Director/PDMR Shareholding

Warner Estate Holdings PLC ("the Company")

Shareholdings of Directors and PDMRs

Mr R W Game, a Director of the Company, received 1,888 Ordinary shares in the Company on 31 May 2011 at 13.25p each under the Company's All Employee Share Ownership Plan ("the AESOP"). Mr R W Game acquired 944 of his shares as Partnership Shares and 944 shares were awarded by the Company as Matching shares under the rules of the AESOP. Capita IRG Trustees Limited, the Trustee of the AESOP will hold the shares in Trust for a minimum period of five years following the date of the Award. The shares received represent less than 0.001 per cent. of the Company's issued ordinary share capital.

Mr Game's total interests under the AESOP are as follows:-

Mr Game's other interests in the shares of the Company are unchanged.

Messrs D Dick, H Patel and V B Vaghela, PDMRs of the Company, each received 1,888 Ordinary shares in the Company 31 May 2011 at 13.25p each under the Company's All Employee Share Ownership Plan ("the AESOP"). Messrs D Dick, H Patel and V B Vaghela each acquired 944 of their shares as Partnership Shares and 944 shares each were awarded by the Company as Matching shares under the rules of the AESOP. Capita IRG Trustees Limited, the Trustee of the AESOP will hold the shares in Trust for a minimum period of five years following the date of the Award. The shares received represent less than 0.001 per cent. of the Company's issued ordinary share capital.

The PDMRs' total interests under the AESOP are as follows:-

The PDMRs' other interests in the shares of the Company are unchanged.

Date: 1 June 2011.