Final Results

Pantheon International Participations PLC (PIP)

Preliminary Announcement of Results for the year ended 30 June 2007

CHAIRMAN'S STATEMENT

I am pleased to report a strong performance by PIP in the financial year to
30th June 2007, our 20th year. Net asset value per share increased by 15.4% to
919.2p while the ordinary share price did even better, increasing by 26.3% to
917.5p. These results compare to increases in the MSCI World index of 14.3% and
the FTSE All Share index of 18.4% respectively.

Our total assets rose by £169.3 million to £610.3 million during the year,
mainly as a result of an uplift in the value of investments and capital raising
at the end of the year of £100 million. This performance was achieved despite
adverse currency movements, in particular the US dollar which declined 8.8%
against sterling, resulting in a £25.1 million reduction in the sterling value
of the private equity portfolio.

INVESTMENT ACTIVITY

A buoyant environment in the private equity market globally during our past
financial year ensured a healthy level of activity both in investment and
realisations. PIP invested £218.1 million in underlying private equity assets,
an increase of 66% over the previous year. Of this amount, £118.9 million was
paid to meet investment calls arising from PIP's primary portfolio and £99.2
million was applied to the secondary portfolio. The total amount of cash
distributed to PIP as a result of investment realisations during the year was £
146.7 million. Of this amount, £56.3 million came from the primary portfolio
with £90.4 million arising from the secondary portfolio.

PRIMARY COMMITMENTS

Consistent with such benign conditions, fundraising activity continued at the
high levels seen in the previous year. While fund sizes typically expanded,
particularly at the larger end of the market, access to many funds was
restricted. Pantheon's relationships with top-tier private equity fund managers
help to ensure that PIP gains access to top quality funds worldwide. PIP's
commitments to primary investments reached its highest level of £241.6 million
over the year to the end June 2007, an increase of 52% over the previous year,
encompassing twenty Europe-focused funds (£134.6 million), nineteen US-focused
funds (£82.0 million) and a commitment of £24.9 million to Pantheon's latest
Asian fund of funds. Through these commitments PIP will continue to gain
strategic access to buyout activity globally and to a lesser extent venture
activity and special situations. In line with PIP's growing asset base, the
Board increased the rate that PIP commits to primary funds from £450 million to
£600 million over a three-year period.

SECONDARY COMMITMENTS

PIP committed £145.0 million to twelve secondary transactions to purchase
existing interests in private equity funds, an increase of 80% over last year's
investment amount. Although a change in strategy continues to be the most
common reason for a sale, it is notable that four of these twelve transactions
arose through vendors actively rebalancing their private equity portfolios. The
developing private equity secondary market should give rise to continued growth
of more active portfolio management by institutional investors. A higher than
usual weighting towards venture assets in secondary purchases in the year
reflects Pantheon's view that good value could be purchased during this phase
of the cycle, relative to pricing seen for secondary purchases of buyout
assets.

MARKET REVIEW AND PROSPECTS

The profile of the private equity industry in the past year has increased as
many familiar public companies in many major markets have become the focus of
private equity groups. Availability of inexpensive debt finance helped fuel the
buyout market bringing ever larger target companies within the investment scope
of private equity. Many of the larger buyout groups continue to expand their
reach beyond their home markets to become global investors. With such a rapidly
growing profile comes increased scrutiny. Unions, politicians and the media
have raised questions over private equity accountability. The private equity
industry in the UK is proposing a voluntary code on disclosure to address
questions raised and there is a consultation process currently underway. Of
course greater accountability, through alignment of interests between
management and owner, is at the heart of the successful private equity process,
a fact that is recognised by its investors, so the industry remains confident
that it can answer its critics. Nevertheless the case must be explained well to
the increasing numbers who have a justifiable interest. Buyout fundraising
exceeded expectations and surpassed the record-setting pace established in the
previous year. Institutional investors worldwide increased their allocations to
private equity which helped support the high level of fundraising.

