Corporate Action

Pantheon Intl Participations PLC
11 April 2000

CAPITAL REORGANISATION 
SECURITY TITLE
*Ord Shs
MNEMONIC CODE   *PIN
SEDOL CODE      *359-542
TERMS           *For every 10,000 Ord Shares    - 1,834 Participating Loan  
                 of 50p held.                      Notes at an Initial Issue
                                                  price of 512.96p & 5,220
                                                  Ord Shares of 67p & £14,730
                                                  in Cash.
EFFECTIVE DATE     *18-05-00
NOTES *Subject to EGM.