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Annual results 2015Dr. Peter Wuffli, Chairman of the Board of Directors André Frei, Co-CEO Christoph Rubeli, Co-CEO Dr. Cyrill Wipfli, CFOMarlis Morin Head Client Services Stephan Schäli Co-Head Private EquityFor use with institutions only – not for use in the United States

ANNUAL RESULTS 20152Table of contents1Ten years on the SIX Swiss Exchange2State of affairs3Clients4Investments5Financials 2015

TEN YEARS ON THE SIX SWISS EXCHANGE3Partners Group’s first trading day at the SIX Swiss Exchange24 March 2006Facts & figures Free float: 33% IPO valuationCHF 1.7 billion Opening priceCHF 63/share Closing price (1st day)CHF 84/share ( 33%)

TEN YEARS ON THE SIX SWISS EXCHANGE4Substantially built-out asset base and global footprint, combined with strong returns,attracted institutional clienteleAssets under management1EmployeesOfficesEUR 46.0 billion1884024%annualizedgrowth 700 jobscreated513 officesopenedglobally1375.520052015Track record220052015Amount invested20052015Clients 800USD 9.7 billion15% IRR onrealizedinvestmentsUSD 8 billioninvestmentcapacity built 700institutionalclients2.1200520152005 100201520051 Assets under management exclude discontinued public alternative investment activities and divested affiliated companies. 2 Includes all realized Partners Groupdirect private markets investments (private equity, private real estate, private debt, private infrastructure) between Q1 2006 and Q4 2015 (unaudited). Figures arenet of underlying fund fees, but gross of fees to Partners Group and are based on cash flows converted to USD.2015

TEN YEARS ON THE SIX SWISS EXCHANGE5Solid corporate development translated into sound financials, which were alsobeneficial for Partners Group’s shareholdersRevenues1EBITDAProposed dividend per shareCHF 619 millionCHF 367 tock price performance22.6520052015Market capitalization2CHF 3612007IPO 2006CHF 8 billionshareholdervalue created63Outgrown 34Swiss listedfirms22015IPO 20062016SIX equity ranking3CHF 10 billion20%annualizedgrowthIPO 200617%annualizedgrowth671102005CHF 10.502015661 Revenues include revenues from management services, net, other operating income and share of results of associates. 2 2015 figures as of 31 December 2015.3 According to SIX Swiss Exchange, the ranking is based on the free float market capitalization and turnover as a percentage of free float capitalization.2015Nr. 32

ANNUAL RESULTS 20156Table of contents1Ten years on the SIX Swiss Exchange2State of affairs3Clients4Investments5Financials 2015

STATE OF AFFAIRS7The Partners Group formulaAttractive industryPartners Group business modelRising privatemarketsallocationsInstitutionalasset growth Investmentplatform deliveringoutperformanceacross cyclesComplex clientneeds/marketconsolidationMulti-asset classofferingsGloballyintegrated serviceorganizationCompetitive shareholder returnsContinuedAuM growthxStablemargins Balance sheetlight approach Earningsgrowth Dividendgrowth

STATE OF AFFAIRS8Partners Group as a listed companyMarket capitalization (as of 31 December 20151)Rank FirmShare price development (since March 2006 (IPO)2)Market capRank Firm(in USD billion)Performancesince IPO1Blackstone341Partners Group 476%2KKR132KKR 17%3Partners Group103Oaktree -74%1 Bloomberg, as of 31 December 2015. 2 Share price development from 24 March 2006 (or later when listing took place after PGHN IPO) until 1 March 2016.

STATE OF AFFAIRS9High earnings visibility and business stability drive share price developmentLast 6 months: changes to earnings estimates and share price, including weekly stock price volatilityRank FirmChanges to 2016earnings estimatesSharepriceWeeklyvolatility(last 6 months)(last 6 months)(last 6 months)1Partners Group 7% yle-51%-27%48%8KKR-61%-33%43%1 Source: Bloomberg as of 1 March 2016. 34%42%

ANNUAL RESULTS 201510Table of contents1Ten years on the SIX Swiss Exchange2State of affairs3Clients4Investments5Financials 2015

CLIENTS11Partners Group 2015 client AGMBerlin2015 client AGM 15-18 March 2016 240 institutional clients 25 countries represented EUR 4 trillion AuM

