Holding(s) in Company

+------------------------------------------------------------------------------+
|TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES(i)                             |
+----------------------------------------------+-------------------------------+
                                               |
+----------------------------------------------+-------------------------------+
|1. Identity of the issuer or the underlying   |                               |
|issuer                                        |       Admiral Group Plc       |
|of existing shares to which voting rights are |                               |
|attached:(ii)                                 |                               |
+----------------------------------------------+-------------------------------+
|2 Reason for the notification (please tick the appropriate box or boxes):     |
+---------------------------------------------------------------------+--------+
|An acquisition or disposal of voting rights                          |   X    |
+---------------------------------------------------------------------+--------+
|An acquisition or disposal of qualifying financial instruments which |        |
|may result in the acquisition of shares already issued to which      |        |
|voting rights are attached                                           |        |
+---------------------------------------------------------------------+--------+
|An acquisition or disposal of instruments with similar economic      |        |
|effect to qualifying financial instruments                           |        |
+---------------------------------------------------------------------+--------+
|An event changing the breakdown of voting rights                     |        |
+-----------------------+---------------------------------------------+--------+
|Other (please specify):|                                             |        |
+-----------------------+--------------+------------------------------+--------+
|3. Full name of person(s) subject to  | Morgan Stanley Investment Management  |
|the                                   |                Limited                |
|notification obligation:(iii)         |                                       |
+--------------------------------------+---------------------------------------+
|4. Full name of shareholder(s)        |  Various clients for which MSIM has   |
| (if different from 3.):(iv)          |           voting authority            |
+--------------------------------------+---------------------------------------+
|5. Date of the transaction and date on|                                       |
|which the threshold is crossed or     |               23.09.11                |
|reached:(v)                           |                                       |
+--------------------------------------+---------------------------------------+
|6. Date on which issuer notified:     |               27.09.11                |
+--------------------------------------+---------------------------------------+
|7. Threshold(s) that is/are crossed or|                  5%                   |
|reached:(vi, vii)                     |                                       |
+--------------------------------------+---------------------------------------+



+--------------------------------------------------------------------------------+
|8. Notified details:                                                            |
+--------------------------------------------------------------------------------+
|A: Voting rights attached to shares (viii, ix)                                  |
+------------+--------------------+----------------------------------------------+
|Class/type  |Situation previous  |Resulting situation after the triggering      |
|of          |to the triggering   |transaction                                   |
|shares      |transaction         |                                              |
|            +---------+----------+------------+-----------------+---------------+
|if possible |Number   |Number    |Number      |Number of voting |% of  voting   |
|using       |of       |of        |of shares   |rights           |rights (x)     |
|the ISIN    | hares   |V ting    +------------+------+----------+------+--------+
|CODE        |         |Rights    |Direct      |Direct|Indirect  |Direct|Indirect|
|            |         |          |            |(xi)  |(xii)     |      |        |
+------------+---------+----------+------------+------+----------+------+--------+
|GB00B02J6398|         |          |            |      |          |      |        |
+------------+Below 5% |Below 5%  |13,633,762  |      |13,633,762|      |5.03%   |
|            |         |          |            |      |          |      |        |
+------------+---------+----------+------------+------+----------+------+--------+

+--------------------------------------------------------------------------------+
|B: Qualifying Financial Instruments                                             |
+--------------------------------------------------------------------------------+
|Resulting situation after the triggering transaction                            |
+-------------+----------+----------------------+------------------+-------------+
|Type of      |Expiration|Exercise/             |Number of voting  |% of voting  |
|financial    |date(xiii)|Conversion Period(xiv)|rights that may be|rights       |
|instrument   |          |                      |acquired if the   |             |
|             |          |                      |instrument is     |             |
|             |          |                      |exercised/        |             |
|             |          |                      |converted.        |             |
+-------------+----------+----------------------+------------------+-------------+
|             |          |                      |                  |             |
+-------------+----------+----------------------+------------------+-------------+

+--------------------------------------------------------------------------------+
|C: Financial Instruments with similar economic effect to Qualifying Financial   |
|Instruments (xv, xvi)                                                           |
+--------------------------------------------------------------------------------+
|Resulting situation after the triggering transaction                            |
+------------+--------+----------+-------------+------------------+--------------+
|Type of     |Exercise|Expiration|Exercise/    |Number of voting  |% of voting   |
|financial   |price   |date      |Conversion   |rights instrument |rights (xix,  |
|instrument  |        |(xvii)    |period(xviii)|refers to         |xx)           |
|            |        |          |             |                  |              |
+------------+--------+----------+-------------+------------------+-------+------+
|            |        |          |             |                  |Nominal|Delta |
|            |        |          |             |                  +-------+------+
|            |        |          |             |                  |       |      |
+------------+--------+----------+-------------+------------------+-------+------+
|Total (A+B+C)                                                                   |
+----------------------------------+---------------------------------------------+
|Number of voting rights           |Percentage of voting rights                  |
+----------------------------------+---------------------------------------------+
|13,633,762                        |5.03%                                        |
+----------------------------------+---------------------------------------------+


+------------------------------------------------------------------------------+
|9. Chain of controlled undertakings through which the voting rights and/or the|
|financial instruments are effectively held, if applicable:(xxi)               |
+------------------------------------------------------------------------------+
|Morgan Stanley Investment Management Limited                                  |
|13,633,762                        5.03%                                       |
+------------------------------------------------------------------------------+

+------------------------------------------------------------------------------+
|Proxy Voting:                                                                 |
+---------------------------------------+--------------------------------------+
|10. Name of the proxy holder:          |N/A                                   |
+---------------------------------------+--------------------------------------+
|11. Number of voting rights proxy      |                                      |
|holder will cease                      |N/A                                   |
|to hold:                               |                                      |
+---------------------------------------+--------------------------------------+
|12. Date on which proxy holder will    |                                      |
|cease to hold                          |N/A                                   |
|voting rights:                         |                                      |
+---------------------------------------+--------------------------------------+

+-------------------------+----------------------------------------------------+
|                         |                                                    |
|13. Additional           |                                                    |
|information:             |                                                    |
+-------------------------+----------------------------------------------------+
|14. Contact name:        |David Lindsay                                       |
+-------------------------+----------------------------------------------------+
|15. Contact telephone    |[phone]                                    |
|number:                  |                                                    |
+-------------------------+----------------------------------------------------+







This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Admiral Group PLC via Thomson Reuters ONE

[HUG#1550233]