Warner Estate Holdings PLC 25 July 2005 Warner Estate Holdings PLC ("the Company") Director's Shareholding Mr R Moore, a Director of the Company, exercised share options over 54,861 Ordinary shares of 5p in the Company on 21 July 2005 at an option price of 319p. The option was granted on 17 July 2002 and has been exercisable since 17 July 2005, the performance criteria attached to the grant having been met in full. Mr Moore subsequently sold 45,361 shares at 585p on 22 July 2005. Following the exercise and sale, Mr Moore is interested in 25,294 shares, representing 0.047 per cent. of the Company's issued ordinary share capital. Mr Moore's other interests in the shares of the Company are unchanged. Date: 25 July 2005. This information is provided by RNS The company news service from the London Stock Exchange