Notification of major interests in shares

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Warner Estate Holdings PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

X

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the notification obligation:

The Royal Bank of Scotland Group plc

4. Full name of shareholder(s) (if different from 3.):

 The Royal Bank of Scotland plc

5. Date of the transaction and date on which the threshold is crossed or reached:

 26/03/10

6. Date on which issuer notified:

 29/03/10

7. Threshold(s) that is/are crossed or reached:

 3%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

 Ord 5p

 0

 0

1,808,702

1,808,702

 3.25%

 GB0009406561

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ Conversion Period

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date

Exercise/ Conversion period

Number of voting rights instrument refers to

% of voting rights

Warrant

5p per Ordinary share

25/3/2015

May be exercised at any time up to 5 years from 26 March 2010

1,808,702

Nominal

Delta 

3.25%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

 1,808,702 

 3.25%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

The Royal Bank of Scotland Group plc (3.25%)

The Royal Bank of Scotland plc (3.25%)

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

This notification is based upon the Voting Rights figure of 55,670,865 obtained from yourselves.

14. Contact name:

Richard Hopkins

15. Contact telephone number:

020 7672 0354