Short Selling Disclosure

TR-5 :

Disclosure of Short Position relating to Securities which are the subject of a rights issue or a UK Financial Sector Company

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

Cazenove Capital Management Limited

2: Name of the issuer of the relevant securities

Admiral Group ORD 0.001

3: Disclosable short position

-0.25%

4. Date that disclosable short position was held

27/03/12