Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

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

VPhase plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

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):

Required Notification that holding is more than 5%

X

3. Full name of person(s) subject to the notification obligation:

Close Asset Management Limited

4. Full name of shareholder(s) (if different from 3.):

5. Date of the transaction and date on which the threshold is crossed or reached:

25 February 2010

6. Date on which issuer notified:

01 March 2010

7. Threshold(s) that is/are crossed or reached:

5%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

Ordinary Shares

40,880,000

40,880,000

5.84%

B242351

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ Conversion Period

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

Total (A+B+C)

Number of voting rights

Percentage of voting rights

40,880,000

5.84%

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

 Close Asset Management Limited

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

Percentage based on shares in issue figure of 700,529,689 as at 26 February 2010.

This is the required notification that the holding is more than 5% of the shares in issue.

14. Contact name:

15. Contact telephone number: