investment manager Pantheon Ventures (UK) LLP Company Address Broadwalk House, Southernhay West, Exeter, EX1 1TS Registered England & Wales Company Secretary Waystone Administration Solutions (UK) Limited Joint Corporate Brokers Investec Bank plc / J.P. Morgan Cazenove Auditor Ernst & Young LLP Website www.pantheon-international.com LinkedIn www.linkedin.com/company/pantheon-international-plc/ Contact Vicki Bradley, Investor Relations Telephone: 020 3356 1725 / Email: vicki.bradley@pantheon.com
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51 Important Notice This document and the information contained herein is the proprietary information of Pantheon International Plc (“PIN”); it may not be reproduced, amended, or used for any other purpose, without the prior written permission of PIN. 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 authorised and regulated by the Financial Conduct Authority in the United Kingdom (FCA Reference Number 520240) and has permission under Part 4A FSMA 2000. Pantheon UK is PIN’s manager and receives a monthly management fee at the rate of 1 per cent per annum on the net asset value of PIN. Further Pantheon UK is entitled to an annual performance fee equal to 5 per cent of all growth in PIN’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 PIN’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 PIN. 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 PIN, 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 PIN will be achieved. Further, the market price of PIN shares may not fully reflect their underlying net asset value and it is not uncommon for the market price of PIN 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 PIN'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 PIN 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. PIN may be adversely affected by these risks notwithstanding the level of diversification which PIN seeks to achieve in relation to its investment portfolio. In addition, most of PIN’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 PIN’s investments. Losses may be multiplied since PIN invests in a range of private equity strategies including buyouts that commonly use gearing. PIN’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, PIN typically has outstanding, unpaid commitments to private equity funds which are substantial relative to PIN's assets. PIN's ability to meet these commitments (and avoid the potentially adverse consequences of default) depends on PIN receiving cash distributions from its investments and, to the extent these are insufficient, on the continuing availability of PIN's financing facilities. Other principal risks associated with PIN’s activities are described in PIN’s latest annual report and accounts. Unless expressly mentioned, all information and data is sourced from PIN’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 2026. For more information regarding Pantheon, please consult our website: https://www.pantheon.com/legal-regulatory-notice/. All rights reserved.
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52 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.
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53 Important Disclosure This document and the information contained herein has been prepared 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. For this purpose, “Pantheon” means the Pantheon operating entity that prepared and/or is distributing this document to the recipient. Pantheon operating entities are: Pantheon Ventures Inc. and Pantheon Ventures (US) LP which are registered as investment advisers with the U.S. Securities and Exchange Commission (“SEC”), Pantheon Securities LLC, which 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 which is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom, Pantheon Ventures (Ireland) DAC which is regulated by the Central Bank of Ireland (“CBI”) and is an appointed representative of Pantheon Ventures (UK) LLP in respect of activities carried on in the United Kingdom and 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. Pantheon Ventures (Singapore) Pte. Ltd. which holds a capital markets services license from the Monetary Authority of Singapore (“MAS”) to conduct fund management with accredited and institutional investors. The registrations and memberships referred to above in no way imply any level of skill or training or that the SEC, FINRA, SIPC, FCA, CBI, the Type II Financial Instruments Firms Association of Japan, the Japan Investment Advisers Association or MAS have endorsed any of the referenced entities, their products or services, or the material in this document. In the EEA, this document is distributed by Pantheon Ventures (Ireland) DAC to persons who are professional clients within the meaning of the EU Markets in Financial Instruments Directive (Directive 2014/65/EU) (“MIFID”). Any investment product to which this document relates may not be advised on, offered or sold in EEA member states to retail investors within the meaning of Regulation (EU) No 1286/2014 of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (“PRIIPS Regulation”) and no key information document (within the meaning of the PRIIPS regulation) will be produced in relation to any such investment product. In Japan this document is provided by Pantheon Ventures (Asia) Limited, to “Professional Investors” (tokutei toshika) as defined in Article 2, paragraph 31 of the FIEA. In the U.S. and Canada, this document is prepared by Pantheon and is distributed by Pantheon Securities LLC, with respect to funds managed or advised by Pantheon or its affiliates. Furthermore, this material is an institutional communication intended solely for institutional investors, as defined by FINRA. Materials related to potential managed accounts that carry out similar strategies to those discussed herein are distributed by Pantheon Ventures (US) LP in the U.S. and Canada. The distribution of this document in Canada is restricted to recipients that are qualified “permitted clients” for purposes of NI 31-103 and “accredited investors” for purposes of NI 45-106. In the United Kingdom, this document is distributed by Pantheon Ventures (UK) LLP to persons who are both (i) professional clients within the meaning of MIFID and within the meaning of Article 2(1)(8) of Regulation (EU) No. 600/2014, as retained in UK law and amended (“UK Professional Clients”) and (ii) persons who are professional investors as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or who are persons falling within any of the categories of persons described in Article 49(2)(a) to (d) of that Order, or (iii) persons to whom this document may otherwise lawfully be communicated. Any investment product to which this document relates is not intended for retail investors (within the meaning of Article 4 of the PRIIPS Regulation, as retained in UK law and amended (“UK PRIIPS Regulation”) and will be offered in the UK only to persons who are UK Professional Clients. No key information document (within the meaning of the UK PRIIPS Regulation) will be produced in relation to any such investment product. In Australia, this document is distributed by Pantheon Ventures (UK) LLP only to persons who are wholesale clients under section 761G of the Corporations Act 2001 (Cth) ("Wholesale Clients"). By receiving this document in Australia, 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. In Singapore, this document is distributed by Pantheon Ventures (Singapore) Pte. Ltd. to accredited investors and institutional investors as defined in the Securities and Futures Act 2001. In other countries, this document is distributed by Pantheon, or on Pantheon’s behalf by a third-party distributing agent, only to persons which are institutional investors to whom this document can be lawfully distributed without any prior regulatory approval or action. This document is provided to the intended party only and may not be shared, in whole or in part, or distributed without the express written consent of Pantheon.
