Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                           
                                                                                         
1. Identity of the issuer or the underlying issuer of   CHEMRING GROUP PLC               
existing shares to which voting rights are attached:                                     
                                                                                         
2 Reason for the notification (please tick the appropriate box or boxes):                
                                                                                         
An acquisition or disposal of voting rights                                          X   
                                                                                         
An acquisition or disposal of qualifying financial instruments which may result          
in the acquisition of shares already issued to which voting rights are attached          
                                                                                         
An acquisition or disposal of instruments with similar economic effect to                
qualifying financial instruments                                                         
                                                                                         
An event changing the breakdown of voting rights                                         
                                                                                         
Other (please specify):                                                                  
                                                                                         
3. Full name of person(s) subject to the        BT PENSION SCHEME TRUSTEES LIMITED AS    
notification obligation:                        TRUSTEE OF THE BT PENSION SCHEME.  SEE   
                                                SECTION 9 FOR FURTHER INFORMATION.       
                                                                                         
4. Full name of shareholder(s)  (if different   N/A                                      
from 3.):                                                                                
                                                                                         
5. Date of the transaction and date on which    14 DECEMBER 2010                         
the threshold is crossed or reached:                                                     
                                                                                         
6. Date on which issuer notified:               15 DECEMBER 2010                         
                                                                                         
7. Threshold(s) that is/are crossed or          3%                                       
reached:                                                                                 
                                                                                         
8. Notified details:                                                                     
                                                                                         
A: Voting rights attached to shares                                                      
                                                                                         
Class/type of      Situation previous to the   Resulting situation after the triggering  
shares             triggering transaction      transaction                               
                                                                                         
                   Number of   Number of       Number   Number of voting % of  voting    
                   Shares      Voting Rights   of       rights           rights          
if possible using                              shares                                    
the ISIN CODE                                                                            
                                               Direct   Direct Indirect  Direct Indirect 
                                                                                         
GB0001904621       1,411,528   1,411,528       N/A      N/A    1,354,021 N/A    3.837%   
                                                                                         
B: Qualifying Financial Instruments                                                      
                                                                                         
Resulting situation after the triggering transaction                                     
                                                                                         
Type of financial    Expiration date  Exercise/           Number of voting  % of voting  
instrument                            Conversion Period   rights that may   rights       
                                                          be acquired if                 
                                                          the instrument is              
                                                          exercised/                     
                                                          converted.                     
                                                                                         
                                                                                         
                                                                                         
C: Financial Instruments with similar economic effect to Qualifying Financial            
Instruments                                                                              
                                                                                         
Resulting situation after the triggering transaction                                     
                                                                                         
Type of financial Exercise Expiration date  Exercise/      Number of voting % of voting    
instrument        price                   Conversion     rights           rights         
                                          period         instrument                      
                                                         refers to                       
                                                                                         
                                                                                         
                                                                                         
                                                                          Nominal   Delta
                                                                                         
                                                                                         
                                                                                         
Total (A+B+C)                                                                            
                                                                                         
Number of voting rights                             Percentage of voting rights          
                                                                                         
1,354,021                                           3.837%                               
                                                                                         

 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable:                              
                                                                                        
                                                                                        
                                                                                        
BT PENSION SCHEME TRUSTEES LTD, AS TRUSTEE OF THE BT PENSION SCHEME ("BTPS") IS         
THE PARENT UNDERTAKING OF BRITEL FUND NOMINEES LTD AND BRITEL FUND TRUSTEES             
LTD, WHICH IS THE PARENT UNDERTAKING OF HERMES FUND MANAGERS LTD ("HFML").              
HFML IS THE PARENT UNDERTAKING OF:                                                      
                                                                                        
                                                                                        
                                                                                        
1)HERMES EQUITY OWNERSHIP SERVICES LTD ("HEOS") (VOTING RIGHTS: 3.552%)*                
                                                                                        
                                                                                        
                                                                                        
2)HERMES INVESTMENT MANAGEMENT LTD ("HIML") (VOTING RIGHTS: 0.284%)                     
                                                                                        
                                                                                        
                                                                                        
* THIS NOTIFICATION IS ALSO BEING MADE IN RESPECT OF HEOS, WHICH IS AN INDIRECT         
HOLDER OF SHARES FOR THE PURPOSE OF DTR 5.2.1 (h).  THE VOTING RIGHTS INCLUDE           
THE FOLLOWING: i) ALL OF THE VOTING RIGHTS OF THE UNDERLYING CLIENTS OF HEOS            
FOR WHOM IT PROVIDES VOTING SERVICES; ii) ALL OF THE VOTING RIGHTS ATTACHING TO         
THE DIRECT SHAREHOLDING OF BTPS; iii) ALL OF THE VOTING RIGHTS ATTACHING TO             
SHARES MANAGED BY HIML; AND iv) THE VOTING RIGHTS ATTACHING TO THE DIRECT               
SHAREHOLDING OF BTPS THAT ARE MANAGED BY HSL.                                           
                                                                                        
                                                                                        
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                               SEE SECTION 13              
                                                                                        
11. Number of voting rights proxy holder will cease to      SEE SECTION 13              
hold:                                                                                   
                                                                                        
12. Date on which proxy holder will cease to hold voting    SEE SECTION 13              
rights:                                                                                 
                                                                                        
13. Additional information:              HEOS HOLD THE VOTING RIGHTS UNDER A STANDING   
                                         PROXY CONTAINED IN AGREEMENTS FOR THE PROVISION
                                         OF VOTING SERVICES TO VARIOUS UNDERLYING       
                                         CLIENTS FOR THE PURPOSES OF DTR 5.2.1(h), WHICH
                                         INCLUDES ALL OF THE SHARES OWNED DIRECTLY BY   
                                         BTPS, ALL OF THE VOTING RIGHTS ATTACHING TO    
                                         SHARES MANAGED BY HIML AND THE VOTING RIGHTS   
                                         ATTACHING TO THE DIRECT SHAREHOLDING OF BTPS   
                                         THAT ARE MANAGED BY HSL.                       
                                                                                        
                                                                                        
                                                                                        
                                         HIML HOLD THE VOTING RIGHTS UNDER A STANDING   
                                         PROXY CONTAINED IN INVESTMENT MANAGEMENT       
                                         AGREEMENTS WITH VARIOUS UNDERLYING CLIENTS     
                                         (WHICH MAY INCLUDE BTPS) FOR THE PURPOSES OF   
                                         DTR 5.2.1(h).                                  
                                                                                        
                                                                                        
                                                                                        
                                         ALL VOTING RIGHTS HELD ON BEHALF OF THE ABOVE  
                                         ENTITIES ARE AGGREGATED FOR THE PURPOSES OF DTR
                                         5.2.1(e).                                      
                                                                                        
                                                                                        
                                                                                        
                                         THIS DISCLOSURE IS MADE BY BT PENSION SCHEME   
                                         TRUSTEES LTD AS A TRUSTEE OF THE BT PENSION    
                                         SCHEME, WHICH IS THE ULTIMATE PARENT           
                                         UNDERTAKING FOR THE PURPOSES OF DTR 5.2.1.(e). 
                                                                                        
14. Contact name:                        HELEN MARSH                                    
                                                                                        
15. Contact telephone number:            01489 864482