Disposal

Warner Estate Holdings PLC

("Warner Estate" or "the Group")

WARNER ESTATE ANNOUNCES £70M SALE OF THE AGORA MAX SHOPPING CENTRES

Warner Estate announces today that Agora Max Limited, a 50/50 Joint Venture with Uberior Ventures Limited (part of the Lloyds Banking Group), has completed the sale of The Grange and Pyramid Shopping Centres, Birkenhead for a cash consideration of £70m. The proceeds of the sale will be utilised to reduce the debt within Agora Max, which is non-recourse to the Group. The carrying value of the investment in Agora Max on the Company's balance sheet was written down to £Nil some time ago.

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Date: 22 December 2011

Enquiries:Warner Estate Holdings PLCPhilip Warner, ChairmanMark Keogh, Group Managing DirectorRobert Game, Group Managing Director - Property

Tel: 020-7907-5100Web: www.warnerestate.co.ukCity ProfileJonathan GillenSimon CourtenayTel: 020-7448-3244