Redemption of Loan Notes

Pantheon Intl Participations PLC
14 February 2002

                  Pantheon International Participations PLC

Pantheon International Participations PLC (the 'Company') announced on 30
January 2002 that it intended to redeem up to 848,133 Participating Loan Notes
of the Company ('PLNs') at a price per PLN of 589.53 pence (being the adjusted
redemption value per PLN as at 31 December 2001) and having an aggregate value,
at that adjusted redemption value, of up to £5 million.  At the same time the
Company issued a circular to PLN holders notifying them that they may tender for
redemption all or any of their holding of PLNs and informing them of the
procedure for redemption (the 'Circular').

Tenders for redemption have been received from 178 PLN holders in respect of a
total of 4,364,074 PLNs.  The Company will therefore redeem all 848,133 PLNs as
previously announced. The tenders for redemption will, however, be scaled back
on the basis described in the Circular, so that PLN holders who tendered PLNs
for redemption will have redeemed approximately 19.43 per cent. of those PLNs
that they tendered. Fractions of PLNs will not be redeemed and the number of
PLNs redeemed will be rounded down to the nearest whole number.

Enquiries:

Alastair Bruce                      Tel: [phone]
Pantheon Ventures Limited
[e-mail]



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