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:

DECHRA PHARMACEUTICALS  

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

An acquisition or disposal of voting rights

 Y

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:

RATHBONE BROTHERS PLC

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

RATHBONE BROTHERS PLC

Rathbone Investment Management Ltd

Rathbone Unit Trust Management Limited

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

 7th December 2009

6. Date on which issuer notified:

9th December 2009 

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

 1p Ord.

 3,294,396

 3,294,396

 N/A

 N/A

 3,212,712

 N/A

 4.88%

 GB009633180

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

 N/A

 N/A

 N/A

 N/A

 N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial
instrument

Exercise 
price

Expiration 
date

Exercise/
Conversion 
period

Number of voting 
rights instrument 
refers to

% of voting rights

 N/A

 N/A

 N/A

 M/A

 N/A

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

 3,212,712

 4.88%

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

RATHBONE BROTHERS PLC *

Rathbone Investment Management Limited                      0.85%

Rathbone Unit Trust Management Limited                        4.03%

*Rathbone Brothers Plc is the holding company of the following.

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:

Total Share in issue used as Denominator is 65,844,052

14. Contact name:

 COMPLIANCE DEPARTMENT

15. Contact telephone number:

 020 7399 0000