The recent correction in the debt markets is expected in the short term to slow
the pace of distributions from refinancings and slow the pace of investment
activity by managers at the larger end of the market. In addition, levels of
leverage in buyout transactions are likely to reduce. However, with continued
strength in the world economy the mid-market should remain active with recovery
in the larger end expected when liquidity returns to the debt markets. As
always, it is important for investors in private equity to ensure that they
select the managers that are able to continue to deliver superior performance
across the market cycle. Pantheon's strategy is to focus on managers that can
demonstrate clear value creation. Much of this value creation is centred around
greater efficiency and building scale in middle market businesses. The venture
markets continue to grow, with venture investment in the USA up 10% over the
previous year. With 29% of the portfolio in venture capital funds, PIP is well
placed to benefit from this growth in investment pending the development of a
yet more favourable exit environment.

It is 20 years since PIP was founded with capital of £12 million. PIP's
substantial growth over the years is largely attributable to Pantheon's leading
position in the market. The strategy that has successfully weathered the
various financial storms over the last 20 years makes us confident that
investing with many of the most talented private equity managers in the world,
in a diversified strategy, is a sound basis for good performance in the future.

CAPITAL STRUCTURE

PIP issued £100 million in value of ordinary shares during the year in order to
increase the financing available to implement its investment strategy and in
particular, to participate in secondary investments as they arise in the coming
months. During the year PIP entered into new five year `standby' agreements
with three institutional investors under which the investors have committed to
subscribe, if called upon by PIP to do so, a total of £70 million for new
redeemable shares. This brings the total aggregate amount which institutional
investors have committed, if required, to subscribe for new redeemable shares
under standby agreements to £120 million. In line with recent growth, the
Company's borrowing facilities were increased to £150 million. Consequently the
Directors believe that PIP has sufficient financing to meet commitments and to
continue its investment programme.

ANNUAL GENERAL MEETING AND PRESENTATION

The Annual General Meeting of the Company will take place at 12 noon on 28th
November 2007 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.

TOM BARTLAM

Chairman

28 September 2007

INCOME STATEMENT (unaudited)

                                       For the year ended 30 June               
                                                                                
                                               2007                        2006 
                                                                                
                         Revenue   Capital    Total*  Revenue  Capital    Total 
                                                                                
                           £'000     £'000    £'000     £'000    £'000    £'000 
                                                                                
Gains on investments **        -    77,537   77,537         -   79,356   79,356 
                                                                                
Currency (losses) /             -     (625)    (625)        -      263      263 
gains on cash and                                                               
borrowings                                                                      
                                                                                
Income                                                                          
                                                                                
Dividends and interest     7,179         -    7,179     7,521        -    7,521 
                                                                                
Investment management     (7,189)   (1,607)  (8,796)   (5,410)       -   (5,410)
fee                                                                             
                                                                                
Other expenses            (1,152)     (617)  (1,769)     (804)    (141)    (945)
                                                                                
Return on ordinary        (1,162)   74,688   73,526     1,307   79,478   80,785 
activities before                                                               
financing costs and tax                                                         
                                                                                
Interest payable and      (1,487)        -   (1,487)     (852)       -     (852)
similar charges                                                                 
                                                                                
Return on ordinary        (2,649)   74,688   72,039       455   79,478   79,933 
activities before tax                                                           
                                                                                
Tax on ordinary                -    (1,297)  (1,297)        -     (385)    (385)
activities                                                                      
                                                                                
Return on ordinary        (2,649)   73,391   70,742       455   79,093   79,548 
activities after tax                                                            
                                                                                
Return per ordinary and   (4.76)p   131.89p  127.13p     0.80p  138.74p  139.54p
redeemable share                                                                

All revenue and capital items in the above statement relate to continuing
operations.

No operations were acquired or discontinued during the year.

* The total column of this statement represents the Company's profit and loss
statement prepared in accordance with UK Accounting Standards. The
supplementary revenue return and capital columns are both prepared under
guidance published by the Association of Investment Companies.

