Chesnara Regulatory News (CSN)

15 May 2008 16:40

TR-1: notification of major interests in shares

1. Identity of the issuer or the underlying Chesnara PLC issuer of 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 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):

3. Full name of person(s) subject to the Allianz SE

notification obligation:

4. Full name of shareholder(s) (if different from Veer Palthe Voute NV

3.):

5. Date of the transaction (and date on which the 13 May 2008 threshold is crossed or reached if different): 6. Date on which issuer notified: 15 May 2008 7. Threshold(s) that is/are crossed or reached: 12%

8. Notified details:

A: Voting rights attached to shares

Class/type Situation Resulting situation after the triggering of shares previous to the transaction Triggering if transaction possible using the ISIN CODE Number of Number of Number of Number of voting % of voting Shares Voting shares rights ix rights Rights viii Direct Direct x Indirect Direct Indirect xi

GB00B00FPT80 13,612,843 13,612,843 13,571,304 13,571,304 12.98

B: Financial Instruments

Resulting situation after the triggering transaction xii

Type of Expiration Exercise/ Number of voting % of voting financial date xiii Conversion Period/ rights that may be rights instrument Date xiv acquired if the instrument is exercised/ converted. Total (A+B) Number of voting rights % of voting rights 13,571,304 12.98

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

Allianz SE is the ultimate holding company of Veer Palthe Voute NV ("VPV"). VPVis a direct subsidiary of Dresdner Bank Luxembourg S.A. ("DB Lux"), a direct subsidiary of Dresdner Bank AG ("Dresdner"). Dresdner is a direct subsidiary ofAllianz Finanzbeteiligungs GmbH ("Allianz Finanz"), which is itself a direct subsidiary of Allianz SE. 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: The Allianz SE group position remains within the 13% threshold. But its subsidiary VPV's holding has moved on 13th May from over 13.02% to 12.98%. 14. Contact name: Andrew Beech /

15. Contact telephone number: 020 7475 6030 /

Notes

Financial Services Authority

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

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

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 toacquire shares already issued to which voting rights are attached, asappropriate.

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, underDTR5.2.1 (a) to (d) or under a combination of any of those situations, thecontrolled 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 canexercise the voting rights at his discretion, and the shareholder who has givenhis proxy to the proxy holder allowing the latter to exercise the voting rightsat his discretion.Applicable in the cases provided for in DTR 5.2.1 (b) to (h). This should bethe full name of the shareholder or holder of financial instruments who is thecounterparty to the natural person or legal entity referred to in DTR5.2.The date of the transaction should normally be, in the case of an on exchangetransaction, the date on which the matching of orders occurs; in the case of anoff exchange transaction, date of the entering into an agreement.The date on which threshold is crossed should normally be the date on which theacquisition, disposal or possibility to exercise voting rights takes effect(see DTR 5.1.1R (3)). For passive crossings, the date when the corporate eventtook effect. [DEL::DEL]

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

Please refer to the situation disclosed in the previous notification, In casethe 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 partyshould not be obliged to disclose the extent of the holding, only that the newholding 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 `directholding' and voting rights `indirect holdings', please split the voting rightsnumber and percentage into the direct and indirect columns-if there is nocombined 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 partyshould not be obliged to disclose the extent of the holding, only that the newholding 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 undertakingsthrough which the voting rights are held. The notification should also includethe amount of voting rights and the percentage held by each controlledundertaking, insofar as individually the controlled undertaking holds 3% ormore, and insofar as the notification by the parent undertaking is intended tocover 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.