Interim Results

PANTHEON INTERNATIONAL PARTICIPATIONS PLC (`PIP')

CHAIRMAN'S STATEMENT

The global private equity industry continued to be strong in the first half of
our financial year with a high level of realisations producing good returns for
investors in many private equity funds. PIP, with its portfolio of investments
in a wide range of high quality funds, has benefited from this market
environment and has seen its Net Asset Value per share increase in the six
months to 31 December by 16.9% to 768.9p. This performance was due primarily to
an increase in the value of PIP's private equity investments, driven
principally by good realisations, and, to a lesser extent, to the beneficial
effect on the portfolio of the 4.2% appreciation of the US dollar, which
affected approximately 60.8% of the private equity assets.

In the first half our ordinary share price moved in line with Net Asset Value
increasing by 16.3% to 756.5p at 31 December 2005. Our total assets rose in the
period by £53.6 million to £435 million.

Investment Activity

The six months to end December 2005 was an outstanding period for realising
value from the private equity market. The total amount of cash distributed to
PIP as a result of investment realisations during the period was £79.3 million.
This is a record level of distributions for PIP in any six month period since
inception and follows on from the £90.1 million received in the twelve months
to 30 June 2005. These high levels of distributions reflect the maturity of
PIP's underlying portfolio.

PIP has also been investing actively in the six months to end December 2005.
The total amount of cash PIP invested in private equity assets during the
period was £59.8 million, of which £26.8 million was paid to meet investment
calls within PIP's primary portfolio with the balance applied to the secondary
portfolio.

Secondary Commitments

During the six months to end December 2005 PIP committed £39.2 million to
acquiring secondary interests in private equity funds. The majority of these
funds were mature US venture funds. PIP's manager, Pantheon, believes that some
portfolios of venture funds represent attractive investments at this stage of
the investment cycle. The ability to purchase secondaries allows PIP to invest
in more mature assets.

Primary Commitments

Gaining access to the best private equity funds continues to be a major issue
for many private equity investors. Pantheon's global expertise and longstanding
relationships have enabled PIP to gain access to many of the invitation-only
private equity funds that have been fundraising in 2005.

The amount of capital committed to primary funds during the six months to end
December 2005 was £71.8 million. PIP continues to diversify across leading
private equity managers and over the period made commitments to six US buyout
funds, two US venture capital funds, two US special situations fund, three
European buyout funds and one European special situations fund. In order to
continue to be able to reinvest the growing level of distributions received
from PIP's private equity portfolio, the Board has increased the rate that PIP
will commit to primary funds from £300 million to £450 million over a
three-year period.

Market Review & Prospects

The global private equity market has continued to grow over the six months to
end December 2005. Buyout managers have been active in making new investments,
fund-raising has continued to rise and exits have been strong, aided by the
favourable debt markets and strong global stock markets. Venture markets are
showing signs of renewed life, evidenced by a number of prominent trade sales
and successful IPOs. PIP's exposure to venture capital funds should prove
beneficial if this early promise continues.

The outlook for 2006 is positive, with private equity funds expected to carry
on returning money to their investors as a result of sales, recapitalisations
and IPOs thereby making good returns for their investors. Low interest rates
and supportive debt markets continue to stimulate the buyout and M&A markets.
Fundraising is expected to continue at a high level in 2006.

Whilst the current environment of rising company valuations is beneficial for
adding value at the point of an exit, it also leads to an increase in the
average price paid for new investments. It is therefore important to select
fund managers that are able to maximise the value received at exit whilst
maintaining the necessary discipline when making new investments.

PIP's manager continues to see a wide range of portfolios through the secondary
market and, although prices being paid have firmed over recent months, has been
able to identify value in a number of select portfolios that PIP has been able
to purchase.

Capital Structure

Due to better than expected distributions received from PIP's portfolio, the
Board decided to release some of its surplus cash by redeeming £10m of
redeemable shares in November 2005. The ability to deploy cash through
investment or redemptions is advantageous in ensuring that PIP does not suffer
from performance drag created by holding excessive amounts of cash.

Tom H. Bartlam

15 March 2006

STATEMENT OF TOTAL RETURN OF THE COMPANY (unaudited)

(incorporating the revenue account*)

                                   for the six months to 31 December            
                                                                                
                                                2005                    Restated
                                                                                
                                                                            2004
                                                                                
                         Revenue   Capital     Total   Revenue  Capital    Total
                                                                                
                           £'000     £'000     £'000    £'000    £'000    £'000 
                                                                                
Gains on investments **        -    63,428    63,428        -    5,210    5,210 
                                                                                
Currency timing                -       352       352        -      421      421 
differences                                                                     
                                                                                
Income                                                                          
                                                                                
Income                     3,541         -     3,541      864        -      864 
                                                                                
Investment management     (2,367)        -    (2,367)  (1,829)       -   (1,829)
fee                                                                             
                                                                                
Other expenses              (547)      (56)     (603)    (503)       -     (503)
                                                                                
Return on ordinary           627    63,724    64,351   (1,468)   5,631    4,163 
activities before                                                               
financing costs and tax                                                         
                                                                                
Interest payable and        (431)        -      (431)    (560)       -     (560)
similar charges                                                                 
                                                                                
Return on ordinary           196    63,724    63,920   (2,028)   5,631    3,603 
activities before tax                                                           
                                                                                
Tax on ordinary                -      (247)     (247)      (2)     (44)     (46)
activities                                                                      
                                                                                
Return on ordinary           196    63,477    63,673   (2,030)   5,587    3,557 
activities after tax                                                            
                                                                                
Earnings per ordinary                        110.43p                      5.15p 
and redeemable share -                                                          
basic                                                                           
                                                                                
Earnings per PLN                                 N/A                      8.49p 

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 Trust Companies.

