Disposal

Warner Estate Holdings PLC ("Warner Estate")

Warner Estate completes disposal of its 50% interest in Radial Distribution Limited

Further to the announcement on 10 May 2010, Warner Estate Joint Ventures Limited, a subsidiary of Warner Estate, together with its 50% joint venture partner, Uberior Ventures Limited, completed the sale of their interests in Radial Distribution Limited (RDL) on 17 May 2010.

-ends-

Date: 18 May 2010

Enquiries:

Warner Estate Holdings PLC Tel: 0207 907 5100

Philip Warner, Chairman

Mark Keogh, Finance Director

Robert Game, Property Director

Web: www.warnerestate.co.uk

City Profile Tel: 0207 448 3244

Jonathan Gillen

Simon Courtenay

NOTES

Warner Estate Holdings PLC is a property investor and asset manager with around £1.6bn of assets under management as at 31 March 2010.

The Radial Distribution Fund was formed in December 2004 and is a joint venture between Warner Estate Joint Ventures Limited, a subsidiary of Warner Estate and Uberior Ventures Limited, a subsidiary of Bank of Scotland and now part of the Lloyds Banking Group. The fund invested in high bay distribution warehousing located near or at ports, airports, rail freight terminals and major motorway intersections.

At the date of the disposal the Fund consists of a portfolio of 16 properties in the UK, totalling more than 3.3 million sq ft (307,500 sq m).