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                   Time       Heading                                   
                                                                            
29 October 2009        17:35      Doc re Annual Report and Accounts 2009    
                                                                            
14 October 2009        07:00      Annual Financial Report                   
                                                                            
06 October 2009        17:31      Holding(s) in Company                     
                                                                            
01 October 2009        16:23      Holding(s) in Company                     
                                                                            
24 September 2009      12:27      Holding(s) in Company                     
                                                                            
06 August 2009         17:29      Net Asset Value(s)                        
                                                                            
03 July 2009           14:32      Completes Reduction of Unfunded           
                                  Commitments                               
                                                                            
29 May 2009            09:19      Net Asset Value and Reduction of          
                                  Commitments                               
                                                                            
26 May 2009            07:00      Reduction of Unfunded Commitments         
                                                                            
19 May 2009            17:30      Interim Management Statement              
                                                                            
27 February 2009       18:01      Half-yearly Report                        
                                                                            
13 February 2009       16:23      Net Asset Value(s)                        
                                                                            
11 December 2008       09:19      Issue of Loan Notes                       
                                                                            
26 November 2008       15:47      Change of Adviser                         
                                                                            
25 November 2008       14:21      Result of AGM                             
                                                                            
19 November 2008       15:40      Interim Management Statement              
                                                                            
03 November 2008       09:17      Annual Information Update                 

Filing at Companies House

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

Date               Document number       Description                          
                                                                              
9 April 2009       Form 288c             Change of Particulars of a Director  
                                                                              
19 December 2008   Form 363s             Annual Return                        
                                                                              
4 December 2008    Annual Report         Annual Report and Accounts 2008      
                                                                              
4 December 2008    Resolution 10         Special Business Resolutions at AGM  

UK Listing Authority's Document Viewing Facility

During the period the following documents were published through the UK Listing
Authority's Document Viewing Facility:

Date                Description                                               
                                                                              
27 October 2009     Annual Report and Accounts 2009                           
                                                                              
14 October 2009     Proposed new Articles of Association                      
                                                                              
27 February 2009    Half-yearly Report and Accounts 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 Statement

Copies of certain documents that are required to be lodged at the FSA in
accordance with the Listing Rules, Prospectus Rules and Disclosure Rules are
available for inspection at the following address:

Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS

Tel: [phone]

Copies of announcements other than NAV announcements may be viewed at the
following link http://moneyworld.uk-wire.com/cgi-bin/index?search_type=3&words=
PIN. Please note that this site is not the responsibility of the Company.

Copies of documents filed at:

Registrar of Companies

Companies House

Crown Way

Cardiff CF14 3UZ

Tel: [phone]

They may also be downloaded from its website at 
www.direct.companieshouse.gov.uk.

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]