Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

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

Brewin Dolphin

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 notification obligation: iii

BT Pension Scheme Trustees Limited as trustee of the BT Pension Scheme. See Section 9 for further information.

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

Hermes Specialist UK Focus Find

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

15 January 2010

6. Date on which issuer notified:

18 January 2010

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

3%

8. Notified details:

A: Voting rights attached to shares viii, ix

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 x

Direct

Direct xi

Indirect xii

Direct

Indirect

B3CG9C1

GB00B3CG9C16

N/A

N/A

N/A

N/A

7,442,681

N/A

3.267

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date xiii

Exercise/ Conversion Period xiv

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

% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date xvii

Exercise/ Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

7,442,681

3.267%

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

BT Pension Scheme Trustees Limited, as trustee of the BT Pension Scheme ("BTPS") is the parent undertaking of Britel Fund Nominees Limited and Britel Fund Trustees Limited, which is the parent undertaking of Hermes Fund Managers Limited ("HFML"). HFML is the parent undertaking of:

1. Hermes Focus Asset Management Limited ("HFAM") as General Partner of the following limited partnerships:

a. Hermes UK Specialist Focus Fund ("HUKSFF") (voting rights: 3.267%)

This notification is also being made in respect of HUKSFF which has an individual notification obligation under DTR 5.1.2

Please see Section 13 for further information.

Proxy Voting:

10. Name of the proxy holder:

See Comment in Section 13

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

See Comment in Section 13

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

See Comment in Section 13

13. Additional information:

HFAM hold the voting rights as General Partner under a standing proxy contained in limited partnership agreements with various limited partnerships 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 Limited as trustee of the BT Pension Scheme, which is the ultimate parent undertaking for the purposes of DTR 5.2.1(e).

14. Contact name:

Valerie Davidson ([email protected])

15. Contact telephone number:

020 7680 2177

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name 

(including legal form of legal entities)

BT Pension Scheme Trustees Limited

Contact address 

(registered office for legal entities)

1 Portsoken Street, London, E1 8HZ

Phone number & email

020 7702 0888

Other useful information 

(at least legal representative for legal persons)

BT Pension Scheme Trustees Limited is the parent undertaking of the group of companies subject to the notification obligation as indirect holders of voting rights for the purpose of DTR 5.2.1(h) and 5.2.1(e).

B: Identity of the notifier, if applicable

Full name

Hermes Fund Managers Limited as agent for BT Pension Scheme Trustees Limited

Contact address

1 Portsoken Street, London E1 8HZ

Phone number & email

020 7680 2177

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

Hermes Fund Managers Limited acts as the authorised administration agent on behalf of BT Pension Scheme Trustees Limited

C: Additional information

Please contact Valerie Davidson on the above number for further information.

Copy to Company Secretary [email protected]

For notes on how to complete form TR-1 please see the FSA website.