Net Asset Value(s)

28th July 2006

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC                   

                        NET ASSET VALUE AT 30 JUNE 2006                        

The Board of Pantheon International Participations PLC (`PIP'), the quoted
private equity fund-of-funds investment trust, today announced an unaudited net
asset value per share and redemption value per redeemable share of 796.8p at 30
June 2006 (802.1p at 31 March 2006). This is a decrease of 5.3p, or 0.7%, per
share from 31 March 2006. PIP's private equity investment assets generated
gains of £16.4m in local currencies over the quarter, but this increase was
more than offset by unfavourable currency movements (£17.8m) resulting in a
reduction in the Sterling value of PIP's assets.

The unaudited net assets attributable to ordinary shareholders and redeemable
shareholders at 30 June 2006 stood at £441.0m (£453.9m at 31 March 2006).

Of the unaudited net assets, £372.8m are private equity investment assets. The
private equity investment assets at PIP's holding level were 72% denominated in
US Dollars, 21% denominated in Euros and 7% denominated in Sterling. The
remaining net assets of £68.2m are predominantly Sterling denominated. Of the
72% of investment assets denominated in US Dollars, approximately 4% are
invested in funds investing in Europe and approximately 4% in funds investing
in Asia. Many of the Euro denominated funds have investments in the UK.

                                     Ends                                      

NOTES

PIP

Pantheon International Participations (`PIP') is a London quoted investment
trust, managed by Pantheon Ventures Ltd., one of the longest-established
international private equity fund-of-funds, investing in both primary funds and
secondary transactions. With investments in over 300 private equity funds,
covering late stage buyouts to early stage technology, PIP enables individuals
as well as institutions to gain access to a substantial portfolio of unquoted
companies in the USA, the UK, Continental Europe and Asia, within funds managed
by experienced private equity managers. PIP 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. www.pipplc.com

Pantheon Ventures Ltd.

Pantheon has been active in private equity since 1982 and is now one of the
world's leading private equity fund-of-funds managers, with £6.6 billion under
management (as at 31 December 2005), investments in some 500 private equity
funds in over 30 countries and offices in London, San Francisco, Hong Kong and
Brussels. Pantheon is part of the Russell Investment Group.

PIP's valuation policy for private equity funds is based on the latest accounts
produced by the managers of the funds in which of PIP has holdings. In the case
of the valuation as at 30 June 2006, the majority of valuations are dated 31
March 2006. 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. PIP's Manager, Pantheon
Ventures Limited, has reviewed the quoted market holdings at the date of the
latest fund accounts and has included the value of those holdings as at 30 June
2006.

For more information please contact:

                  Alastair Bruce / Andrew Lebus 020 7484 6200