Warrant Exercise

Pantheon Intl Participations PLC
28 November 2001


Pantheon International Participations PLC - warrant exercise

On 21 November 2001, Pantheon International Participations PLC (the 'Company')
announced that, as at the final warrant exercise date of 19 November 2001,
subscription rights in respect of 4,778,065 of the total 4,811,912 outstanding
warrants had been exercised by warrant holders representing subscriptions for
3,535,743 ordinary shares of 67p each ('Ordinary Shares') and 1,242,267
participating loan notes ('PLNs') at the warrant exercise price of 250p per
Ordinary Share or PLN.

The Company announces that the trustee, appointed for the purpose of
exercising the remaining warrants in the Company subject to the terms of the
warrant instrument, has today exercised the remaining 33,847 warrants.  Such
exercise has resulted in the issue of 25,046 Ordinary Shares and 8,800 PLNs.
These Ordinary Shares and PLNs will be sold in the market for the benefit of
those warrant holders who did not exercise their warrants prior to 19 November
2001.

Application has been made for 3,560,789 Ordinary Shares and 1,251,067 PLNs to
be admitted to the Official List of the UK Listing Authority and to trading on
the London Stock Exchange's market for listed securities.  Dealings are
expected to commence on 29 November 2001.

Enquiries:

Pantheon International Participations PLC               [e-mail]

Rhoddy Swire                                            Tel:  [phone]
Pantheon Ventures Limited

Alastair Bruce                                          Tel:  [phone]
Pantheon Ventures Limited