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):        CHEMRING GROUP PLC


2. Reason for the notification                                                  
                                                                                
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 DISCLOSURE UNDER THE FINANCIAL
                                          SERVICES AUTHORITY'S DISCLOSURE       
                                          TRANSPARENCY RULES                    
                                                                                
3. Full name of person(s) subject to the  STANDARD LIFE INVESTMENTS LIMITED     
notification obligation (iii):                                                  
                                                                                
4. Full name of shareholder(s) (if        VIDACOS NOMINEES                      
different from 3.) (iv):                                                        
                                                                                
5. Date of the transaction (and date on                                         
which the threshold is crossed or reached                                       
if different) (v):                        23 MARCH 2007                         
                                                                                
6. Date on which issuer notified:         27 MARCH 2007                         
                                                                                
7. Threshold(s) that is/are crossed or    DIRECT VOTING RIGHTS EXCEED 3% AND    
reached:                                  TOTAL VOTING RIGHTS EXCEED 6%         
                                                                                
8. Notified details:                      INITIAL DISCLOSURE UNDER THE FINANCIAL
                                          SERVICES AUTHORITY'S DISCLOSURE       
                                          TRANSPARENCY RULES                    
                                                                                

 

A: Voting rights attached to shares

 

   Class/type of      Situation      Resulting situation after the triggering  
      shares         previous to                transaction (vii)              
 if possible using  the Triggering                                             
   the ISIN CODE     transaction                                               
                         (vi)                                                  
                                                                               
                    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)                  
                                                                               
   GB0001904621        INITIAL     1,050,073 1,050,073 BELOW 3% 3.258% BELOW 3%
                      DISCLOSURE                                               
                                                                               

 

B: Financial Instruments

 

Resulting situation after the triggering transaction (xii)

 

    Type of     Expiration    Exercise/        Number of voting        % of   
   financial       date      Conversion       rights that may be      voting  
  instrument      (xiii)    Period/ Date       acquired if  the       rights  
                                (xiv)             instrument                  
                                            is exercised/converted            
                                                                              
                                                                              
                                                                              
Total (A+B)                                                                   
                                                                              
Number of voting rights            % of voting rights                         
                                                                              
1,994,005                          6.186%                                     
                                                                              

 

 

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

STANDARD LIFE INVESTMENTS LTD                                           
                                                                        

 

Proxy Voting:

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

 

13. Additional information:               
                                          
14. Contact name:             HELEN MARSH 
                                          
15. Contact telephone number: 01489 881880
                                          

 

 

NOTES

i.           This form is to be sent to the issuer or underlying issuer and to
be filed with the competent authority.

ii.          Either the full name of the legal entity or another method for
identifying the issuer or underlying issuer, provided it is reliable and
accurate.

iii.         This should be the full name of (a) the shareholder; (b) the
person acquiring, disposing of or exercising voting rights in the cases
provided for in DTR5.2.1 (b) to (h);  (c) all the parties to the agreement
referred to in DTR5.2.1 (a), or (d) the direct or indirect holder of financial
instruments entitled to acquire shares already issued to which voting rights
are attached, as appropriate.

 

In relation to the transactions referred to in points DTR5.2.1 (b) to (h), the
following list is provided as indication of the persons who should be
mentioned:

 

-           in the circumstances foreseen in  DTR5.2.1 (b), the person that
acquires the voting rights and is entitled to exercise them under the agreement
and the natural person or legal entity who is transferring temporarily for
consideration the voting rights;

-           in the circumstances foreseen in DTR 5.2.1 (c), the person holding
the collateral, provided the person or entity controls the voting rights and
declares its intention of exercising them, and person lodging the collateral
under these conditions;

-           in the circumstances foreseen in DTR5.2.1(d), the person who has a
life interest in shares if that person is entitled to exercise the voting
rights attached to the shares and the person who is disposing of the voting
rights when the life interest is created;

-           in the circumstances foreseen in DTR5.2.1 (e), the parent
undertaking and, provided it has a notification duty at an individual level
under DTR 5.1, under DTR5.2.1 (a) to (d) or under a combination of any of those
situations, the controlled undertaking;

-           in the circumstances foreseen in DTR5.2.1 (f), the deposit taker of
the shares, if he can exercise the voting rights attached to the shares
deposited with him at his discretion, and the depositor of the shares allowing
the deposit taker to exercise the voting rights at his discretion;

-           in the circumstances foreseen in DTR5.2.1 (g), the person  that
controls the voting rights;

-           in the circumstances foreseen in DTR5.2.1 (h), the proxy holder, if
he can exercise the voting rights at his discretion, and the shareholder who
has given his proxy to the proxy holder allowing the latter to exercise the
voting rights at his discretion.

 

iv.         Applicable in the cases provided for in DTR 5.2.1 (b) to (h). This
should be the full name of the shareholder or holder of financial instruments
who is the counterparty to the natural person or legal entity referred to in
DTR5.2.

v.          The date of the transaction should normally be, in the case of an
on exchange transaction, the date on which the matching of orders occurs; in
the case of an off exchange transaction, date of the entering into an
agreement. 

 

The date on which threshold is crossed should normally be the date on which the
acquisition, disposal or possibility to exercise voting rights takes effect
(see DTR 5.1.1R (3)). For passive crossings, the date when the corporate event
took effect. [DEL::DEL]

 

These dates will usually be the same unless the transaction is subject to a
condition beyond the control of the parties.

 

vi.         Please refer to the situation disclosed in the previous
notification, In case the situation previous to the triggering transaction was
below 3%, please state 'below 3%'.

vii.        If the holding has fallen below the minimum threshold , the
notifying party should not be obliged to disclose the extent of the holding,
only that the new holding is less than 3%.

 

For the case provided for in DTR5.2.1(a), there should be no disclosure of
individual holdings per party to the agreement unless a party individually
crosses or reaches an Article 9 threshold. This applies upon entering into,
introducing changes to or terminating an agreement.

viii.            Direct and indirect

ix          In case of combined holdings of shares with voting rights attached
'direct holding' and voting rights 'indirect holdings', please split the voting
rights number and percentage into the direct and indirect columns-if there is
no combined holdings, please leave the relevant box blank.

x           Voting rights attached to shares in respect of which the notifying
party is a direct shareholder  (DTR 5.1)

xi.             Voting rights held by the notifying party as an indirect
shareholder (DTR 5.2.1)

xii          If the holding has fallen below the minimum threshold, the
notifying party should not be obliged to disclose the extent of the holding,
only that the new holding is below 3%.

xiii         date of maturity / expiration of the finical instrument i.e. the
date when the right to acquire shares ends.

xiv            If the financial instrument has such a period-please specify the
period- for example once every three months starting from the [date]

xv.         The notification should include the name(s) of the controlled
undertakings through which the voting rights are held. The notification should
also include the amount of voting rights and the percentage held by each
controlled undertaking, insofar as individually the controlled undertaking
holds 3% or more, and insofar as the notification by the parent undertaking is
intended to cover the notification obligations of the controlled undertaking.

xvi.         This annex is only to be filed with the competent authority.

xvii.        Whenever another person makes the notification on behalf of the
shareholder or the natural person/legal entity referred to in DTR5.2 and
DTR5.3.