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Covington & Burling Advises on Placing of Up to 5,000,000 Participating Loan Notes for Pantheon International Participations PLC

August 5, 2002

August 5, 2002 - LONDON, UK - Covington & Burling, the international law firm, is pleased to announce it advised Pantheon International Participations PLC (“PIP”) in connection with the placing by Collins Stewart Limited of up to 5,000,000 participating loan notes (“PLNs”) at an initial issue price of 532.53p per PLN. The PLNs are to be listed and traded on the London Stock Exchange. Trading is expected to commence on 8 August 2002. As at 1 August 2002, firm commitments under the placing for 3,794,741 PLNs, representing £20,208,134.25 at the initial issue price, had been received.

PIP is the longest established private equity fund of funds quoted on the London Stock Exchange and is raising funding to finance the acquisition of investments, including the acquisition for approximately £60m of interests in 37 private equity funds comprising two separate portfolios of predominantly US and European buy-out funds. Covington & Burling has also been advising PIP in relation to the acquisition of these European buy-out fund interests.

Covington partner, Simon Currie assisted by corporate associates Simon Amies and Julia Robinson advised PIP in relation to the placing of the PLNs. Covington partner, Simon Goodworth assisted by corporate associate Jason Piney is advising PIP in relation to the acquisition. Covington international tax partner, David Hinds, has provided tax advice in relation to the placing and the acquisition.

Simon Currie says: “Simon Goodworth and I recently joined Covington & Burling and we are delighted that our long-standing relationship with Pantheon continues. Covington's international practice and resources complement the international nature of Pantheon's business.”

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