Standby Subscription Agreements

8 Jan 2007 08:53

8 January 2007

PIP Increases Available Standby Financing by ‚£50 million

The Board of Pantheon International Participations PLC (PIP) is pleased to announce that it has entered into five-year agreements with three institutional investors under which the investors have committed to subscribe, if called upon by PIP to do so, a total of ‚£70 million for new Redeemable Shares (Standby Subscription Agreements). These agreements took effect on 1 January 2007. At the same time PIP has reduced by ‚£20 million a similar commitment from an institutional investor to subscribe for new Redeemable Shares.

As a result of the Standby Subscription Agreements being entered into, the total aggregate amount which institutional investors have committed to subscribe for new Redeemable Shares under standby agreements, if called upon by PIP to do so, has increased by ‚£50 million to ‚£150 million.

These new investor commitments to subscribe a total of ‚£70 million are for a 5 year period expiring on 31 December 2011. Under the terms of these agreements, Redeemable Shares subscribed for pursuant to any call made by PIP will be subscribed for at a price per share equal to the most recently calculated NAV per share as at the date of subscription. During the commitment period, PIP will pay a commitment fee of 0.5% per annum to the investors on the amount of the undrawn commitments.

The Board of PIP intends that the commitments will only be called once other sources of funding available to PIP have been utilised.

The commitments do not constitute a right for the investors to subscribe for Redeemable Shares. In addition, PIP's ability to call on the commitments is subject to PIP retaining sufficient unutilised shareholder authority to allot the Redeemable Shares which would be required to be issued and certain events of default (including the appointment of a receiver or a similar insolvency event in relation to PIP or Pantheon Ventures, or a successor manager approved by the investors, ceasing to be PIP's manager) not occurring.

Ends

For more information:

Pantheon International Participations PLC

Rhoddy Swire 020 7484 6200

Pantheon Ventures

Alastair Bruce / Andrew Lebus 020 7484 6200

www.pipplc.com NOTES TO EDITORS PIP

Pantheon International Participations (`PIP') is a London quoted investment trust, managed by Pantheon Ventures Ltd., one of the longest-established international private equity fund-of-funds, investing in both primary funds and secondary transactions. With investments in over 300 private equity funds, covering late stage buyouts to early stage technology, PIP enables individuals as well as institutions to gain access to a substantial portfolio of unquoted companies in the USA, the UK, Continental Europe and Asia, within funds managed by experienced private equity managers. PIP may occasionally acquire direct holdings in unquoted companies, usually where a vendor is seeking to sell a combined portfolio of funds and direct holdings. PIP's investment policy also extends to investing directly in companies where there is a private equity manager well known to the Company investing on the same terms. www.pipplc.com

Pantheon Ventures Ltd.

Pantheon has been active in private equity since 1982 and is now one of the world's leading private equity fund-of-funds managers, with ‚£6.5 billion under management (as at 31 March 2006), investments in some 500 private equity funds in over 30 countries and offices in London, San Francisco, Hong Kong and Brussels. Pantheon is part of the Russell Investment Group.