** Includes currency movements on investments.

RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS (unaudited)

               Share    Capital    Share  Special  Capital    Capital  Revenue    Total
             capital redemption  premium  reserve reserve-   reserve-  reserve         
                        reserve                   realised unrealised                  
                                                                                       
              £'000      £'000    £'000    £'000    £'000      £'000    £'000    £'000 
                                                                                       
Movement for                                                                           
the year                                                                               
ended 30                                                                               
June 2007                                                                              
                                                                                       
Opening      18,024         26   91,971   99,897  151,664     94,233  (14,832) 440,983 
equity                                                                                 
shareholders                                                                           
funds                                                                                  
                                                                                       
Return for        -          -        -        -   35,879     37,512   (2,649)  70,742 
the year                                                                               
                                                                                       
Issue of      7,404          -   92,599        -        -          -        -  100,003 
Ordinary                                                                               
shares                                                                                 
                                                                                       
Expenses          -          -   (1,431)       -        -          -        -   (1,431)
relating to                                                                            
issue of                                                                               
Ordinary                                                                               
shares                                                                                 
                                                                                       
Additional        -          -        -      (36)       -          -        -      (36)
costs of                                                                               
redemption                                                                             
of                                                                                     
Redeemable                                                                             
shares                                                                                 
                                                                                       
Closing      25,428         26  183,139   99,861  187,543    131,745  (17,481) 610,261 
Equity                                                                                 
shareholders                                                                           
funds                                                                                  
                                                                                       
Movement for                                                                           
the year                                                                               
ended 30                                                                               
June 2006                                                                              
                                                                                       
Opening      18,050          -   91,959  119,962  111,125     55,679  (15,287) 381,488 
equity                                                                                 
shareholders                                                                           
funds                                                                                  
                                                                                       
Return for        -          -        -        -   40,539     38,554      455   79,548 
the year                                                                               
                                                                                       
Buy back of     (26)        26        -  (20,065)       -          -        -  (20,065)
redeemable                                                                             
shares                                                                                 
                                                                                       
Over accrual      -          -       12        -        -          -        -       12 
on costs of                                                                            
issue of                                                                               
redeemable                                                                             
shares                                                                                 
                                                                                       
Closing      18,024          26  91,971    99,897 151,664     94,233  (14,832) 440,983 
Equity                                                                                 
shareholders                                                                           
funds                                                                                  

BALANCE SHEET (unaudited)

                                                     As at 30          As at 30
                                                                               
                                                    June 2007         June 2006
                                                                               
                                                       £'000             £'000 
                                                                               
Fixed assets                                                                   
                                                                               
Investments*                                         595,994           434,087 
                                                                               
Current assets                                                                 
                                                                               
Debtors                                                2,018             1,882 
                                                                               
Cash at bank                                          17,010             6,636 
                                                                               
                                                      19,028             8,518 
                                                                               
Creditors - amounts falling due within one             4,761             1,622 
year                                                                           
                                                                               
Net current assets                                    14,267             6,896 
                                                                               
Total assets less current liabilities                610,261           440,983 
                                                                               
Capital and reserves                                                           
                                                                               
Called-up share capital                               25,428            18,024 
                                                                               
Capital redemption reserve                                26                26 
                                                                               
Share premium account                                183,139            91,971 
                                                                               
Special reserve                                       99,861            99,897 
                                                                               
Capital reserve                                      319,288           245,897 
                                                                               
Revenue reserve                                      (17,481)          (14,832)
                                                                               
Total equity shareholders' funds                     610,261           440,983 

* Includes fixed interest investments held for cash management purposes

                                                   As at 30              As at
                                                  June 2007       30 June 2006
                                                                              
Number of Ordinary 67p                          37,521,013         26,471,013 
shares in issue                                                               
                                                                              
Number of Redeemable 1p                         28,871,255         28,871,255 
shares in issue                                                               
                                                                              
Net asset value per share                            919.2p             796.8p

CASHFLOW STATEMENT (unaudited)                                                 
                                                                               
