PIWORLD Investor Podcasts

This video can be seen here: https://www.piworld.co.uk/2020/07/13/pantheon-international-pin-investor-presentation-july-2020/    The Pantheon team give a comprehensive overview of Private Equity, and the Pantheon International investment case to take advantage of the outsized returns from the sector. Vicki Bradley, Head of IR Presenting team - 00:45 History of Patheon - 01:39 PIP: a PE Investment Trust - 03:06 Helen Steers, Partner & Manager of PIP Introduction to PE - 04:04 Private Markets AUM - 04:50 Growth is occurring before IPO, financed by Private Capital - 06:55 What is Private Equity? - 08:16 PE Managers include tactics to add value - 09:55 Key themes for PIP investments over the last financial year - 10:45 The expanding opportunity set in PE - 14:15 Vicki Bradley, Head of IR Institutional investment into Private Equity - 14:57 PIP makes PE attractive for long term investors - 16:18 Helen Steers, Partner & Manager of PIP CV-19 - 18:43 ESG & responsible investment - 22:19 Tanu Chita, Principal PIPs approach to risk management - 24:01 PIP approach to portfolio construction - 25:33 Balance sheet - 28:44 Corporate governance - 29:37 Helen Steers, Partner & Manager of PIP Benefits of PIPs investment approach - 30:23 PIPs performance - 32:08 Vicki Bradley, Head of IR Key information - 33:02 Pantheon International Plc is a United Kingdom-based company, which is engaged in investing in a portfolio of private equity assets managed by third party managers across the world. The Company's primary investment objective is to maximize capital growth by investing in a diversified portfolio of private equity funds and directly in private companies. The Company seeks opportunities in the secondary market. In addition, the Company may from time to time hold quoted investments in consequence of such investments being distributed to the Company from its fund investments or in consequence of an investment in an unquoted company becoming quoted. It invests in sectors, such as consumer, information technology, healthcare, industrials, financials, energy, materials and telecommunication services. The Company may invest in any type of financial instrument, including equity and non-equity shares and debt securities.

This video can be seen at: https://www.piworld.co.uk/2020/07/13/avation-avap-investor-update-july-2020/   Richard Wolanski, Finance Director, gives a comprehensive overview of Avation, how they’ve managed CV-19, and how he sees the outlook. Overview - 00:18 Snapshot of Avation – 01:00 Financials, 9 months to 31st March 20 - 03:20 COVID-19 Liquidity Strategy - 04:22 Customer Overview - 06:21 Support for Airline Customers - 09:22 Support for Senior Lenders - 10:15 Virgin Australia Update - 11:15 Asia & Europe travel is returning - 15:19 Closing remarks – 19:52 About Avation: Avation PLC is a United Kingdom-based company engaged in leasing of aircraft. The Company is a commercial passenger aircraft leasing group managing a fleet of 47 aircraft, which are leased to airlines globally. The Company's fleet includes Airbus A220, A220-300 A320 and A321 narrow-body jets, Boeing 777-300ER and Airbus A330-300 twin-aisle jets, Boeing 737-800 NG, ATR 72 twin engine turboprop aircraft and five older Fokker 100 jets. It supplies regional, narrow-body and twin-aisle aircraft to the airline industry. It serves the commercial airlines. It owns, through its subsidiaries, a range of commercial passenger jet aircraft, which are leased to various airlines in Europe, Asia and Australia. The Company's subsidiaries include Avation Capital S.A., which is engaged in financing, and Capital Lease Aviation Limited and MSN429 Leaseco Limited, which are engaged in aircraft leasing.

