Annual Information Update

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

ANNUAL INFORMATION UPDATE

This annual information update is required by, and is being made pursuant to,
Article 10 of the Prospectus Directive as implemented in the United Kingdom by
Prospectus Rule 5.2 and not for any other purpose and neither the Company, nor
any other person, takes any responsibility for, or makes any representation,
express or implied, as to the accuracy or completeness of, the information
which it contains.

The information is not necessarily up-to-date as at the date of this annual
information update and the Company does not undertake any obligation to update
any such information in the future. Further, such information may have been
prepared in accordance with the laws or regulations of a particular
jurisdiction and may not comply with or meet the relevant standards of
disclosure in any other jurisdiction. Neither this annual information update,
nor the information referred to in it, constitutes, by virtue of this
communication, an offer of any securities addressed to any person and it should
not be relied on by any person.

The Company is publishing this annual information updated via an RIS today and
making it available on our website at www.pipplc.com.

Company Announcements

The Company has made the following announcements through PR Newswire, its
appointed RIS.

Date             Headline                                          
                                                                   
02-Nov-2010      Net Asset Value(s)                                
                                                                   
28-Oct-2010      Doc re Annual Report & Accounts 2010              
                                                                   
12-Oct-2010      Annual Financial Report                           
                                                                   
17-Sep-2010      Issue of Loan Notes                               
                                                                   
03-Aug-2010      Net Asset Value                                   
                                                                   
19-May-2010      Interim Management Statement                      
                                                                   
05-May-2010      Net Asset Value(s)                                
                                                                   
18-Mar-2010      Holding(s) in Company                             
                                                                   
04-Mar-2010      Holding(s) in Company                             
                                                                   
04-Mar-2010      Holding(s) in Company                             
                                                                   
02-Mar-2010      Holding(s) in Company                             
                                                                   
26-Feb-2010      Half-yearly Report                                
                                                                   
15-Feb-2010      Holding(s) in Company                             
                                                                   
11-Feb-2010      Holding(s) in Company                             
                                                                   
11-Feb-2010      Redenomination of loan facilities                 
                                                                   
10-Feb-2010      Change of ownership of the Company's Manager      
                                                                   
04-Feb-2010      Net Asset Value(s)                                
                                                                   
03-Dec-2009      Holding(s) in Company                             
                                                                   
26-Nov-2009      Result of AGM                                     
                                                                   
19-Nov-2009      Interim Management Statement                      
                                                                   
05-Nov-2009      Net Asset Value(s)                                
                                                                   
02-Nov-2009      Annual Information Update                         

Filing at Companies House

During the period the following documents were filed at Companies House:

Date available on  Document number      Description                            
Companies House                                                                
website                                                                        
                                                                               
30 December 2009   AR01                 Annual Return                          
                                                                               
30 December 2009   AD02                 Change of SAIL address                 
                                                                               
8 December 2009    RES10                Resolutions passed at AGM on 26        
                                        November 2009                          
                                                                               
8 December 2009    Annual Report        Annual Report and Accounts 2009        
                                                                               
7 November 2009    AD03                 Change of location of the company      
                                        records to the SAIL address            
                                                                               
7 November 2009    AD02                 Notification of SAIL address           

Documents published and sent to shareholders

The following documents have been published by the Company and sent to
shareholders of the Company over the previous twelve months: -

Annual Report for the year ended 30 June 2010                          
                                                                       
Half Yearly Report to 31 December 2009                                 

Inspection of Documents

The Company has its own website at www.pipplc.com which contains the following
documents:

Annual Report

Half-yearly Report

NAV Announcements

Interim Management Statements

Copies of certain documents that were required to be lodged at the FSA in
accordance with the Listing Rules, Prospectus Rules and Disclosure Rules can be
viewed at: www.hemscott.com/nsm.do

Copies of all regulatory announcements may be viewed on the London Stock
Exchange website at www.londonstockexchange.com.

Copies of documents filed at Companies House are available from the Registrar
of Companies, Companies House, Crown Way, CARDIFF, CF14 3UZ, telephone
0870 33 33 636, email [e-mail], or for registered users
through Companies House Direct, www.direct.companieshouse.gov.uk.

Please note that external websites are not the responsibility of the Company.

Copies of any of the above items may be obtained free of charge from the office
of the Company Secretary at the registered office address:

Capita Sinclair Henderson Limited

Beaufort House

51 New North Road

Exeter EX4 4EP

Tel: [phone]

8 November 2010