CLIENTS12Long-term growth drivers in private markets2. Private markets allocation on the rise21. Growing global institutional assets1Global pensionscheme assets (2015) 6% p.a.growth expecteduntil 20204. Outperformance of private markets43.9% p.a.Global privateequity 201520042003MSCI World TR2002of investors plan tomaintain or decreasethe number of GPrelationships2001-3%60%1999 62%in # of fundsPrivate equity outperformancevs. MSCI World TR (indexed)2000in USD billionof investors plan toincrease or maintainprivate marketsallocation in thelonger termStocks, bonds,cash and others( 98%)Privatemarkets( 2%)3. Continued market consolidation3Assets raised(2011 vs. 2015) 84%IndexedAuMUSD 35trillionPension schemesportfolio allocations (2015)1 Willis Towers Watson Global Pension Asset study 2016, Morgan Stanley Research December 2014. 2 Willis Towers Watson Global Pension Asset study 2016.Preqin Investor Outlook: Alternative Assets H1 2016. Partners Group. 3 2016 Preqin Global Private Equity and Venture Capital Report. Preqin Investor Outlook:Alternative Assets H1 2016. 4 Bloomberg, Thomson Reuters (Cambridge Associates) "Cash flow summary report", period 01.07.1999-30.06.2015, quarterly datain USD. Private equity performance from Cambridge Associates one quarter end-to-end pooled returns of indirect private equity investments. Public benchmarkfigures from Bloomberg (NDDUWI Index).outperformance overthe last 15 years

CLIENTS13Solid business development based on strong returns generated for our clientsPrivate markets are expected to outperformPartners Group has outgrown the industryGlobal private markets AuM1USD 4.2 trillion1.237%40% 2.1%to 4% 4.1%and over23%13% p.a.2005Institutional investors’ return expectations forprivate equity portfolios (vs. public markets)3 0%to 2%2015Partners Group’s private markets AuM2Partners Group’s outperformance over public markets4EUR 46.0 billion24% p.a.5.52005 1.2%Globalmarket shareOutperformancep.a. sinceinception20151 Preqin 2016 Global Private Equity and Venture Capital Report. 2 Assets under Management exclude discontinued public alternative investment activities anddivested affiliated companies. 3 Preqin Investor Outlook: Alternative Assets H1 2016. 4 Past performance is not indicative of future results. Data unaudited as of 31December 2015. The track record represents the private equity performance of aggregate investments made on behalf of Partners Group’s clientele excludinginvestments that were disposed of not for investment considerations but due to other factors such as liquidity. Figures are net of underlying fund fees, but gross offees to Partners Group. Figures are based on cash flows converted to USD using fixed FX rates as of the report date. Outperformance over cash flow equivalentMSCI World investment using the static spread methodology (Bloomberg: NDDLWI Index).6.7% p.a.

CLIENTS1422% net AuM growth in 2015Total assets under management (in EUR billion) 8.4-2.4 2.4Tail-downs-1.8Redem. -0.6Other 0.6GuidanceprovidedNo guidanceprovidedTail-downs &redemptionsOther factors*EUR 46.0FX 1.8 USD 50.0 CHF 50.0EUR 37.62014New money/commitments*Other factors consist of currency effects, performance, investment program changes and other effects.2015

CLIENTS15Demand driven by new and existing clients across all private markets asset classesBreakdown of assets raised by asset classBreakdown of assets raised by new vs. existing clientsPrivate infrastructure18%(2014: 12%)Private debt20%(2014: 15%)Private real estate9%(2014: 28%)Source: Partners Group.Private equity54%(2014: 45%)Existing clients51%(2014: 54%)New clients49%(2014: 46%)

CLIENTS16Diversified client base across regions and type of investorsAuM by region (as of 31 December 2015)AustraliaAsia/4%SwitzerlandMiddle East15%8%South America2%Germany &AustriaNorth America20%15%UK24%Source: Partners Group.France & Benelux4%Southern EuropeScandinavia 3%5%AuM by type (as of 31 December 2015)Distribution partners/private individuals11%Family officesand others7%SWFs and otherendowments8%Insurancecompanies14%Public pensionfunds33%Corporate pensionfunds27%

CLIENTS17Diversified client base across individual institutions; customization trend continuesAuM by client (as of 31 December 2015)AuM by program type (as of 31 December 2015)Largest client5% Top 2-5 clients9%Top 6-10 clients6%Top 11-20 clients9% 700 otherinstitutionalclients71%Source: Partners Group.Standardprograms52%Mandates andcustomizedprograms48%

CLIENTS18Institutional investors continue to embrace illiquid assetsAnticipated changes to 2016 asset allocations of institutional investors representing USD 6.6 trillion in AuMreduceCore fixed incomeincrease-18%EquitiesDemand for thereturn premia offeredby illiquid assets-15%Cash-13%Partners GroupfocusHedge fundsPrivate equityReal estate4%Demand forhigher yieldingsectors30%38%Real assets*49%50%Private credit-30%-20%-10%Source: Blackrock client survey of 174 of their largest institutional clients, December 2015.* Real assets include infrastructure, commodities, timber and farmland.0%10%20%30%40%50%60%

