Directorate Change

Warner Estate Holdings PLC ("the Company")

Resignation of Directors and constitution of Board Committees

As announced on 29 November 2012 in the Company's Half Year Accounts, Mr J R Avery and Mr K A Holman resigned as Directors of the Company with effect from today's date.

Following those resignations, the Company announces that Mr G A Cooke will replace Mr Avery as Chairman of the Remuneration Committee and Mr G A Cooke and Sir Philip Warner replace Messrs Avery and Holman on the Audit Committee. Therefore the constitution of the Committees will be as follows:-

Audit Committee: Mr R H Warner (Chairman), Mr G A Cooke and Sir Philip Warner.

Nomination Committee: Sir Philip Warner (Chairman), Mr G A Cooke and Mr R H Warner.

Remuneration Committee: Mr G A Cooke (Chairman), Mr R H Warner and Sir Philip Warner.

Date: 31 December 2012.