Final Results

PANTHEON INTERNATIONAL PARTICIPATIONS PLC (PIP)

PRELIMINARY ANNOUNCEMENT OF RESULTS

CHAIRMAN'S STATEMENT

I am pleased to report a strong performance by PIP in the financial year to
30th June 2005. Our net asset value per share increased by 14.9% to 657.9p
while the ordinary share price did even better, increasing by 40.5% to 650.5p.
Our total assets rose by 55.6% to £381.5 million mainly as a result of an
uplift in the value of investments of £52.0 million and capital raising of £
87.5 million.

PERFORMANCE

NET ASSET VALUE

The year was a good one for global private equity, not least because the level
of realisations increased significantly. This, together with the increased
valuations placed upon many unrealised investments in our portfolio, led to an
increase in net asset value per share of 14.9% in the year. In addition, the
uplift in the value of investments in the year was not offset by adverse
currency movements in the same way as it had been in the previous year.

ORDINARY SHARE PRICE

At the beginning of the financial year our share price stood at a discount of
19.1% to net asset value. During the year our Manager was increasingly active
in marketing the benefits of PIP to a wider audience of investors. In addition,
we saw increased global investor interest in the attractions of private equity
as a fast growing asset class considered capable of producing superior returns
over the long term. These two factors led to increased investor demand for our
shares, which resulted in the discount to net asset value narrowing to 1.1% at
30th June 2005, and our share price consequently showed an excellent 40.5%
growth over the year.

INVESTMENT ACTIVITY

The financial year saw a high level of investment activity. The total amount
invested in private equity assets during the year was £116.4 million, up from £
48.8 million the previous year, while the total amount distributed to PIP as a
result of investment realisations increased to £90.1 million from £72.2 million
the previous year.

SECONDARY COMMITMENTS

During the year PIP committed £115.8 million in five transactions to purchase
secondary interests in private equity funds. These included two large
transactions announced by PIP in October 2004. Since these transactions were
agreed we have seen prices increase for secondary interests. By acquiring these
investments PIP has managed to add high quality assets at what appears to have
been an attractive time.

PRIMARY COMMITMENTS

The year has seen an increase in total capital raised by private equity funds,
driven by profitable realisations and increased demand from institutional
investors. Against this background, gaining access to the best opportunities
has become increasingly difficult. Pantheon's global expertise and
long-standing relationships continue to ensure that PIP is able to access many
of the best private equity funds worldwide. The amount of capital committed to
primary investments reached record levels of £109.0 million over the year to
end June. In order to reinvest the increasing level of distributions received
from PIP's portfolio, the Board has increased the rate at which PIP will commit
to new funds from £225 million to £300 million over a three year period.

MARKET REVIEW AND PROSPECTS

During the financial year we saw a strengthening of the global private equity
market, with improved performance. The levels of realisations by private equity
funds increased, producing good returns to investors. This was driven by strong
competition among both corporate and financial buyers of businesses, by more
active IPO markets and by the very strong debt markets which enabled many
companies to return cash to shareholders as a result of releveraging. At
present these trends show every sign of continuing in the coming financial
year. Improving returns shown by earlier funds together with increasing global
demand for investment in private equity resulted in increased demand for
private equity funds. This positive environment is likely to lead to even
higher levels of fundraising in the current year and consequently a broad range
of potential investment opportunities should be available for PIP. The
increased amount of money in the hands of private equity investors, together
with the large amounts of debt available to them, has led to an increase in the
prices being paid for new investments and an increase in leverage in the global
buyout markets. This continuing trend needs to be watched carefully in the
future and highlights the importance of good fund selection by our Manager.

Deal flow within the secondary market remains strong, supported by the number
of investors who are selling in order to actively manage their portfolios.
However, in the current pricing environment, investment discipline is
important. Overall the prospects for an active and growing global private
equity market in the current year are strong and PIP is well placed to take
advantage of these trends.

CAPITAL STRUCTURE

Following its capital restructuring in September 2004, PIP raised £87.5 million
through a placing of new redeemable shares. This money was raised in order to
repay the debt used to finance the purchase of two secondary portfolios and to
provide capital for further purchases. The ability to raise capital in this
manner is advantageous in that it allows PIP to participate in substantial
purchases of secondary portfolios which it would not otherwise be able to do.