                                                  Year ended         Year ended
                                                                               
                                                30 June 2007       30 June 2006
                                                                               
                                                      £'000              £'000 
                                                                               
Cash flow from operating activities                                            
                                                                               
Investment income received                            7,107              7,701 
                                                                               
Deposit and other interest received                      12                  - 
                                                                               
Investment management fees paid                      (6,372)            (5,791)
                                                                               
Secretarial fees paid                                  (109)              (133)
                                                                               
Other cash payments                                  (2,169)              (616)
                                                                               
Net cash (outflow) / inflow from                     (1,531)             1,161 
operating activities                                                           
                                                                               
Returns on investments and servicing                                           
of finance                                                                     
                                                                               
Revolving credit facility and                          (571)               (10)
overdraft interest paid                                                        
                                                                               
Loan commitment and arrangement fees                 (1,071)              (386)
paid                                                                           
                                                                               
Redeemable share and PLN commitment                    (477)              (500)
fees paid                                                                      
                                                                               
Net cash outflow from returns on                     (2,119)              (896)
investment and servicing of finance                                            
                                                                               
Taxation                                                                       
                                                                               
Withholding tax suffered on limited                  (1,230)              (438)
partnership distributions                                                      
                                                                               
Net cash outflow from taxation                       (1,230)              (438)
                                                                               
Capital expenditure and financial                                              
investment                                                                     
                                                                               
Purchases of investments                           (224,262)          (135,888)
                                                                               
Purchases of government securities                 (251,677)          (417,027)
                                                                               
Disposals of investments                            149,337            154,271 
                                                                               
Disposals of government securities                  243,503            412,702 
                                                                               
Realised currency gains                                (152)                 9 
                                                                               
Net cash (outflow) / inflow from                    (83,251)            14,067 
capital expenditure and financial                                              
investment                                                                     
                                                                               
Net cash (outflow) / inflow before                  (88,131)            13,894 
financing                                                                      
                                                                               
Financing                                                                      
                                                                               
Proceeds from issue of Ordinary shares              100,003                  - 
                                                                               
Costs of Ordinary shares issue                         (968)                12 
                                                                               
Payments to buy back Redeemable shares                    -            (20,000)
                                                                               
Costs of buy back of Redeemable shares                  (36)               (65)
                                                                               
Drawdown of loan                                     10,211                  - 
                                                                               
Repayment of loan                                   (10,211)                 - 
                                                                               
Realised currency gains on repayment                     75                  - 
of revolving credit facility                                                   
                                                                               
Net cash inflow/(outflow) from                       99,074            (20,053)
financing                                                                      
                                                                               
Increase / (decrease) in cash                        10,943             (6,159)
                                                                               
Reconciliation of return on ordinary                                           
activities before tax and financing                                            
costs to net cash flow from operating                                          
activities                                                                     
                                                                               
Return on ordinary activities before                 72,039             80,785 
financing costs and tax                                                        
                                                                               
Gains on investments                                (77,537)           (79,356)
                                                                               
Currency losses / (gains) on cash and                   625               (263)
borrowings                                                                     
                                                                               
Increase in accrued income                            1,487                180 
                                                                               
Increase / (decrease) in other                        2,127               (212)
creditors                                                                      
                                                                               
(Increase) / decrease in other debtors                 (272)                27 
                                                                               
Net cash (outflow) / inflow from                     (1,531)             1,161 
financing                                                                      

These accounts have been prepared using the most recently published accounting
standards and policies.

All investments held by the Company are classified as 'fair value through
profit or loss'. For investments actively traded in organised financial
markets, fair value is generally determined by reference to Stock Exchange
quoted market bid prices at the close of business on the balance sheet date.
For investments that are not actively traded on organised financial markets,
fair value is determined using reliable valuation techniques as described in
detail in the Company's last Annual Report.

The Directors do not recommend a dividend for the year ended 30 June 2007
(2006: Nil).

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 2006 is taken from the full accounts,
which have been delivered to the Registrar of Companies and contained an
unqualified audit report and did not include a reference to any matters to
which the auditors drew attention by way of emphasis without qualifying the
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 2007 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]

Signed on behalf of the Board

Tom H. Bartlam

Chairman