Warner Estate Holdings PLC 07 July 2005 Warner Estate Holdings PLC ("the Company") Director's Shareholding Mr M J Stevens, a Director of the Company, exercised share options over 9,884 Ordinary shares of 5p in the Company today at an option price of 303.5p. The option was granted on 16 August 2001 and has been exercisable since 16 August 2004, the performance criteria attached to the grant having been met in full. Mr Stevens still retains an option over a further 11,616 Ordinary shares of 5p in the Company granted on 16 August 2001. Following the exercise, Mr Stevens is interested in 10,234 shares, representing 0.02 per cent. of the Company's issued ordinary share capital. Mr Stevens' other interests in the shares of the Company are unchanged. Date: 7 July 2005. This information is provided by RNS The company news service from the London Stock Exchange