Change of Adviser

For immediate release 4 November 2003

                   PANTHEON INTERNATIONAL PARTICIPATIONS PLC                   

                                 APPOINTS DKW                                  

The Board of Pantheon International Participations PLC has appointed Dresdner
Kleinwort Wasserstein Limited as the company's corporate stockbroker with
immediate effect.


For more information:

Pantheon International Participations PLC 020 7484 6200

Rhoddy Swire

Pantheon Ventures 020 7484 6200

Andrew Lebus

Alastair Bruce

Dresdner Kleinwort Wasserstein Ltd 020 7623 8000

Andrew Zychowski

Robbie Robertson

www.pipplc.com [e-mail]

NOTES TO EDITORS

PIP

  * Pantheon International Participations (`PIP') is a London quoted investment
    trust, managed by Pantheon Ventures Ltd., which uses an international
    fund-of-funds approach to private equity investment.
   
  * PIP has investments in some 300 private equity funds whose portfolios
    contain investments in over 3,000 companies.
   
  * The Company is the leading independent private equity fund-of-funds
    investor quoted on the London Stock Exchange. PIP enables individuals as
    well as institutions to gain access to a substantial portfolio of unquoted
    companies in the USA, UK, Continental Europe and Asia, within funds managed
    by experienced private equity managers.
   
  * Within its stated primary investment objective, the Company invests in
    private equity funds both by subscribing to new funds and by acquiring
    secondary interests. As an adjunct to this activity, the Company 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.
   
Pantheon Ventures Limited

  * Pantheon has been active in the private equity sector since 1982.
   
  * Pantheon is the leading private equity fund-of-funds manager in Europe and
    currently manages over $6.7 billion.
   
  * Pantheon manages investments in 500 private equity funds in over 30
    countries.
   
  * Pantheon has 63 staff, based at offices in London, San Francisco, Hong Kong
    and Brussels.