This video can be seen at: https://www.piworld.co.uk/2020/07/09/whireland-whi-full-year-results-overview-july-2020/   WHIreland CEO Phillip Wale presents an overview of the Group’s final results for the 12 months ended 31 March 2020. Introduction – 00:19 Financial highlights – 00:37 Wealth Management – 01:00 Corporate & Institutional Broking – 01:22 Enhancing our governance – 02:03 Current trading & outlook – 02:27 Summary & conclusion – 02:54 WH Ireland Group plc is a holding company. The Company’s principal activities are the provision of wealth management and corporate finance advice, research, products and services to the private clients, and small and medium sized companies. It operates through two segments, which include Private Wealth Management and Corporate Broking. The Private Wealth Management segment offers investment management advice and services to individuals and contains its wealth planning business, giving advice on and acting as intermediary for a range of financial products. The Corporate Broking segment provides corporate finance and corporate broking advice and services to the companies, and acts as nominated advisor to clients listed on the Alternative Investment Market (AIM). The Corporate Broking segment contains its institutional sales and research business, which carries out stockbroking activities on behalf of companies, as well as conducting research into markets of interest to its clients.

This video can be seen at: https://www.piworld.co.uk/2020/07/06/allia-cc-retail-charity-bonds/   Mark Glowery, Director, Fixed Income Sales, at Allia C&C, outlines more about Allia’s Retail Charity Bonds, and describes in detail seven specific bonds which were issued by them since 2014 to date. Introduction – 00:18 How it works – 05:10 History and timeline - 09:51 Issuers: Golden Lane Housing (MCAP, MCP2) - 12:15 Hightown Housing (HTOP, HTO2) - 15:48 Greensleeves Care (GSHT) - 17:59 Belong Ltd (BEL1) - 19:16 Charities Aid Foundation (CAF1) - 21:25 Dolphin Living (DSCF) – 22:35 Alnwick Garden Trust (AGT1) - 23:53 Recent Price and Yields – 24:42 Investor base - 26:36 Distributors - 31:06 About Allia C&C – 32:10 Q&A – 33:44 More about Allia C&C: https://alliacc.com/

This video can be seen at: https://www.piworld.co.uk/2020/07/03/piworld-webinar-david-thornton-small-is-beautiful-why-smal-caps-what-to-buy-now/   David is the Editor of Growth Company Investor, and here we tap into some of the knowledge he’s gleaned from over 1,740 interviews with management, over the 7 years he's been in the role. Firstly, David talks us through why he invests in small caps and illustrates the power of compounding. Then, he outlines how he picks stocks and runs through his current top picks. We finish off with some great audience questions. Enjoy! David’s background – 00:39 Growth Company Investor – 01:51 Poll - Do you pay for ideas? (Magazines, newsletters, etc) - 04:20 Poll – Do you pay for tools? (eg. Sharepad? Stockopedia?) – 05:45 Why do you like small caps? - 06:28 General market and stock picking - 13:54 Venture Life (VLG) - 19:40 Accrol (ACRL) - 26:58 Codemasters (CDM) - 31:43 AFH Financial (AFHP) - 37:56 Victoria (VCP) - 40:42 Q&A AFH Financial (AFHP) – 43:30 Venture Life (VLG) - 46:10 Omega Diagnostics (ODX) & Elecosoft (ELCO) - 47:18 AIM and number of companies - 50:52 Do you invest in loss making companies? - 53:10 Manolete (MANO) - 55:00 Growth Company Investor special offer – 56:54 For a free trial copy of Growth Company Investor (GCI) email David Thornton (click here). Thereafter get the 12 month subscription with the special piworld offer for £120, (10% off the normal price of £132).

This video can be seen at:  http://www.piworld.co.uk/2020/07/02/air-partner-air-…update-july-2020/   Mark Briffa, CEO gives an update on current trading, operations and the outlook. Current trading and CV-19 - 00:35 The placing – 03:00 Acquisition of Redline - 03:45 Business activity with lockdown lifting - 04:54 Outlook - 06:06

This video can be seen at: https://www.piworld.co.uk/2020/06/29/codemasters-cdm-full-year-results-presentation-june-2020/   By Frank Sagnier, CEO & Rashid Varachia, CFO A comprehensive overview illustrating significant progress across the Group. Growth in revenues, gross profit and digital sales. The period included the acquisition of Slightly Mad Studios. The outlook includes a strong pipeline of game releases and next generation platform for Microsoft & Sony. Trading has begun well. Introduction - 00:33 About Codemasters – 00:57 CDM strategy - 01:40 CV19 response - 02:03 FY2020 highlights – 03:26 Financial highlights – 18:41 Outlook – 25:03 Summary – 37:00 Q&A – 38:10 Codemasters Group Holdings PLC, formerly Codemasters Group Holdings Limited, is a United Kingdom-based video game developer and publisher. Through its subsidiary, The Codemasters Software Company Limited, the Company designs, develops and produces driving and racing games. The Company’s driving and racing games include DiRT, GRID, Micro Machines, ONRUSH and Formula 1 series of videogames. It produces Formula One’s range of games for the Playstation 4 console.

