Disclosure of Short Position

Disclosure of Short Position

Trafalgar Asset Managers Ltd.

TR-3:

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Disclosure of Disclosable Short Position relating to Securities which are the subject of a rights issue2

1. Full name of person(s) holding the disclosable short position3:	Â	Trafalgar Azri Fund
2: Name of the issuer of the relevant securities		Quintain Estates & Developments Plc
3: Disclosable short position4		-0.271%
4. Date that disclosable short position was reached or exceeded	Â	04 December 2009

This form, or the information contained within it, should be disclosed via an RIS using the short code DSP. Issuers should conform the commencement of the rights issuer period with a disclosure, via an RIS, using the short code ARI.

² This form relates to the disclosure of short positions in compliance with amendments to MAR 1.9 market abuse (misleading behaviour) and market abuse (distortion) of the Market Conduct Sourcebook (MAR). Further material on this can be found in the FSA's press release of 13 June 2008, http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/057.shtml and the related FAQ document on the FSA's website.

³ Specify the owner or controller of the interest. The naming of nominees or vehicle companies is insufficient. In the case of positions held by fund managers on behalf of discretionary clients, the clients need not be named. Market makers as defined in the Glossary of Definitions in the FSA Handbook and acting in their capacity as such may be exempt from disclosure of own account positions: see the definition of “disclosable short position”. Positions may be aggregated in some cases. See FAQ document for further details.

⁴ Figure to be expressed as a percentage of issued share capital. Disclosable short position is defined in the Glossary of Definitions in the FSA Handbook. Positions must be disclosed on a net basis of all holdings. All financial instruments that represent a direct interest or direct economic interest in the relevant issuer must be included within such holdings.