SAVINGS SCHEME

The Savings Scheme brochure and rules are being updated and a copy of the new
brochure will be sent to all shareholders when it is available. The Board hopes
that communication efforts in relation to the Savings Scheme will lead to
investment in the Company by a wider range of investors. A copy of the new
brochure will be made available at www.pipplc.com.

NEW BOARD MEMBER

In April the Directors of PIP were pleased to announce that Ian Barby had
accepted an invitation to join the Board as a non executive director. Ian was a
Managing Director of Merrill Lynch Investment Managers until 2003. His
extensive experience of the investment management industry and the investment
trust sector will be of great value to PIP. Ian has been appointed Chairman of
the Audit Committee.

ANNUAL GENERAL MEETING AND PRESENTATION

The Annual General Meeting of the Company will take place at 12 noon on 22nd
November 2005 at Pantheon's office. Pantheon will give a presentation on the
progress of PIP's portfolio. Both the Directors and Pantheon look forward to
meeting shareholders informally after the meeting.

Thomas H. Bartlam

Chairman

4th October 2005

STATEMENT OF TOTAL RETURN (unaudited)

(*incorporating the revenue account)

                                     1 July 2004 to             1 July 2003 to
                                                                              
                                       30 June 2005               30 June 2004
                                                                              
                          Revenue  Capital    Total  Revenue  Capital    Total
                                                                              
                           £'000    £'000    £'000    £'000    £'000    £'000 
                                                                              
Gains on investments           -   51,947   51,947        -   15,415   15,415 
                                                                              
Currency gains                 -      161      161        -      463      463 
                                                                              
Dividends and interest     4,589        -    4,589      635        -      635 
                                                                              
Investment management     (4,130)       -   (4,130)  (3,596)       -   (3,596)
fee                                                                           
                                                                              
Other expenses              (824)     257     (567)    (805)    (192)    (997)
                                                                              
Return on ordinary          (365)  52,365   52,000   (3,766)  15,686   11,920 
activities before                                                             
financing costs and tax                                                       
                                                                              
Interest payable and      (1,256)       -   (1,256)    (965)       -     (965)
similar charges                                                               
                                                                              
Revaluation of                 -   (1,839)  (1,839)       -   (4,872)  (4,872)
participating loan notes                                                      
                                                                              
Return on ordinary        (1,621)  50,526   48,905   (4,731)  10,814    6,083 
activities before tax                                                         
                                                                              
Tax on ordinary                -     (516)    (516)       -     (271)    (271)
activities                                                                    
                                                                              
Return on ordinary        (1,621)  50,010   48,389   (4,731)  10,543    5,812 
activities after tax for                                                      
the financial year                                                            
transferred (from)/to                                                         
reserves                                                                      

                                     1 July 2004 to              1 July 2003 to
                                                                               
                                       30 June 2005                30 June 2004
                                                                               
                            pence    pence    pence     pence    pence    pence
                                                                               
Return per share           (3.87)  119.43   115.56    (21.91)   48.83    26.92 
                                                                               

* The revenue column of this statement is the revenue account of the Company.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued in the year.

These accounts have been prepared using the accounting standards and policies
adopted at the previous year-end.

BALANCE SHEET (unaudited)

                                                    As at 30           As at 30
                                                                               
                                                    June 2005         June 2004
                                                                               
                                                       £'000             £'000 
                                                                               
Fixed assets                                                                   
                                                                               
Investments                                          371,950           233,246 
                                                                               
Investment in subsidiary undertaking                       1                 1 
                                                                               
                                                     371,951           233,247 
                                                                               
Current assets                                                                 
                                                                               
Debtors                                                2,868             1,540 
                                                                               
Cash at bank                                          12,507            11,968 
                                                                               
                                                      15,375            13,508 
                                                                               
Creditors - amounts falling due within one             5,838             1,571 
year                                                                           
                                                                               
Net current assets                                     9,537            11,937 
                                                                               
Total assets less current liabilities                381,488           245,184 
                                                                               
Creditors - amounts falling due after more                                     
than one year                                                                  
                                                                               
Participating Loan Notes                                   -           121,555 
                                                                               
Capital and reserves                                                           
                                                                               
Called-up share capital                               18,050            14,467 
                                                                               
Share premium account                                 91,959             6,034 
                                                                               
Special reserve                                      119,962                 - 
                                                                               
Capital reserve                                      166,804           116,794 
                                                                               
Revenue reserve                                      (15,287)          (13,666)
                                                                               
