Articles of Association - Borrowing Powers

Warner Estate Holdings PLC

("Warner Estate" or the "Group")

Articles of Association - Borrowing Powers

Warner Estate will shortly be issuing a circular calling a General Meeting to approve a suspension of the borrowing limit, of three times adjusted capital and reserves in its Articles of Association, by way of an ordinary resolution.

As at 30 September 2009, the date of the last published balance sheet, Warner Estate had net debt of £250m and negative adjusted capital and reserves of £23.6m.

The proposed suspension, which the ordinary resolution will effect, is an essential legal step in order to finalise the Group's discussions with its lenders to refinance the Group's loan facilities.

-ends-

1 February 2010

Enquiries:

Warner Estate Holdings PLC

Philip Warner, Chairman

Mark Keogh, Finance Director

Robert Game, Property Director

Tel: 020-7907-5100

Web: www.warnerestate.co.uk