CLIENTS19Expected gross client demand in 2016AuM, client demand and other effects (in EUR billion)Full-year 2016 0)-2.1Tail-downs &redemptions* 2.1FX & others**2014Client demand46.0-2.4Tail-downs &redemptions* 2.4FX & others**2015*Tail-downs consist of maturing investment programs; redemptions stem from liquid and semi-liquid programs ( 10% of AuM).**Others consist of performance from select programs and other effects.Note: negative effects in 2014 and 2015 consist of both tail-downs & redemptions as well as FX & others. / 2016Tail-downs &redemptions*FX & others**Total AuM

CLIENTS20Focus topics 2016Client offeringPrivateequityKey initiativesPrivatePrivate debtreal estatePrivateinfrastructureGlobal direct programsInvest directly in assets and create value over timeGlobal secondariesInvest in portfolios of assets through industry insightGlobal integratedPortfolio management approach across private marketsStandard &customized programsCustomizedmandates Extend coverage in existing markets withexisting clients by building private marketsportfolios across asset classes Create new markets by providing investmentsolutions and suitable structures to jurisdictionswith limited private markets exposure Offer customized solutions across asset classeswith creative structures to satisfy specific needsand requirements of larger investors

ANNUAL RESULTS 201521Table of contents1Ten years on the SIX Swiss Exchange2State of affairs3Clients4Investments5Financials 2015

INVESTMENTS22Partners Group 2015 investment platform overviewInvestment platform update More than 550 private markets professionalsglobally Over 800 total employees USD 9.7 billion invested in private markets opportunitieson behalf of our clients 75 direct investments across the globeNorth AmericaEuropeAsia-Pacific/RoW36 directinvestments29 directinvestments9 directinvestmentsAbout 3'850 direct opportunities screened USD 3.1 billion invested in 27 assets USD 2.6 billion invested in 48 credits USD 125 billion screened on the secondary market andUSD 2.2 billion invested USD 1.9 billion invested with select best-in-classmanagers in the private markets industryNote: investment figures exclude investments executed for cash management, for syndication purposes, as well as short-term loans.

INVESTMENTS23Continued significant deal flow in 2015First screenings in 2015Private equityPrivate debtPrivate real estatePrivate infrastructureTotal D 91 billion372599n/a151'652USD 24 billion250582USD 10 billion963'851USD 125 billion733USD 5.7 billion75 transactions*USD 2.2 billion29 transactionsUSD 1.9 billion47 commitments*Includes 48 credits amounting to USD 2.6 billion. Investment figures exclude investments executed for cash management, for syndication purposes, as well asshort-term loans.

INVESTMENTS24Private markets investment activities in 2015 across the globe and across all assetclassesPrivate markets investments during 2015 (based on volumes)North ondaries22%Asia/emergingmarkets17%Note: investment figures exclude investments executed for cash management, for syndication purposes, as well as short-term loans.Debt

INVESTMENTS25Private equity – investment strategy and 2015 examples1Platform companiesGrow a company beyondcurrent markets and set-up2 Category winnersIdentify growth trends throughvertical sector research3Defensive leadersIdentify customer needs inspecialty marketsLargest for-profit provider of early-childhoodeducation in the US ( 1'400 centers in 38 USstates)Global manufacturer of customized, highlyengineered metal components, usingproprietary technologiesDutch market leader in high-end catering andhospitality services, providing outsourcedcatering services.Value creation initiatives:Value creation initiatives:Value creation initiatives: Drive program enrollment Diversify into adjacent product areas Growth in existing end markets Explore greenfield locations Expand into metal molding market International expansionTarget return: 22% IRR1Target return: 22% IRR1Target return: 20% IRR11 Figures calculated net of underlying fees, gross of Partners Group fees. For illustrative purposes only. There is no assurance that target returns will be achieved.There is no assurance that similar investments will be made. Source: Partners Group (Private Markets Navigator H1 2016).

INVESTMENTS26Private debt – investment strategy and 2015 examples1Attractive nichesAttractive risk/return profilesin niche markets2Creative structuresFinancing of successfulentrepreneurs and businesses3Buy-and-build strategiesStrengthen existing andtrusted relationshipsLeading global supplier and manufacturer oflight weight belting products for end marketsincluding food, logistics and airportsLargest denture services provider in the US:over 200 practices in 39 states and servesaround 400'000 patients per yearNorth American retail insurance brokeragethat provides insurance and risk managementsolutions Attractive niche due to high client Customized financing solution for 2nd lien financing with committedcustomization High replacement demandBerkshire Partners Opportunity for equity upsidedelayed draws for acquisitions Strong relationship with sponsorTarget return: 10% IRR1 (2nd lien)Target return: 15% IRR1 (blended2)Target return: 11% IRR1 (2nd lien)1 Figures calculated net of underlying fees, gross of Partners Group fees. For illustrative purposes only. There is no assurance that target returns will be achieved.There is no assurance that similar investments will be made. Source: Partners Group (Private Markets Navigator H1 2016). 2 Includes equity kicker equaling 35% oftotal investment. Second lien target return: 12% IRR, net of underlying fees, gross of Partners Group fees.

