SAR - Warner Estate Holdings Plc

    FORM SAR 3

Lodge with an RIS and Newstrack, if appropriate, and the Takeover Panel. A copy
must also be sent to the company the shares of which are acquired.

Date of disclosure: 18 AUGUST 2003

  DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF   
                                SHARES ("SARs")                                

Date of acquisition: 15 August 2003

Acquisition in Warner Estate Holdings Plc (name of company)

(1) Class of voting shares  Number of shares/rights    If rights over shares   
(eg ordinary shares):       over shares acquired:      acquired, as opposed to 
                                                       the shares themselves,  
ORDINARY                    Shares: 275,000            specify nature of       
                                                       rights:                 
                            Rights:                                            

(2) Resultant total        Resultant total holding of  Total percentage:       
holding of voting shares   rights over shares (and %                           
(and % of total voting     of total voting shares in   24.31 (%)               
shares in issue):          issue):                                             
                                                                               
24.31 (%)                  (%)                                                 
                                                                               
12,384,413                                                                     

(3) Party making disclosure:

TREFICK LIMITED

(4) (a) Name of person acquiring shares or rights over shares and, if
different, beneficial owner:

TREFICK LIMITED

(b) Names of any other persons acting by agreement or understanding (see SAR
5):

Signed, for and on behalf of the party named in (3) above:

TREFICK LIMITED

(Also print name of signatory):

M F G CROWE

Telephone and extension number:

01624 665100

Note. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129.

FORM SAR 3



END