Monthly Performance Update

22nd May 2014 Pantheon International Participations PLC Performance update at 30th April 2014 Pantheon International Participations PLC ("PIP") announced an unaudited net asset value ("NAV") per share at 30th April 2014 of 1,341.2p, a decrease of 2.9p (-0.2%) from the NAV per share as at 31st March 2014. Valuation gains (10.0p, 0.8%), investment income (1.2p, 0.1%) and share buybacks (2.0p, 0.1%) were offset by foreign exchange losses (-14.7p, -1.1%) and expenses (-1.4p, -0.1%). PIP's valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which PIP has holdings. In the case of PIP's valuation at 30th April 2014, the majority of reported valuations (accounting for circa 97% by value) are dated 31st December 2013 or later. At 30th April 2014, PIP's private equity assets stood at £800m, with cash balances of £90m. Undrawn commitments to investments stood at £186m at 30th April 2014, calculated using exchange rates at that date. In addition, the Company's multi-currency revolving credit facility agreement, comprising a US$82m facility and a €57m facility, remained completely undrawn. PIP's portfolio generated net cash of £7.8m during the month, with distributions of £12.6m relative to £4.8m of calls from existing commitments to private equity funds. PIP completed two co-investments during the month, a £4.7m co-investment alongside Headland Capital Partners in Miclyn Express Offshore Limited, a provider of service vessels to the offshore oil & gas sector in Southeast Asia, Australia and the Middle East, and a £2.2m co-investment alongside Svoboda Capital Partners in Reliable Parts Ltd., a leading distributor of appliance parts throughout North America. During the month, PIP invested £5.3m in share buybacks, acquiring 250,000 ordinary shares for a total of £2.8m at a price of 1,090.0p per share (19% discount to NAV per share at 31st March 2014), and 240,000 redeemable shares for a total of £2.5m at a price of 1,050.0p per share (22% discount to NAV per share at 31st March 2014). Monthly Report The April monthly newsletter can be accessed on PIP's website at in the Investor Relations section under the heading "Reports & Newsletters", or by following this link: Ends NOTES PIP PIP is a London quoted investment trust, managed by Pantheon Ventures (UK) LLP ("Pantheon"), a leading global private equity fund investor, investing in both primary funds and secondary transactions, and from time to time capitalising further on its fund investment activities by acquiring direct holdings in unquoted companies, usually either where a vendor is seeking to sell a combined portfolio of fund interests and direct holdings or where there is a private equity manager, well known to Pantheon, investing on substantially the same terms. With investments in private equity funds, covering multiple private equity strategies ranging from investments in late stage buyouts to early stage technology, PIP enables individuals as well as institutions to gain access to a substantial portfolio of unquoted companies in the USA, the UK, Continental Europe and Asia, within funds managed by experienced private equity managers. Pantheon Pantheon is a leading global private equity fund investor that invests on behalf of over 400 institutional investors. Established over 30 years, Pantheon has developed a strong reputation and track record in primary, secondary and co-investments and across all stages and geographies. Pantheon has £17.3 billion in AUM (as at 31st December 2013), over 180 employees, including over 70 investment professionals, located across offices in London, San Francisco, New York, Hong Kong, Seoul and Bogotá. For more information please visit PIP's website at or contact: Andrew Lebus or Alexis Barling Pantheon 020 7484 6200 Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of this announcement. Pantheon International Telephone +44 (0) 20 7484 6200 Participations PLC Facsimile +44 (0) 20 7484 6201 Norfolk House E-mail: 31 St. James's Square Internet: London SW1Y 4JR Registered office: Beaufort House, 51 New North Road, Exeter, Devon EX4 4EP. Incorporated in England number: 2147984. An investment company under section 833 of the Companies Act 2006. Managed by Pantheon Ventures (UK) LLP.
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