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54 Important Disclosure 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 any other person without the prior written permission of Pantheon. Important information regarding: Opening a new “Account” To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each customer who opens an account. What this means for you: When you open an account, Pantheon may ask for documents or information related to your principal place of business, local office or other physical location; taxpayer identification number; and other documents demonstrating your lawful existence such as certified articles of incorporation, a government-issued business license, a partnership agreement, or a trust instrument, and other identifying documents. 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 any of its affiliates or recommendation to purchase any security or service. This material is qualified in its entirety by the information contained in any investment product’s offering documents or the governing documents of a separately managed account, including any prospectus or other offering memorandum related thereto (collectively, a “Prospectus”) and any governing document of such product or account. Furthermore, this material is an institutional communication intended for institutional recipients. Any offer or solicitation of an investment in an investment product may be made only by delivery of the investment product’s Prospectus to qualified investors. Prospective investors should rely solely on the Prospectus and governing documents of any investment product in making any investment decision. The Prospectus contains important information, including, among other information, a description of an investment product’s risks, objectives, investment program, fees and expenses, and should be read carefully before any investment decision is made. An investment in an investment product is not suitable for all investors. 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 document should not be acted or relied upon by any person without obtaining specific and relevant legal, tax, securities or investment advice. Certain information included in this document is derived from third-party sources that are believed by Pantheon to be reliable, but Pantheon does not guarantee their accuracy or completeness. The information contained in this document is current as of the dates indicated, however 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, infrastructure and real assets, or private debt/credit 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. 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 an investor may not get back the amount originally invested. This document may include “forward-looking statements” that can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. 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. Portfolio, volatility or return targets or objectives, if any, are used solely for illustration, measurement or comparison purposes and as an aid or guideline for prospective investors to evaluate a particular investment product’s strategies, volatility and accompanying information. Such targets or objectives reflect subjective determinations of an Investment Manager based on a variety of factors including, among others, the investment product’s investment strategy and prior performance (if any), volatility measures, portfolio characteristics and risk, and market conditions. Volatility and performance will fluctuate, including over short periods, and should be evaluated over the time period indicated and not over shorter periods. Performance targets or objectives should not be relied upon as an indication of actual or projected future performance. Actual volatility and returns will depend on a variety of factors including overall market conditions and the ability of an Investment Manager to implement an investment product’s investment process, investment objectives and risk management. Potential investment program risks • Pantheon’s investment strategies relate to investments in private funds investing in alternative investments such as private equity, infrastructure and real assets, or private debt/credit, or direct real estate, or other direct investments in such alternative investments. In general, such alternative investments 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.
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55 Important Disclosure • An investment in a fund investing in alternative investments involves a high degree of risk. Such investments are speculative, subject to high return volatility and will be illiquid on a long-term basis. Investors may lose their entire investment. • Managers of funds investing in alternative assets typically take several years to invest a fund’s capital. Investors will not realize the full potential benefits of the investment in the near term, and there will likely be little or no near-term cash flow distributed by the fund during the commitment period. Interests may not be transferred, assigned or otherwise disposed of without the prior written consent of the manager or general partner. • Funds investing in alternative assets are subject to significant fees and expenses, typically, management fees and a 20% carried interest in the net profits generated by the fund and paid to the general partner, manager or an affiliate thereof. Investments in such funds are affected by complex tax considerations. • Funds investing in alternative assets may make a limited number of investments. These investments involve a high degree of risk. In addition, funds may make minority investments where the fund may not be able to protect its investment or control, or influence effectively the business or affairs of the underlying investment. The performance of a fund may be substantially adversely affected by a single investment. Private fund investments are less transparent than public investments and private fund investors are afforded fewer regulatory protections than investors in registered funds or registered public securities. • Investors in funds investing in alternative assets are typically subject to periodic capital calls. Failure to make required capital contributions when due will cause severe consequences to the investor, including possible forfeiture of all investments in the fund made to date. A material number of investors failing to meet capital calls could also result in the fund failing to meet a capital call applicable to participating in an investment. Such a default by the fund could lead to the permanent loss of all or some of the applicable fund’s investment, which would have a material adverse effect on the investment returns for non-defaulting investors participating in such investment. • Governing investment documents or the related Prospectus or the managed account agreement, as the case may be, are not reviewed or approved by federal or state regulators and privately placed interests are not federally or state registered. • Fees and expenses – which may be substantial regardless of any positive return – will offset an investment product’s profits. If an investment product’s investments are not successful, these fees and expenses may, over a period of time, deplete the net asset value of the investment product. • Pantheon and its affiliates may be subject to various potential and actual conflicts of interest. • An investment product may employ investment strategies or techniques aimed to reduce the risk of loss which may not be successful. The above summary is not a complete list of the risks, tax considerations and other important disclosures involved in investing in an investment product and is subject to the more complete disclosures in such investment product’s Prospectus and/or managed account agreement, and/or governing documents of any investment product which must be reviewed carefully prior to making any investment in such investment product. 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. Third-Party Data may be included in this communication and those third parties do not accept any liability for errors and omissions. Therefore, you should make sure you understand certain important disclosures regarding external sources, which can be found at Third-Party Data | Quilter. Pantheon does not attest to the validity of any Third-Party Data and does not independently audit this information. We accept no responsibility or liability whatsoever in respect of such Third-Party Data. Description of commonly used indices This list may not represent all indices used in this material. MSCI World Index is a free float‐adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. S&P 500 Index is a widely recognized gauge of the U.S. equities market. This index is an unmanaged capitalization-weighted index consisting of 500 of the largest capitalization U.S. common stocks. The returns of the S&P 500 include the reinvestment of dividends.
