FINANCIAL PRESS RELEASES

Warner Estate Holdings PLC announces today that it has simultaneously exchanged and completed contracts for the sale of its St Johns Wood High Street estate to NW8 Holdings Limited for cash consideration of £39m.

Warner Estate Holdings PLC announces today that Agora Max Limited, a 50/50 Joint Venture with Halifax Bank of Scotland, has exchanged contracts for the sale of Pallasades Shopping Centre, Birmingham to Birmingham City Council for cash consideration of £91m.

Warner Estate Holdings PLC announces today that it has exchanged contracts for the sale of The Royals Shopping Centre, Southend.

The property market remains a challenging environment as valuations continue to fall and the general economy moves deeper into recession. The Group continues to focus on those actions that reduce debt and costs, whilst maintaining recurring profitability and cash flow.

We are concentrating on those areas which we can control, namely, improving our income, reducing our costs and maximising our cash. We are being proactive in meeting the challenge of falling values and remain in compliance with our banking covenants.