LEGAL AND RISK NOTICE

This web site is owned and operated by Pantheon Ventures (UK) LLP (Pantheon UK) of Norfolk House, 31 St James Square, London SW1Y 4JR and contains information relating to Pantheon and Pantheon International Participations PLC (PIP). PIP is an investment trust company whose shares are listed and traded on the London Stock Exchange.  PIP is an investment company as defined by Section 833 of the Companies Act 2006 and is registered in England and Wales with Company number: 2147984. Information communicated through use of this web site is communicated by Pantheon UK. By accessing or using this site, you acknowledge that you have read and understood the Important Information and have agreed to and accepted, without limitation or qualification, the Terms of Use set out below. If you do not agree to the Terms of Use, you may not access or use the site.

Important Information

Status of Information

The information on this web site does not constitute or form part of an offer to sell or an invitation to purchase or subscribe for shares or other securities of PIP, nor may it or any part of it form the basis of, or be relied upon in connection with, any contract relating thereto. The information on this web site is provided for general information, is not comprehensive, is not intended to constitute any recommendation to acquire or dispose of any securities or apply for or use any investment related service or product and does not constitute investment, legal, tax or other advice. You should seek individual advice from an appropriate independent financial and/or other professional adviser before making any investment or financial decision or applying for or using any such investment related service or product.

Jurisdictional Restrictions

The information on this web site is intended only for persons in the UK and persons in any other jurisdiction to whom such information can be lawfully communicated without any approval being obtained or any other action being taken to permit such communication where approval or other action for such purpose is required. The information on this web site is not directed at and is not for use by any other person. In particular, the information on this web site is not directed at and is not for use by any U.S. person.

Shares in PIP are not registered for sale, offer or delivery in any jurisdiction outside the UK and may not be sold, offered or delivered in any jurisdiction in which registration or any other action for such purpose is required. In particular, shares in PIP have not been and will not be registered under the US Securities Act of 1933 and PIP has not been and will not be registered under the US Investment Company Act 1940.

Risk Considerations

The value of investments, and the income from them, may go down as well as up, and is not guaranteed and an investor may not get back the amount of money invested. There is no assurance that the investment objective of PIP will be achieved.  Further, the market price of PIP shares may not fully reflect their underlying net asset value and it is not uncommon for the market price of PIP shares to trade at a substantial discount to their net asset value. This discount may increase or reduce due to market factors which are unrelated to PIP's net asset value or performance.  You should also remember that past performance cannot be relied on as a guide to future performance and that rates and levels of taxation may change. The spread between the purchase and sale prices for certain investment trusts, and classes of investment trust, can be wide. This means the purchase price can be considerably higher than the sale price.

You should also note the following risks relating to investments made by PIP:

• PIP invests in private equity funds and unquoted companies which are less readily marketable than quoted securities and may take a long time to realise. In addition, such investments may carry a higher degree of risk than investments in quoted securities. PIP may be adversely affected by these risks notwithstanding the level of diversification which PIP seeks to achieve in relation to its investment portfolio.
• PIP uses its borrowing facilities to make investments in order to manage its cash flow flexibly without having to retain significant cash balances. The use of borrowings should enhance net asset value per share where the value of PIP’s underlying assets is rising, but will lead to a correspondingly greater percentage reduction in net asset value per share in the event of a reduction in the value of PIP’s investments. In addition, PIP may from time to time invest in private equity funds or unquoted companies which are geared by loan facilities which rank ahead of PIP's investment both for payment of interest and capital. Accordingly, PIP may be exposed to gearing by such private equity funds and unquoted companies.
• There is no guarantee that PIP will find sufficient suitable investment opportunities, or that private equity funds in which PIP invests will find suitable investment opportunities, to achieve the level of diversification which PIP seeks to achieve in relation to its investment portfolio.
• Private equity investments are long term in nature and may take some years before reaching a level of maturity at which they can be realised. Accordingly, it is possible that PIP may not receive a return on investments made by it for a number of years.
• In valuing its investments in private equity funds and unquoted companies and in publishing its net asset value, PIP relies to a significant extent on the accuracy of financial and other information provided by these funds and companies to Pantheon.  Valuation methods used by those funds and companies may be inconsistent.
• At any given time, PIP typically has outstanding, unpaid commitments to private equity funds which are substantial relative to PIP's assets. PIP's ability to meet these commitments (and avoid the potentially adverse consequences of default) depends on PIP receiving cash distributions from its investments and, to the extent these are insufficient, on the continuing availability of PIP's financing facilities.
• PIP invests in overseas markets. Accordingly, changes in exchange rates may cause the value of an investment to go up or down.
• Most of the private equity funds and unquoted companies in which PIP invests are not subject to regulation by the Financial Conduct Authority or an equivalent regulatory body. Such funds and companies may be in jurisdictions which do not provide an equivalent level of investor protection to that provided in the United Kingdom.
• PIP is dependent upon Pantheon UK as its manager and may be adversely affected if the services of Pantheon cease to be available to PIP.
• If PIP fails to continue to meet the qualifying conditions for an investment trust, this may result in the loss of the exemption from liability for corporation tax on chargeable capital gain.