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56 Important Disclosure MSCI Europe Index is a free float‐adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. The MSCI Europe Index consists of the following 15 developed market country indexes: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. MSCI AC Asia Pacific Index captures large and mid-cap representation across 5 Developed Markets countries and 8 Emerging Markets countries in the Asia Pacific region. With around 1,500 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Developed Markets countries in the index include: Australia, Hong Kong, Japan, New Zealand, and Singapore. Emerging Markets countries include: China, India, Indonesia, Korea, Malaysia, the Philippines, Taiwan, and Thailand. MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. FTSE Europe Index is one of a range of indices designed to help investors benchmark their European investments. The index comprises Large and Mid-cap stocks providing coverage of the Developed markets in Europe. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world's investable market capitalization. MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the US market. With over 600 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US. FTSE Asia-Pacific Index is part of a range of indices designed to help Asia Pacific investors to benchmark their investments. The index comprises Large (40%) and Mid (60%) Cap stocks providing coverage of 14 markets. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization. FTSE All World Index is a market-capitalization weighted index representing the performance of the large and mid-cap stocks from the FTSE Global Equity Index Series and covers 90-95% of the investable market capitalization. The index covers Developed and Emerging markets and is suitable as the basis for investment products, such as funds, derivatives, and exchange-traded funds. Cambridge Associates Private Investment Benchmarks are based on data compiled from over 8,000 global private market funds (including buyout, growth equity, private equity energy, subordinated capital funds and venture capital), including fully liquidated partnerships, formed between 1988 and 2022, including fully liquidated partnerships. The Cambridge Associates Private Investment Benchmarks have limitations (some of which are typical to other widely used indices) and cannot be used to predict performance of the Fund. These limitations include survivorship bias (the returns of the index may not be representative of all private market funds in the universe because of the tendency of lower performing funds to leave the index); heterogeneity (not all private market funds are alike or comparable to one another, and the index may not accurately reflect the performance of a described style); and limited data (many funds do not report to indices, and the index may omit funds, the inclusion of which might significantly affect the performance shown). Cambridge Associates (Infrastructure) is comprised of data extracted in fund currency from Private Equity and Venture Capital index based on funds classified as Infrastructure by Cambridge Associates. Cambridge Associates defines Infrastructure as funds that primarily invest in companies and assets that provide an essential service that contributes to the economic or social productivity of an organization, community, or society at large, with real assets in the water, transportation, energy, communication, or social sector. Investments must also have one or more of the following structural features: a monopolistic or oligopolistic market position with high barriers to entry; a low elasticity of demand due to their essential functions; stable, predictable, and long-term revenue contracts; or inflation protection through inflation adjustment mechanisms in underlying contracts. These indexes have limitations (some of which are typical to other widely used indices) and cannot be used to predict performance of the fund. These limitations include survivorship bias (the returns of the index may not be representative of all private equity funds in the universe because of the tendency of lower performing funds to leave the index); heterogeneity (not all private equity are alike or comparable to one another, and the index may not accurately reflect the performance of a described style); and limited data (many funds do not report to indices, and the index may omit funds, the inclusion of which might significantly affect the performance shown). The funds included in the data shown report their performance voluntarily therefore the data may reflect a bias towards funds with track records of success. The underlying funds may report audited or unaudited. The data is not transparent and cannot be independently verified. Preqin’s database includes performance information on over 7,000 active Private Equity funds. The Preqin data is supplied by managers therefore may be unaudited. The indices cannot be independently verified and may be recalculated by Preqin each time a new fund is added. The historical performance of the index is not fixed, cannot be replicated and may differ over time from the data presented in this communication. 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 2026. All rights reserved.