Warner Estate Holdings PLC 18 January 2006 Warner Estate Holdings PLC ("the Company") PDMRs' Shareholding Mr D J Lanchester, a PDMR and Company Secretary of the Company has notified the Company today that he has exercised share options over 7,900 Ordinary shares of 5p in the Company today 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 Lanchester subsequently sold 6,550 Ordinary shares of 5p in the Company at 687p today. Following the exercise of share options and sale, Mr Lanchester now holds 8,054 shares Ordinary shares of 5p in the Company. Mr K R Meade, a PDMR and an Associate Director of the Company has notified the Company today that he has exercised share options over 25,392 Ordinary shares of 5p in the Company today 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 Meade subsequently sold the 25,392 shares at 687p today. In a separate transaction, Mr Meade today sold 1,597 Ordinary shares of 5p in the Company at 696p. Following the above transactions, Mr Meade no longer holds any Ordinary shares of 5p in the Company. Date: 18 January 2006. This information is provided by RNS The company news service from the London Stock Exchange