Director/PDMR Shareholding

Warner Estate Holdings PLC ("the Company")

Shareholdings of Directors and PDMRs

Mr R W Game, a Director of the Company, received 1,614 Ordinary shares in the Company on 31 December 2010 at 15.5p each under the Company's All Employee Share Ownership Plan ("the AESOP"). Mr R W Game purchased 807 of his shares as Partnership Shares and 807 shares were purchased by the Company as Matching shares under the rules of the AESOP. All shares were purchased on their behalf by Capita IRG Trustees Limited, the Trustee of the AESOP. The Trustee 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 and V B Vaghela, PDMRs of the Company, each received 1,612 Ordinary shares and Mr H Patel, a PDMR of the Company, received 1,614 Ordinary shares in the Company on 31 December 2010 at 15.5p each under the Company's All Employee Share Ownership Plan ("the AESOP"). Messrs D Dick and V B Vaghela each purchased 806 of their shares as Partnership Shares and 806 shares each were purchased by the Company as Matching shares under the rules of the AESOP. Mr H Patel purchased 807 of his shares as Partnership Shares and 807 shares were purchased by the Company as Matching shares under the rules of the AESOP. All shares were purchased on their behalf by Capita IRG Trustees Limited, the Trustee of the AESOP. The Trustee 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: 4 January 2011