This video can be seen at: https://www.piworld.co.uk/2020/06/24/brooks-macdonald-brk-acquisition-of-lloyds-bank-internationals-offshore-wealth-management-funds/   Brooks Macdonald’s announcement of their acquisition of Lloyds Bank International’s offshore wealth management and funds business. Presentation by CEO Caroline Connellan, Finance Director Ben Thorpe & CEO International & Group Deputy CEO Andrew Shepherd. Caroline Connellan, CEO Introduction – 00:17 Highlights of the Acquisition – 02:00 The strategy - 02:43 Andrew Shepherd, CEO International Progress of the International Division - 04:00 About the Acquisition - 05:05 The quality of the business - 05:53 The fit - 07:48 Ben Thorpe, FD Key transaction terms – 09:45 Financial benefits - 11:28 Caroline Connellan, CEO Conclusion - 12:38 Q&A – 14:04

This video can be seen at: https://www.piworld.co.uk/2020/06/19/piworld-webinar-everything-you-wanted-to-know-about-corporate-bonds-by-paul-hawkins/   A comprehensive overview of Corporate Bonds, for the retail investor who wants to invest in this asset class, but isn't sure how to go about it. Paul is an ex Bond Trader, who very generously shares his knowledge with us. Well worth the hour, if you invest in Corporate Bonds, or you'd like to consider it. Paul’s background - 00:46 What is a bond? – 04:30 The credit spread – 09:51 How big is the bond market? - 13:53 Bond issuance & trading - 15:45 LSE ORB – Order Book for Retail Bonds - 20:20 What drives the price of a corporate bond in the secondary market? - 23:43 What does a retail investor need to know? - 27:24 Negotiating with the market maker - 32:25 What’s the key thing that can go wrong with a bond? - 33:30 Who are the main investors in the Corporate Bond market? - 34:40 Which Corporate Bond Funds or Fund Managers would you recommend? - 35:53 Is volatility as extreme in bonds as it is in equities? - 38:19 Paul’s investing & performance - 39:39 Q&A Could you offer colour on irredeemable bank preference shares? - 40:45 How liquid are bonds - 41:40 Can you find out who owns bonds and in what proportion? - 43:04 What’s the meaning of cumulative, or non-cumulative bonds? - 44:52 Comments on floating coupons - 44:56 Tax on QCB v deep discount security rules – 45:50 Could you recommend information sources on bonds? - 47:10 How does a large (£1mio) or smaller (£100k) bond portfolio differ? - 48:03 How can you find out the minimum quantity for a bond? - 49:16 Out of Aviva Preference Shares, Burford & Provident Financial which would you buy? - 50:30 Can you hold a bond in an ISA? - 51:34 What drawdown did you see in March with bonds? - 52:13 How does a retail investor start a bond portfolio? - 53:22 Why does the bond market react less quickly than the equity market? - 55:11 About Paul Paul was Head of Sterling Credit Trading, at consecutively, RBS, Barclays Capital and Santander. He has Securities Institute Diplomas: Bonds & Fixed Interest Markets; Private Client Investment Advice & Management.

This video can be seen at: https://www.piworld.co.uk/2020/06/16/idox-results-idox-6-months-year-ended-30th-april-2020-hy20/   Analyst presentation given 16th June 2020 David Meaden, CEO Introduction & vision – 00:18 FY20 Highlights – 04:27 Rob Grubb, CFO Financial Review – 05:45 2020 guidance – 17:53 David Meaden, CEO HY20 Operational Highlights – 19:42 Operational strategy – 24:24 Summary & Outlook – 30:30