Interim Results

PANTHEON INTERNATIONAL PARTICIPATIONS PLC (`PIP')

Chairman's Statement

Global private equity markets have thrived during the first six months of PIP's
financial year. Investment activity has increased, realisations from existing
investments remain high and the high level of fundraising has been sustained.

PIP's Net Asset Value per share increased by 4.1% to 829.2p in the six months
to December. This performance has been achieved despite adverse currency
movements over the period which resulted in a £18.6m reduction (equivalent to
4.2% of opening net assets) in the sterling value of the portfolio.

Our ordinary share price increased by 12.5% to 817.5p over the six months to 31
December 2006 whilst total assets increased by £17.9 million to £458.9 million.

INVESTMENT ACTIVITY

The six months to end December 2006 has been an active one for both investment
and realisations. PIP invested a record £126.4 million in underlying private
equity assets during the first six months, an increase of 111% over the
equivalent period in the previous year. Of this amount, £55.4m was paid to meet
investment calls arising from PIP's primary portfolio and £71.0m applied to the
secondary portfolio. The total amount of cash distributed to PIP as a result of
investment realisations during the period was £59.2 million. Of this amount, £
22.2m emanated from the primary portfolio and £37.0m came principally from the
secondary portfolio.

PRIMARY COMMITMENTS

Despite the rate of fund raising continuing to gather pace many of the best
private equity funds are oversubscribed. Pantheon's expertise and long-term
relationships with these managers have helped ensure that PIP is able to gain
continued access to top-tier funds worldwide.

PIP committed £86.9 million to primary funds over the six month period,
including nine Europe-focused funds (£53.7m) and seven US-focused funds (£
33.2m). These funds represent many of the most attractive opportunities from
the multitude of new fund offerings available during the period.

In order to be able to reinvest the distributions from PIP's growing private
equity portfolio 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 had a very active period in the secondary market committing £125.8 million
to seven secondary transactions to purchase existing interests in private
equity funds. The majority of the assets added to the portfolio were US venture
funds which reflects our manager's belief that this is a favourable point in
the market cycle to acquire venture assets. The largest portfolio, representing
£60.4m, related to the purchase of interests in 90 venture funds and eight
direct investments.

MARKET REVIEW AND PROSPECTS

The buyout market has experienced high levels of realisations through
refinancings and profitable disposals. The belief that private equity can, in
many circumstances, provide companies with an ownership structure that is more
aligned with a company's management and ensures rapid decision making and close
accountability has meant that the buyout industry has continued to attract top
quality teams. This trend, combined with recent record fundraising, has
expanded the number of opportunities to include many amongst even the largest
companies.

Pantheon expects the current high levels of new investment to continue as long
as the debt markets remain accommodating in a favourable economic environment.
Distributions should also remain strong in such an active market. The potential
for companies to over leverage their balance sheet underlines the importance
your manager places on selecting experienced and disciplined private equity
managers.

The venture market has been progressing well with venture capital investment in
US companies reaching its highest level for five years. We expect this part of
the market to continue to perform well as more companies achieve an exit
through merger, acquisition or an initial public offering.

PIP's manager has an established position and reputation ensuring that PIP is
well placed to gain access to top quality funds through our primary programme.
Deal flow within the secondary market remains strong and we are optimistic that
PIP will continue to grow its assets in the coming years through secondary
acquisitions that may need to be financed externally.

CAPITAL STRUCTURE

PIP's capital structure is designed to provide flexibility to issue and redeem
capital to suit its financing needs. While outstanding commitments are expected
to be met from cashflow emanating from existing assets, with occasional use of
PIP's debt facilities, secondary activity is expected to be financed through a
combination of debt facility utilisation and new equity issuance.

In order to ensure PIP can finance calls from its outstanding commitments, PIP
has in place agreements with certain institutions under which PIP can call on
such institutions to subscribe for Redeemable shares. The purpose of these
agreements is to provide an additional level of assurance that PIP will be in a
position to meet portfolio calls, irrespective of market appetite for issues of
new shares and other sources of capital. Due to the growth of assets and a
planned increase in outstanding commitments PIP has increased available standby
financing by £50m to £150m, with effect from the 1st January 2007. PIP pays a
fee of 0.5% per annum on these commitments.

EXTRAORDINARY GENERAL MEETING

An Extraordinary General Meeting of the Company took place at 10am on 26th
February 2007 at Pantheon's office. PIP's shareholders approved a
recommendation by the Board to change the terms of the management agreement
between PIP and Pantheon. The details of the changes were announced to the
market and a copy of the announcement can be found on PIP's website at
www.pipplc.co.uk.

