Issue of Equity

20 September 2004

Pantheon International Participations PLC

Reorganisation of the Company's capital structure

Allotment and Admission of New Redeemable Shares and New Ordinary Shares

Pantheon International Participations PLC (the 'Company') today announces that
the conversion of all its Participating Loan Notes ('PLNs') into a new class of
redeemable shares or, at the PLN holders' option, into new ordinary shares in
the Company ('Conversion') has become effective.

16,353,199 new redeemable shares and 4,878,046 new ordinary shares have been
allotted by the Company and have been admitted to listing on the official list
of the UK Listing Authority and trading on the London Stock Exchange's market
for listed securities. All PLNs have now been cancelled.

Enquiries:


Tom Bartlam: 020 7484 6200
Chairman

Pantheon International Participations PLC
Andrew Lebus: 020 7484 6200
Pantheon Ventures Limited

Andrew Zychowski: 020 7623 8000
Dresdner Kleinwort Wasserstein Securities Limited
Adviser to the Company