Redemption of Redeemable shares

18 November 2005

For immediate release

                   Pantheon International Participations PLC                   

Pantheon International Participations PLC (the 'Company') announced on 28
October 2005 that it intended to redeem up to 1,395,264 Redeemable Shares of
the Company at a price per Redeemable Share of 716.71p (being the net asset
value per share of the Company as at 30 September 2005) and having an aggregate
value at such price of up to approximately £10 million. On the same date the
Company issued a circular to holders of Redeemable Shareholders inviting them
to tender for redemption all or any of their holding of Redeemable Shares and
informing them of the procedure for redemption (the 'Circular').

Valid tenders for redemption have been received from 68 holders of Redeemable
Shares in respect of a total of 7,675,438 Redeemable Shares and, in accordance
with the redemption procedure, 1,395,235 Redeemable Shares have today been
redeemed. As the number of Redeemable Shares validly tendered for redemption
exceeded 1,395,264, larger tenders were subject to scaling back as contemplated
in the Circular. The Directors determined that the threshold amount for larger
tenders should be 85 Redeemable Shares. Accordingly, Redeemable Shares
represented by valid Redemption Tender Notices received in respect of 85 or
fewer Redeemable Shares and amounting to 276 Redeemable Shares in aggregate
have been redeemed in full. Valid tenders in respect of more than 85 Redeemable
Shares (amounting to 7,675,162 Redeemable Shares in aggregate) were scaled back
on a proportionate basis such that, in respect of each such tender, the number
of Redeemable Shares redeemed was approximately 18.175% of the number of
Redeemable Shares to which the tender related (rounded down to the nearest
whole number of Redeemable Shares).

Following the redemption 30,117,964 Redeemable Shares remain in issue.

The Annual General Meeting of the Company will be held on the 22nd November
2005, at which resolutions will be proposed to authorise the Directors of the
Company, for purposes of section 80 of the Companies Act 1985, inter alia to
allot the whole of the unissued redeemable share capital of the Company and to
disapply, subject to certain limitations, the statutory pre-emption rights in
section 89 of the Act in relation to any such allotment(s). The redemption
announced today will increase the unissued redeemable share capital of the
Company by £13,952.35 to £698,820.36 comprising 69,882,036 Redeemable Shares of
1p each.

For more information:

Pantheon International Participations PLC 020 7484 6200

Rhoddy Swire

Pantheon Ventures 020 7484 6200

Alastair Bruce / Andrew Lebus

www.pipplc.com [e-mail]

LO: 333873-1