Issue of PLNs

Pantheon International Participations PLC                   

Pantheon International Participations PLC (the 'Company') has today published
listing particulars in relation to, and application has been made for, the
admission of 4,130,885 participating loan notes of the Company ('PLNs') to
listing on the Official List of the UK Listing Authority and to trading on the
London Stock Exchange's market for listed securities. Dealings in the PLNs are
expected to commence on 13 May 2002.

The PLNs are expected to be issued on or before 9 May 2002 to institutional
investors who entered into subscription agreements with the Company on or
around 24 March 2000 (the 'Investors'). Under the terms of the subscription
agreements, each Investor committed to subscribe for a fixed amount of further
PLNs. These commitments to subscribe can be drawn down (in whole or in part) by
the Company at the Company's request. Such a request was delivered to the
Investors on 25 April 2002, drawing down all outstanding commitments amounting
to approximately £23.8 million. This will result in the issue by the Company of
4,130,885 PLNs, at the initial issue price of 576.62p, being the adjusted
redemption value of a PLN as at 28 March 2002 and as announced on 25 April
2002.

Enquiries:

Alastair Bruce                                               Tel: [phone]
                                                                               
Pantheon Ventures Limited                                                      
                                                                               
[e-mail]