Share Premium Reduction

30 September 2004

Pantheon International Participations PLC

Reduction of Share Premium Account

Pantheon International Participations PLC (the 'Company') announces that on 29
September 2004 the High Court confirmed the reduction of the Company's share
premium account pursuant to the resolution passed at the extraordinary general
meeting of the Company held on 8 September 2004 and that the reduction became
effective on 29 September 2004.

The share premium account was reduced by the sum of £119,962,049, being the
amount of the share premium which arose on the conversion of the participating
loan notes of the Company into new ordinary and redeemable shares on 20
September 2004.

The number of ordinary and redeemable shares in issue is not affected by the
reduction.

Enquiries:

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

Draft: 29/9/04