Director/PDMR Shareholding

Warner Estate Holdings PLC ("the Company")

Directors' Shareholding

The Company has been advised that 193,273 Ordinary shares of 5p in the Company have been transferred, in its capacity as trustee, by Brettenham Trust Limited, a company in which both Mr P C T Warner (Chairman of the Company) and Mr R H Warner (a Non-executive Director) have an interest. The shares were transferred on 10 December 2010 on the beneficiaries of a trust becoming absolutely entitled.

Following the transfer, Mr P C T Warner has a non-beneficial interest in 9,759,162 shares, representing 17.37 per cent. of the Company's issued ordinary share capital and Mr R H Warner has a non-beneficial interest in 5,983,017 shares, representing 10.65 per cent. of the Company's issued ordinary share capital.

There has been no change in the beneficial interests of Mr P C T Warner and Mr R H Warner.

Date: 13 December 2010.