Disclosure of Short Position

TR-3:

Disclosure of Disclosable Short Position relating to Securities which are the subject of a rights issue

1. Full name of person(s) holding the disclosable short position:

Gladstone Capital Management LLP

2: Name of the issuer of the relevant securities:

Beazley Group plc

3: Disclosable short position:

1.14%

4. Date that disclosable short position was reached or exceeded:

13 February 2009