TOM BARTLAM

Chairman

15March2007

INCOME STATEMENT (unaudited)

For the Six months to 31 December

                                               2006                        2005
                                                                               
                         Revenue   Capital   Total*   Revenue  Capital   Total*
                                                                               
                           £'000     £'000    £'000    £'000    £'000    £'000 
                                                                               
Gains on investments **        -    19,806   19,806        -   63,428   63,428 
                                                                               
Currency (losses)/gains        -      (513)    (513)       -      352      352 
on cash and borrowings                                                         
                                                                               
Income                     3,763         -    3,763    3,541        -    3,541 
                                                                               
Investment management     (3,074)        -   (3,074)  (2,367)       -   (2,367)
fees                                                                           
                                                                               
Other expenses              (960)     (191)  (1,151)    (547)     (56)    (603)
                                                                               
Return on ordinary          (271)   19,102   18,831      627   63,724   64,351 
activities before                                                              
financing costs and tax                                                        
                                                                               
Interest payable and        (439)        -     (439)    (431)       -     (431)
similar charges                                                                
                                                                               
Return on ordinary          (710)   19,102   18,392      196   63,724   63,920 
activities before tax                                                          
                                                                               
Tax on ordinary                -      (414)    (414)       -     (247)    (247)
activities                                                                     
                                                                               
Return on ordinary          (710)   18,688   17,978      196   63,477   63,673 
activities after tax                                                           
for the period                                                                 
                                                                               
RETURN PER ORDINARY AND   (1.28p)   33.77p   32.49p    0.34p  110.09p  110.43p 
REDEEMABLE SHARE                                                               
                                                                               

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

*  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          
                £'000   Reserve £  £'000   £'000    Realised Unrealised £'000    £'000   
                        '000                        £'000    £'000                       
                                                                                         
Movement for                                                                             
the                                                                                      
                                                                                         
6 months ended                                                                           
31 December                                                                              
2006                                                                                     
                                                                                         
Opening Equity  18,024         26  91,971   99,897  151,664     94,233  (14,832) 440,983 
Shareholders'                                                                            
Funds                                                                                    
                                                                                         
Return for the       -          -       -        -   13,557      5,131     (710)  17,978 
period                                                                                   
                                                                                         
Costs of buy         -          -       -      (37)       -          -        -      (37)
back of                                                                                  
Redeemable                                                                               
shares                                                                                   
                                                                                         
CLOSING EQUITY  18,024         26  91,971   99,860  165,221     99,364  (15,542) 458,924 
SHAREHOLDERS'                                                                            
FUNDS                                                                                    
                                                                                         
Movement for                                                                             
the                                                                                      
                                                                                         
6 months ended                                                                           
31 December                                                                              
2005                                                                                     
                                                                                         
OPENING EQUITY  18,050          -  91,959  119,962  111,125     55,679  (15,287) 381,488 
SHAREHOLDERS'                                                                            
FUNDS                                                                                    
                                                                                         
Return for the       -          -       -        -   21,491     41,986      196   63,673 
period                                                                                   
                                                                                         
Costs of buy       (14)        14       -  (10,027)       -          -        -  (10,027)
back of                                                                                  
Redeemable                                                                               
shares                                                                                   
                                                                                         
CLOSING EQUITY  18,036         14  91,959  109,935  132,616     97,665  (15,091) 435,134 
SHAREHOLDERS'                                                                            
FUNDS                                                                                    
                                                                                         

BALANCE SHEET (unaudited)

                                             As at 31      As at 30   As at 31 
                                                                               
                                              Dec 2006    June 2006   Dec 2005 
                                                                               
                                                £'000        £'000       £'000 
                                                                               
Fixed assets                                                                   
                                                                               
Investments at fair value *                   462,103      434,087     422,143 
                                                                               
Current assets                                                                 
                                                                               
Debtors                                         2,420        1,882       1,316 
                                                                               
Cash at bank                                    6,640        6,636      13,333 
                                                                               
                                                9,060        8,518      14,649 
                                                                               
Creditors: Amounts falling due within one                                      
year                                                                           
                                                                               
Revolving credit facility                      10,219            -           - 
                                                                               
Other creditors                                 2,020        1,622       1,658 
                                                                               
                                               12,239        1,622       1,658 
                                                                               
NET CURRENT (LIABILITIES)/ASSETS               (3,179)       6,896      12,991 
                                                                               
TOTAL ASSETS LESS CURRENT LIABILITIES         458,924      440,983     435,134 
                                                                               
Capital and reserves                                                           
                                                                               
Called-up share capital                        18,024       18,024      18,036 
                                                                               
Capital redemption reserve                         26           26          14 
                                                                               
Share premium account                          91,971       91,971      91,959 
                                                                               
Special reserve                                99,860       99,897     109,935 
                                                                               
Capital reserve - realised gains              165,221      151,664     132,616 
                                                                               
Capital reserve - unrealised gains             99,364       94,233      97,665 
                                                                               
Revenue reserve                               (15,542)     (14,832)    (15,091)
                                                                               