** Includes currency movements on investments.

SUMMARISED BALANCE SHEET OF THE COMPANY (unaudited)

                                           As at 31      As at 30     As at 31 
                                                                               
                                            Dec 2005    June 2005     Dec 2004 
                                                                               
                                              £'000        £'000         £'000 
                                                                               
Investments at fair value *                 422,143      371,950       279,571 
                                                                               
Investment in subsidiary undertaking              -            1             1 
                                                                               
Net current assets/(liabilities)             12,991        9,537       (31,642)
                                                                               
TOTAL ASSETS LESS CURRENT LIABILITIES       435,134      381,488       247,930 
                                                                               
CAPITAL AND RESERVES                        435,134      381,488       247,930 
                                                                               
Total net assets for the purpose of                                            
calculating                                                                    
                                                                               
the net asset value per share               435,134      381,488       247,930 
                                                                               
Net asset value per share - basic            768.9p       657.9p         579.0p
                                                                               
Number of ordinary shares in issue        26,471,013   26,471,013   26,471,013 
                                                                               
Number of redeemable shares in issue      30,117,964   31,513,199   16,353,199 

* Includes fixed interest investments held for cash management purposes.

SUMMARISED STATEMENT OF CASHFLOWS (unaudited)

                                              For the six       For the six 
                                                                            
                                                months to         months to 
                                                                            
                                         31 December 2005  31 December 2004 
                                                                            
                                                    £'000             £'000 
                                                                            
Net cash inflow/(outflow) from operating              231              (791)
activities                                                                  
                                                                            
Servicing of finance                                                        
                                                                            
Interest paid                                          (6)              (50)
                                                                            
Loan commitment and arrangement fees                 (132)             (177)
paid                                                                        
                                                                            
Redeemable shares commitment fees paid               (252)                - 
                                                                            
PLN commitment fees paid                                -              (500)
                                                                            
Net cash outflow from servicing of                   (390)             (727)
finance                                                                     
                                                                            
Taxation                                                                    
                                                                            
Withholding tax suffered on limited                  (247)               (2)
partnership distributions                                                   
                                                                            
Net cash outflow from taxation                       (247)               (2)
                                                                            
Capital expenditure and financial                                           
investment                                                                  
                                                                            
Purchases of investments                          (63,012)          (77,549)
                                                                            
Purchases of government securities               (140,327)                - 
                                                                            
Disposals of investments                           77,572            36,799 
                                                                            
Disposals of government securities                136,645                 - 
                                                                            
Realised currency gains/(losses)                       73               (26)
                                                                            
Net cash inflow/(outflow) from capital             10,951           (40,776)
expenditure and financial investment                                        
                                                                            
Financing                                                                   
                                                                            
Cost of issue of ordinary and redeemable                -              (500)
shares                                                                      
                                                                            
Payments to buy back redeemable shares            (10,000)                - 
                                                                            
Drawdown of bank credit facility                        -            35,488 
                                                                            
Net cash (outflow)/ inflow from                   (10,000)           34,988 
financing                                                                   
                                                                            
Increase/(decrease) in cash                           545            (7,308)

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

This interim report has been prepared using new accounting standards, which
have been issued to begin the process of converging UK standards with
International Financial Reporting Standards ('IFRS'). The applicable standards
that have been adopted by the Company with effect from 1 July 2005 are FRS 21
Events after the Balance Sheet Date; FRS 22 Earnings per share, FRS 23 The
Effects of Changes in Foreign Exchange Rates, FRS 25 Financial Instruments:
Disclosure and Presentation, FRS 26 Financial instruments: Measurement and FRS
28 Corresponding Amounts.

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. There is no material effect on the
portfolio as a result of this change.

Under FRS 25, Participating Loan Notes (PLNs) have been classified as equity.
The revaluation of PLNs in the period to 31 December 2004, is now treated as an
allocation of profits. This has no effect on the return to ordinary and
redeemable shareholders. As the PLNs were converted to ordinary and redeemable
shares on 20 September 2004, there is no restatement effect to the Balance
Sheet at 31 December 2005, 30 June 2005 or 31 December 2004.

This interim statement is not the Company's statutory accounts.  The statutory
accounts for the year ended 30 June 2005 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 2005 have been reviewed by the
Company's auditors and their report is attached.

Signed on behalf of the Board

Tom H. Bartlam

Chairman

INDEPENDENT REVIEW REPORT TO PANTHEON INTERNATIONAL PARTICIPATIONS PLC

Introduction

We have been instructed by the Company to review the financial information,
which comprises the statement of total return, the balance sheet, the cash flow
statement and the related notes that have been reviewed for the six months to
31 December 2005. 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 2005.

RSM Robson Rhodes LLP

Chartered Accountants

London, England

15 March 2006