For immediate release 29 October 2003

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC                   

                       ASSET VALUE AT 30 SEPTEMBER 2003                        

The Board of Pantheon International Participations PLC (PIP) announces an
unaudited diluted net asset value per share of 565.83p at 30 September 2003
(546.77p at 30 June 2003). The Board also announces an Adjusted Redemption
Value of the Participating Loan Notes (PLNs) at 30 September 2003 of 555.24p
(536.54p at 30 June 2003), reflecting the small discount to asset value upon
redemption of the Participating Loan Notes.

The unaudited net assets attributable to ordinary shareholders and PLN holders
stood at �228.6m at 30 September 2003 (�220.9m at 30 June 2003).

The Company wishes to draw attention to the following modification to the
methodology of the operation of its accounting policy for secondary
investments. This modification will be operated on an ongoing basis with
immediate effect. The Company may acquire secondary interests at either a
premium or a discount to the fund manager's valuation. Within the Company's
portfolio, those fund holdings purchased at a premium are normally immediately
revalued to their stated net asset values irrespective of the purchase price.
Those fund holdings purchased at a discount are normally held at cost until the
receipt of a valuation from the fund manager in respect of a date after
acquisition, when they are revalued to their stated net asset values, unless a
provision against a specific investment is considered appropriate.

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 September 2003 the majority of these accounts are dated
30 June 2003.

*Cont'd

Cont'd*

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 September 2003.



For more information:

Pantheon International Participations PLC 020 7484 6200

Rhoddy Swire

Pantheon Ventures 020 7484 6200

Andrew Lebus

Alastair Bruce

www.pipplc.com contactus@pipplc.com

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 some 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 63 staff, based at offices in London, San Francisco, Hong Kong
    and Brussels.
   




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