Pantheon International Regulatory News (PIN)

21 Mar 2007 10:39

TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached (ii):

Pantheon International Participants Plc

2. Reason for the notification State Yes/No An acquisition or disposal of voting rights An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An event changing the breakdown of voting rights Other (please specify): Initial holding on implementation of Yes Transparency Directive 3. Full name of person(s) subject to the notification obligation BAE SYSTEMS (iii): Pension Funds Investment Management Ltd

4. Full name of shareholder(s) (if different from 3.) (iv): BAE SYSTEM Pension Funds CIF Trustees Ltd

5. Date of the transaction (and date on which the threshold is 20 January crossed

2007 or reached if different) (v): 6. Date on which issuer notified: 20 March 2007 7. Threshold(s) that is/are crossed or reached: 3% 8. Notified details: N/A

A: Voting rights attached to shares

Class/type of Situation previous Resulting situation after the triggering

shares to transaction (vii) if possible the Triggering using the ISIN transaction (vi)

CODE Number Number Number Number of voting % of voting of of of rights (ix) rights Shares Voting shares Rights (viii) Direct Direct Indirect Direct Indirect (x) (xi) Ordinary 1,315,809 1,315,809 1,315,809 1,315,809 0 4.97% shares GB0004148507 B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of Expiration Exercise/ Number of voting % of financial date (xiii) Conversion rights that may be voting instrument Period/ Date (xiv) acquired if the rights instrument is exercised/ converted Total (A+B) Number of voting rights % of voting rights 1,315,809 4.97%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable (xv):

BAE SYSTEMS Pension Funds Investment Management Ltd* BAE SYSTEMS Pension Funds CIF Trustees Ltd

*BAE SYSTEMS Pension Funds Investment Management Ltd is OPS firm acting for trustees of the above schemes.

Proxy Voting:

10. Name of the proxy holder: Nortrust Nominees Limited 11. Number of voting rights proxy holder will cease to hold: N/A 12. Date on which proxy holder will cease to hold voting N/A

rights: 13. Additional information: None 14. Contact name: Trevor John

15. Contact telephone number: 0207 654 2503

Annex Notification Of Major Interests In Shares (xvi)

A: Identity of the person or legal entity subject to the notification obligation Full name (including legal form for legal entities) BAE SYSTEMS Pension Funds Investment Management Ltd Contact address (registered office for legal entities) Burwood House,

1st Floor, 14-16 Caxton Street, London, SW1H 0QT Phone number 020 7654 2503

Other useful information (at least legal representative for legal persons) B: Identity of the notifier, if applicable (xvii)

Full name BAE SYSTEMS Pension Funds Investment Management Limited Contact address Burwood House, 1st Floor, 14-16 Caxton Street, London, SW1H 0QT Phone number 0207 654 2500

Other useful information (e.g. functional relationship with BAE SYSTEMS the person

Pension Funds or legal entity subject to the notification obligation) Investment

Management Ltd is OPS firm acting for trustees of the above schemes. C: Additional information