Issue of PLNs

PANTHEON INTERNATIONAL PARTICIPATIONS PLC

Pantheon International Participations PLC (the 'Company') announces

that on 10 November 2003 it issued 2,485,410 new participating loan notes
('PLNs') at

an initial issue price of 555.24 pence per PLN, being the adjusted

redemption value of a PLN as at 30 September 2003 and as announced on 29

October 2003. The new PLNs have not been admitted to listing on the

Official List of the UK Listing Authority or to trading on the London Stock

Exchange's market for listed securities ('Admission'); application for

Admission of the new PLNs will be made by the Company on or before 10

December 2003 as required by the Listing Rules of the UK Listing Authority.

11 November 2003

Enquiries: Alastair Bruce

Tel: [phone]

Pantheon Ventures Limited

[e-mail]