Capital Reorganisation

17 September 2004

Pantheon International Participations PLC

Reorganisation of the Company's capital structure

Conversion Ratio and Result of Participating Loan Note Elections

On 9 August 2004 Pantheon International Participations PLC (the 'Company')
announced details of proposals for the reorganisation of the Company's capital
structure involving the conversion of all its PLNs into a new class of
redeemable shares or, at the PLN holders' option, into new ordinary shares in
the Company ('Conversion').

On 8 September 2004 the proposals were approved at a meeting of holders of the
Company's Participating Loan Notes ('PLNs') and at a separate Extraordinary
General Meeting of the Company.

For the purposes of Conversion, the Board of the Company announces an unaudited
net asset value per share of 581.19p as at 31 August 2004 (the 'Conversion
NAV') (572.54p as at 30 June 2004) and an adjusted redemption value of the PLNs
of 569.67p as at 31 August 2004 (the 'Conversion ARV') (561.19p as at 30 June
2004).

Each PLN holder on the register of noteholders on the record date (5.00 pm on
17 September 2004) will be entitled to such aggregate number of redeemable
shares and/or, if elected, ordinary shares, as equals the number of PLNs held
by such holder on the record date multiplied by the Conversion Ratio.
Fractional entitlements to shares will not be issued but each such fraction
will be sold for the benefit of the relevant PLN holder. PLN holders will,
accordingly, have their entitlements to shares rounded down to the nearest
whole number of shares.

The Conversion Ratio is 0.98017860, being the Conversion ARV divided by the
Conversion NAV, expressed to eight decimal places.

Conversion will become effective upon the new redeemable and ordinary shares
arising on Conversion being admitted to listing on the official list of the UK
Listing Authority and trading on the London Stock Exchange's market for listed
securities, which is expected to take place on 20 September 2004. Upon
Conversion becoming effective all PLNs will be cancelled.

The latest time for the return of elections was 5.00 pm on 16 September 2004. 
Elections for ordinary shares have been made in respect of 4,976,777 PLNs.

In accordance with paragraph 9.31 of the Listing Rules, on 9 August 2004 the
Company submitted two copies of the circular to shareholders and the prospectus
relating to the proposals to the UK Listing Authority for publication through
the document viewing facility.

Copies of the circular and prospectus are therefore available for inspection at
the document viewing facility of the Financial Services Authority, 25 The North
Colonnade, Canary Wharf, London E14 5HS.

Enquiries:


Tom Bartlam: 020 7484 6200
Chairman

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