Directorate Change

For immediate release 19 July 2004

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC                   

                                 BOARD CHANGES                                 

The Board of Pantheon International Participations PLC (PIP) announces the
resignation of Mr Ewen C.S. Macpherson, Chairman, with effect from today's
date. Mr Macpherson, who has recently suffered a bereavement, said: 'Unexpected
changes in family circumstances mean that I am no longer able to devote as much
time as I would want to my responsibilities at PIP. It is with regret that I
step down, and I wish the Company well for the future'.

The Board is deeply sympathetic and thanks Mr Macpherson with full appreciation
for his valuable contribution to the Company during the past six years as a
Director and, since November 2003, as Chairman.

The Directors have unanimously decided to appoint Mr Tom Bartlam, who joined
PIP's Board in June 2003, as Chairman with immediate effect.

Mr Bartlam, aged 56, is a founder and Managing Director of Intermediate Capital
Group PLC, a leading independent arranger and provider of mezzanine finance.
Prior to founding Intermediate Capital Group PLC in 1989 Mr Bartlam, who is a
chartered accountant, worked for Charterhouse Bank, where he was a director
involved in their corporate finance and private equity activities.

For more information:

Pantheon International Participations PLC 020 7484 6200

Rhoddy Swire

Pantheon Ventures 020 7484 6200

Andrew Lebus

Alastair Bruce