Net Asset Value(s)

31st October 2008

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC

                     NET ASSET VALUE AT 30 SEPTEMBER 2008                      

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 1153.8p at
30 September 2008 (1108.7p at 30 June 2008). This represents an increase of
4.1% per share. Net valuation adjustments within the private equity portfolio
of -2.3% were more than offset by the positive contribution from currency
movements, in particular the US dollar.

The unaudited net assets attributable to ordinary shareholders and redeemable
shareholders at 30 September 2008 stood at £766.1m (£736.1m at 30 June 2008).

At 30 September 2008 the value of the private equity investment assets stood at
£895.5m (£806.5m at 30 June 2008). Of the private equity investment assets at
PIP's holding level 66% were represented by funds reporting values denominated
in US Dollars, 27% denominated in Euros and 7% denominated in Sterling. Of the
66% of investment assets denominated in US Dollars, approximately 5% are
invested in funds investing mainly in Europe and approximately 7% in funds
investing mainly in Asia. In addition to the funds reporting values denominated
in Sterling, many of the Euro denominated funds have investments in the UK.

PIP's valuation policy for private equity funds is based on the latest
valuations produced by the managers of the funds in which PIP has holdings.
When accounting for the unquoted investments held within private equity funds,
fair value is determined by reference either to recent significant transactions
in the shares of the unquoted company or to the valuation of comparable
companies that are publicly quoted. Therefore under a fair value accounting
regime, there is a significant relationship between the level of prices of
publicly quoted companies and the fair value of comparable privately owned
companies. In the case of the valuation as at 30 September 2008, the majority
of valuations (accounting for circa 94% by value) are dated 30 June 2008. In
periods of significant public market price volatility (such as has been seen
during the period since the 30 June during which quoted market prices have
fallen considerably) such effects would be apparent in reported private equity
valuations only when subsequent valuations are reported by the managers of the
private equity funds. 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. The quoted
market holdings at the date of the latest fund accounts are reviewed and
compared with the value of those holdings at the year end. If there has been a
material movement in the value of these holdings, the valuation is adjusted to
reflect this.

                                     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 manager, investing in both primary
funds and secondary transactions. With investments in 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 £12.3 billion under
management (as at 30 June 2008), investments in over 500 private equity funds
in over 30 countries and offices in London, San Francisco, New York, Hong Kong
and Brussels. Pantheon is part of Russell Investments.

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For more information please contact:

                  Andrew Lebus / Alastair Bruce 020 7484 6200