Monthly Performance Update

22nd December 2014 Pantheon International Participations PLC Performance update at 30th November 2014 Pantheon International Participations PLC ("PIP") announces an unaudited net asset value ("NAV") per share at 30th November 2014 of 1,510.1p, an increase of 24.7p (1.7%) from the NAV per share as at 31st October 2014. The increase was driven by foreign exchange gains (28.6p, 1.9%) and investment income (0.3p). Expenses and taxes* (-1.9p, -0.1%) and valuation losses (-2.3p, -0.1%) reduced the NAV per share. 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 November 2014, the majority of reported valuations (accounting for circa 92% by value) are dated 30th September 2014. At 30th November 2014, PIP's private equity assets stood at £867m, whilst cash balances were £127m. Undrawn commitments to investments stood at £234m at 30th November 2014, calculated using exchange rates at that date. In addition, the Company's multi-currency revolving credit facility agreement, comprising a US$100m facility and a €46m facility, remained completely undrawn. PIP's portfolio generated net cash of £18.5m during the month, with distributions of £18.9m relative to £0.4m of calls from existing commitments to private equity funds. During the month, PIP made a co-investment of £3.4m alongside The Jordan Company in Vertical Bridge, a private owner and manager of wireless communication infrastructure in the United States. PIP renewed its 4-year multi-currency revolving credit facility agreement with improved terms and a revised maturity date of November 2018. The size of the new Loan Facility, arranged by the Royal Bank of Scotland Plc., remains unchanged at £100m equivalent which, using prevailing exchange rates on the date of the facility renewal, has been redenominated to US$100m and €46m. The new Loan Facility also contains an accordion feature that would allow the total facility to expand by a further £50m, subject to PIP obtaining additional commitments to the accordion facility and complying with financial covenants. * Withholding taxes on investment distributions. Monthly Report The November 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 ago, Pantheon has developed a strong reputation and track record in primary, secondary and co-investments and across all stages and geographies. Pantheon has £18.8 billion in AUM** (as at 30th June 2014), 195 employees, including over 70 investment professionals, located across offices in London, San Francisco, New York, Hong Kong, Seoul and Bogotá. ** This figure includes assets subject to discretionary or non-discretionary management, advice or those limited to a reporting function. 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 Norfolk House Facsimile +44 (0)20 7484 6201 31 St. James's Square London SW1Y 4JR E-mail: Internet: 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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