TOTAL EQUITY SHAREHOLDERS' FUNDS              458,924      440,983     435,134 
                                                                               
Net asset value per share - basic              829.2p       796.8p       768.9p
                                                                               
Number of Ordinary shares and Redeemable   55,342,268   55,342,268   56,588,977
shares in issue                                                                
                                                                               

*Includes short dated fixed interest investments held for cash management
purposes at 30 June 2006 (£61,329,000) and 31 December 2005 (£61,353,000).
There were no short dated fixed interest investments at 31 December 2006.

CASH FLOW STATEMENT (unaudited)

For the six months to 31 December

                                                     2006              2005 
                                                                            
                                                    £'000             £'000 
                                                                            
Cash flow from operating activities                                         
                                                                            
Investment income received                          3,922             3,386 
                                                                            
Deposit and other interest received                    10                (7)
                                                                            
Investment management fees paid                    (2,891)           (2,608)
                                                                            
Secretarial fees paid                                 (58)              (50)
                                                                            
Legal and professional fees                          (351)             (177)
                                                                            
Other cash payments                                  (657)             (472)
                                                                            
NET CASH (OUTFLOW)/INFLOW FROM OPERATING              (25)               72 
ACTIVITIES                                                                  
                                                                            
Returns on investment and serving of                                        
finance                                                                     
                                                                            
Revolving credit facility and overdraft                (4)               (6)
interest paid                                                               
                                                                            
Loan commitment and agreement fees paid              (166)             (132)
                                                                            
Redeemable shares commitment fees paid               (252)             (252)
                                                                            
NET CASH OUTFLOW FROM RETURNS ON                     (422)             (390)
INVESTMENT AND SERVICING OF FINANCE                                         
                                                                            
Taxation                                                                    
                                                                            
Withholding tax suffered on limited                  (357)             (247)
partnership distributions                                                   
                                                                            
NET CASH OUTFLOW FROM TAXATION                       (357)             (247)
                                                                            
Capital expenditure and financial                                           
investment                                                                  
                                                                            
Purchases of investments                         (128,976)          (63,012)
                                                                            
Purchases of short dated government              (182,345)         (140,327)
securities                                                                  
                                                                            
Disposals of investments                           58,983            77,731 
                                                                            
Disposals of short dated government               243,503           136,645 
securities                                                                  
                                                                            
Realised currency (losses)/gains                     (113)               73 
                                                                            
Net cash (OUTFLOW)/INFLOW from capital             (8,948)           11,110 
expenditure and financial investment                                        
                                                                            
NET CASH (OUTFLOW)/INFLOW BEFORE                   (9,752)           10,545 
FINANCING                                                                   
                                                                            
Financing                                                                   
                                                                            
Payments to buy back Redeemable shares                  -           (10,000)
                                                                            
Drawdown of bank credit facility                   10,211                 - 
                                                                            
Costs of buy back of Redeemable shares                (37)                - 
                                                                            
Net cash inflow/(outflow) from financing           10,174           (10,000)
                                                                            
INCREASE IN CASH                                      422               545 

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

This interim statement is not the Company's statutory accounts.  The statutory
accounts for the year ended 30 June 2006 have been delivered to the Registrar
of Companies and received an audit report which was unqualified, 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
section 237(2) and (3) of the Companies Act 1985.

The results for the six months to 31 December 2006 have been reviewed by the
Company's auditors and their report is attached.

Signed on behalf of the Board

Tom H. Bartlam

Chairman

15 March 2007

INDEPENDENT REVIEW REPORT TO PANTHEON INTERNATIONAL PARTICIPATIONS PLC

FINANCIAL INFORMATION FOR THE SIX MONTH PERIOD ENDED 31DECEMBER 2006

Introduction

We have been instructed by the Company to review the financial information,
which comprises the income statement, reconciliation of movement in equity
shareholders' funds, the balance sheet, the cash flow statement and notes to
the interim accounts. We have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.

This report is made solely to the company having regard to guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company, for our work,
for this report, or for the conclusions we have formed.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority. The directors are also responsible
for ensuring that the accounting policies and presentation applied to the
interim figures are consistent with those applied in preparing the preceding
annual accounts except where any changes, and the reasons for them, are
disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/
4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of management and applying
analytical procedures to the financial information and underlying financial
data and, based thereon, assessing whether the disclosed accounting policies
have been consistently applied, unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
and therefore provides a lower level of assurance. Accordingly we do not
express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 December 2006.

RSM Robson Rhodes LLP

Chartered Accountants

London, England

15 March 2007