INVESTMENTS27Private infrastructure – investment strategy and 2015 examples1Transformative growthCapitalize on transformativeinfrastructure needs2Value enhancement potentialCreating value beyond a purefinancial investment3Market-leading platformsBuild scale in markets withconsolidation potentialBilly Bishop Toronto City Airport (BBTCA)10'000km submarine fiber optic cable(Seabras-1) that will run from New York, USA,to São Paulo, BrazilPassenger terminal of the Billy BishopToronto City Airport (BBTCA), close to thebusiness district of Toronto, CanadaLeading gas pipeline and compression stationowner and operator, transporting natural gasfrom the US to MexicoValue creation initiatives:Value creation initiatives:Value creation initiatives: Complete on-time and on-budget Passenger and slot growth Expand pipeline network Optimize capacity sales mix Upgrade terminal building Pursue add-on opportunitiesTarget return: 26% IRR1Target return: 17% IRR1Target return: 16% IRR11 Figures calculated net of underlying fees, gross of Partners Group fees. For illustrative purposes only. There is no assurance that target returns will be achieved.There is no assurance that similar investments will be made. Source: Partners Group (Private Markets Navigator H1 2016).

INVESTMENTS28Private real estate – investment strategy and 2015 examples1Buy below replacement costReposition and re-lease byunder-cutting rents2Buy, fix, sellExecute capex program andbring rents back to market3Develop coreBuild modern property withlow construction cost basis200 North Michigan AvenueWM Milwaukee Industrial Portfolio1.7 million square foot portfolio of class Bindustrial space in desirable industrial marketin Milwaukee, Wisconsin, USSignificant potential to re-develop neglectedindustrial warehouses into modernized logisticcentersDevelopment of a 41-story residential towerin one of the most heavily foot-traffickedareas in downtown ChicagoValue creation initiatives:Value creation support:Value creation initiatives: Improve operating performance Refurbish and modernize Demolish and develop Increase occupancy Rezone land parcel for residential use Lease to 95% occupancyTarget return: 15% IRR1 (equity)Target return: 20% IRR1 (equity)Target return: 16% IRR1 (equity)1 Figures calculated net of underlying fees, gross of Partners Group fees. For illustrative purposes only. There is no assurance that target returns will be achieved.There is no assurance that similar investments will be made. Source: Partners Group (Private Markets Navigator H1 2016).

INVESTMENTS292015 realization examples1Private equityPrivate debtPrivate infrastructurePrivate real estateNovotelNathan Road Securities firm, US Elderly care, Nordics Coal port, Australia Hotel, Hong Kong Multiple: 2.9x Multiple (senior): 1.1x Multiple: 1.7x Multiple: 3.0x gIRR: 69% gIRR: 7% gIRR: 20% gIRR: 16%Southmead Hospital2Garland Business Park Education, US Security services, Europe Hospital, UK Industrial property, US Multiple: 4.1x Multiple (mezz): 1.5x Multiple: 1.9x Multiple: 1.7x gIRR: 47% gIRR: 13% gIRR: 100% gIRR: 19%USD 7.6 billion of underlying portfolio distributions in 2015Past performance is not indicative of future results. Source: Partners Group. For illustrative purposes only. There is no assurance that similar investments will bemade nor that similar results will be achieved. 1 Net of underlying fees, gross of Partners Group fees. 2 Investment made through Lloyds Bank UK Infrastructurevehicle.

INVESTMENTS30Private equity value creation efforts in 2015Measurable results in 2015 150 ongoing valuecreation initiativesResults1Projects by LeversIn %56 80 initiatives realizedin 2015 180 board meetingsheld236Top Line Bottom Line ojects by Partners Group’s roleIn % Actively engaged 50value creation projectsMore than 90 businessintroductionsthroughout the Partners Group estimates. 1 Value creation in 2015 across all active non listed Partners Group Direct Investments programs 2009 and 2012.

ANNUAL RESULTS 201531Table of contents1Ten years on the SIX Swiss Exchange2State of affairs3Clients4Investments5Financials 2015

FINANCIALS 201532Sustained growth in AuM over the last ten years, in line with growth of employeesTotal assets under management (in EUR billion)46.0 0620072008200920102011N

IPO 2006 2015 CHF 8 billion shareholder value created CHF 10 billion 2 Outgrown 34 Swiss listed firms Nr. 32 66 IPO 2006 2015 IPO 2006 2015 20% annualized growth CHF 361 63 1 Revenues include revenues from management services, net, other operating income and share of results of associates. 2 2015