Holding(s) in Company

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