Total equity shareholders' funds                     381,488           123,629 
                                                                               
Amounts attributable to shareholders and             381,488           245,184 
participating loan note holders                                                

                                                        As at             As at
                                                                               
                                                 30 June 2005           30 June
                                                                           2004
                                                                               
Number of ordinary 67p                             26,471,013       21,592,964 
shares in issue                                                                
                                                                               
Number of redeemable 1p                            31,513,199                - 
shares in issue                                                                
                                                                               
Number of participating                                    -        21,660,589 
loan notes (PLNs) in                                                           
issue                                                                          
                                                                               
Net asset value per                                   657.9p            572.5p 
share                                                                          
                                                                               
Adjusted redemption                                        -            561.2p 
value of participating                                                         
loan notes                                                                     

CASHFLOW STATEMENT (unaudited)                                                 
                                                                               
                                                  Year ended         Year ended
                                                                               
                                                30 June 2005       30 June 2004
                                                                               
                                                      £'000              £'000 
                                                                               
Cash flow from operating activities                                            
                                                                               
Investment income received                            4,232                628 
                                                                               
Deposit interest received                                 -                  8 
                                                                               
Investment management fees paid                      (3,464)            (3,627)
                                                                               
Secretarial fees paid                                  (105)               (81)
                                                                               
Other cash payments                                    (584)              (671)
                                                                               
Net cash inflow/(outflow) from                           79             (3,743)
operating activities                                                           
                                                                               
Returns on investments and servicing                                           
of finance                                                                     
                                                                               
Revolving credit facility and                          (409)              (230)
overdraft interest paid                                                        
                                                                               
Loan commitment and arrangement fees                   (301)              (257)
paid                                                                           
                                                                               
PLN commitment fees paid                               (751)              (373)
                                                                               
Net cash outflow from returns on                     (1,461)              (860)
investment and servicing of finance                                            
                                                                               
Taxation                                                                       
                                                                               
Withholding tax suffered on limited                    (516)              (271)
partnership distributions                                                      
                                                                               
Tax recovered                                             -                  - 
                                                                               
Net cash outflow from taxation                         (516)              (271)
                                                                               
Capital expenditure and financial                                              
investment                                                                     
                                                                               
Purchases of investments                           (113,758)           (48,810)
                                                                               
Purchases of government securities                  (57,199)                 - 
                                                                               
Disposals of investments                             87,168             71,580 
                                                                               
Disposals of government securities                        -                  - 
                                                                               
Realised currency gains/(losses)                         22                (53)
                                                                               
Net cash (outflow)/inflow from capital              (83,767)            22,717 
expenditure and financial investment                                           
                                                                               
Net cash (outflow)/inflow before                    (85,665)            17,843 
financing                                                                      
                                                                               
Financing                                                                      
                                                                               
Proceeds from issue of ordinary shares                    -                  3 
                                                                               
Proceeds from issue of redeemable                    87,529                  - 
shares                                                                         
                                                                               
Proceeds from issue of PLNs                               -             13,800 
                                                                               
Costs of issue of PLNs                                    -               (247)
                                                                               
Costs of ordinary and redeemable share               (1,453)                 - 
issues                                                                         
                                                                               
Repayment of bank revolving credit                        -            (20,362)
facility                                                                       
                                                                               
Realised currency gains on repayment                     34                587 
of revolving credit facility                                                   
                                                                               
Net cash inflow/(outflow) from                       86,110             (6,219)
financing                                                                      
                                                                               
Increase in cash                                        445             11,624 

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information for the year ended 30 June 2004 is taken from the full accounts,
which have been delivered to the Registrar of Companies and contained an
unqualified audit report and did not contain statements under S.237(2) or (3)
of the Companies Act 1985. Statutory financial statements for the year ended 30
June 2005 have not yet been approved, audited or filed and will be delivered to
the Registrar of Companies following the Annual General Meeting.

For further information please contact:

Rhoddy Swire, Director of Pantheon International Participations PLC - 020 7484
6200

Alastair Bruce, Pantheon Ventures Limited - 020 7484 6200

Andrew Lebus, Pantheon Ventures Limited - 020 7484 6200

Email: [e-mail]