Pantheon UK

Pantheon UK is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FCA Reference Number 520240) and has permission under Part 4 FSMA 2000. Pantheon UK is PIP’s manager and receives a management fee of between 1 and 1.5 per cent. per annum of the value of PIP's investment assets and, in addition, a fee at the rate of up to 0.5 per cent. per annum on the value of PIP's outstanding investment commitments and a performance fee equal to 5 per cent. of all growth in PIP's fully diluted total net asset value above 10 per cent. per annum calculated on a compounded basis.

PIP Share Savings Scheme

The PIP Savings Scheme is operated and administered by The Share Centre Limited (TSC) a third party broker which is independent of Pantheon UK and PIP. TSC is solely responsible for the operation and administration of the PIP Share Savings Scheme and neither Pantheon UK nor PIP accepts any responsibility or liability for the operation or administration of the PIP Share Savings Scheme or for any acts or omissions of TSC as the administrator of the PIP Share Savings Scheme.

Pantheon UK acts exclusively for PIP and no-one else in relation to the PIP Share Savings Scheme and is not responsible to anyone other than PIP for providing the protections afforded to customers of Pantheon UK or for providing advice in relation to such matters.

TSC’s annual administration fee for operating the PIP Share Savings Scheme is borne by PIP.

Terms of Use

1. Use of Web Site. Your access to and use of any information contained in the web site is subject to these Terms of Use. Pantheon UK reserves the right to change these Terms from time to time without notice, as it deems necessary and to alter or delete materials from this web site at any time at its discretion.
2. Content. Pantheon UK will use reasonable efforts to include accurate and up-to-date information on this web site, but makes no warranties or representations of any kind as to and shall not be responsible for the accuracy, currency, completeness or fitness for purpose of any such information. You agree that access to and use of this web site and reliance on the content thereof is at your own risk and you assume responsibility for determining whether any laws or regulations limit your access to any use of information or any investment or other product described on this web site.
3. Disclaimer of Liability. Save to the extent required by applicable law and regulatory requirements, Pantheon shall not be liable for any loss or damages, including without limitation, direct, incidental, consequential, indirect or punitive loss or damages, arising out of access to, use of or inability to use this web site, or any errors, inaccuracies or omissions in the content thereof.
4. Indemnification. You agree to indemnify, defend and hold harmless Pantheon UK, its officers, directors, employees, agents, suppliers and third party partners and those of it's affiliates from and against all losses, expenses, damages and costs, including reasonable attorneys' fees, resulting from any violation by you of these Terms of Use.
5. Third Party Web Sites and Links. This web site may contain data or information obtained from or links to web sites operated or controlled by, or be accessed from links provided by, persons other than Pantheon UK. Any such data, information and links are for information purposes only. Pantheon UK makes no warranties or representations of any kind as to the accuracy, currency, or completeness of any such data or information or of any material or information accessed or obtained through any such links and has not and will not review or update such data, information or material. Use of any such data, information or material is at your own risk. Pantheon UK accepts no responsibility for such data, information or material and shall have no liability for any damages or injuries of any kind arising from the use or reliance on any such data, information or material.
6. Non-Confidential Information. Any communication or other material that you send to us through the internet, or post on this web site by electronic mail or otherwise, is and will be deemed to be non-confidential and Pantheon UK shall have no obligation of any kind with respect to such information. Pantheon UK shall be free to use any ideas, concepts, know-how or techniques contained in such communication for any purpose whatsoever, including but not limited to, developing and marketing its investment programmes.
7. Trademarks. All service names, whether or not appearing in large print or with the trademark symbol, are trademarks of Pantheon UK, its affiliates, related companies or its licensors or joint venture partners, unless otherwise noted. The use or misuse of these trademarks or any other materials, except as permitted herein, is expressly prohibited and may be in violation of copyright law, trademark law, the law of slander and libel, the law of privacy and publicity, and communications regulations and statutes.
8. Copyright. The entire contents of this web site are subject to copyright protection: Copyright © 2011 All rights reserved. The contents of this web site may not be copied other than for non-commercial individual reference with all copyright or other proprietary notices retained, and thereafter may not be recopied, reproduced or otherwise redistributed. Except as expressly provided above, you may not copy, display, download, distribute, modify, reproduce, republish or retransmit any information, text or documents contained in this web site or any portion thereof in any electronic medium or in hard copy, or create any derivative work based on such images, text or documents, without the express written consent of Pantheon UK. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any licence or right under any patent or trademark of Pantheon UK or any third party.
9. Governing Law. These Terms of Use and your use of this web site shall be governed by the laws of England without regard to its conflicts of laws principles. In relation to any dispute arising out of or in connection with this web site or these Terms of Use, you irrevocably and unconditionally submit for the benefit of Pantheon UK to the exclusive jurisdiction of the Courts of England and Wales.
10. Miscellaneous. If any provision of these Terms of Use is held to be unlawful, void or unenforceable, then such provision shall be severable without affecting the enforceability of all remaining provisions.