Net Asset Value(s)

    For immediate release 28 July 2003

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC                   

                          ASSET VALUE AT 30 JUNE 2003                          

The Board of Pantheon International Participations PLC (PIP) announces an
unaudited fully diluted net asset value per share of 546.77p at 30 June 2003
(539.69p at 31 March 2003). The Board also announces an Adjusted Redemption
Value of the Participating Loan Notes (PLNs) at 30 June 2003 of 536.54p(529.58p
at 31 March 2003), reflecting the small discount to asset value upon redemption
of the Participating Loan Notes.

The unaudited fully diluted net assets attributable to ordinary shareholders
and PLN holders stood at £220.9m at 30 June 2003 (£218.1m at 31 March 2003).

The Company's valuation policy for private equity funds is to base the
valuation on the latest accounts produced by the fund managers. In the case of
the valuation as at 30 June 2003 the majority of these accounts are dated 31
March 2003.

Private equity funds may contain a proportion of quoted shares from time to
time, for example where the underlying company investments have been taken
public but the holdings have not yet been sold. The Directors, together with
PIP's Manager, Pantheon Ventures Limited, have reviewed the quoted market
holdings at the date of the latest fund accounts and has considered the value
of those holdings at 30 June 2003.

The Company has completed a significant volume of secondary purchases during
the year and now has net bank borrowings. Accordingly the Board does not
consider that the Company has available sufficient cash resources for the
purpose of effecting a redemption of PLNs on 14 August 2003. The Board does
however remain committed to its policy of allowing redemptions of PLNs on
subsequent Redemption Dates subject to the Company having available sufficient
resources for this purpose.

For more information:

Pantheon International Participations PLC 020 7484 6200

Rhoddy Swire

Pantheon Ventures 020 7484 6200

Andrew Lebus

Alastair Bruce

www.pipplc.com [e-mail]

NOTES TO EDITORS

PIP

  * Pantheon International Participations (`PIP') is a London quoted investment
    trust, managed by Pantheon Ventures Ltd., which uses an international
    fund-of-funds approach to private equity investment.
   
  * PIP has investments in over 300 private equity funds whose portfolios
    contain investments in over 3,000 companies.
   
  * The Company is the leading independent private equity fund-of-funds
    investor quoted on the London Stock Exchange. PIP enables individuals as
    well as institutions to gain access to a substantial portfolio of unquoted
    companies in the USA, UK, Continental Europe and Asia, within funds managed
    by experienced private equity managers.
   
  * Within its stated primary investment objective, the Company invests in
    private equity funds both by subscribing to new funds and by acquiring
    secondary interests. As an adjunct to this activity, the Company may
    occasionally acquire direct holdings in unquoted companies usually where a
    vendor is seeking to sell a combined portfolio of funds and direct
    holdings. PIP's investment policy also extends to investing directly in
    companies where there is a private equity manager well known to the Company
    investing on the same terms.
   
Pantheon Ventures Limited

  * Pantheon has been active in the private equity sector since 1982.
   
  * Pantheon is the leading private equity fund-of-funds manager in Europe and
    currently manages over $6.7 billion.
   
  * Pantheon manages investments in 500 private equity funds in over 30
    countries.
   
  * Pantheon has 62 staff, based at offices in London, San Francisco, Hong Kong
    and Brussels.
   


LO: 39699-1



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