In statistics, the notion of \emph{exchangeability} provides a grip on large alphabet scenarios. An important line of work has developed this direction, starting with Kingman's study of population genetics, and includes paintbox processes of Kingman, Dirichlet processes and its generalizations. From an information theoretic point of view, to handle the large alphabet setup, we look for a statistic that is: (i) universally compressible regardless of the alphabet size, and (ii) captures all the information present in the data. In a series of papers~\cite{OSZ03,OSVZ04:lim}, one such candidate statistic emerges---the \emph{pattern} of the sequence that abstracts out the actual symbols appearing in the sequence. In this paper, we examine patterns in the context of exchangeability, making connections between these two lines of work. We connect patterns to Kingman's paintbox processes, and consider alternate representations of patterns in terms of graph limits.