Pennon Group PLC
24 September 2004
PENNON GROUP PLC
FOR IMMEDIATE RELEASE
DIRECTORS' SHAREHOLDINGS
Pennon Group Plc announces that it received notification on 23 September 2004 as
follows:
(1) that pursuant to the rules of the Company's Restricted Share Plan ('the Plan') the following
Ordinary shares of 111p in the Company vested in its three Executive Directors on 13 September
2004:
Mr R J Baty - 16,294
Mr C I J H Drummond - 16,294
Mr D J Dupont - 7,038
These shares were awarded to the Executive Directors in September 2001and held in trust by
Pennon Share Plans (Guernsey) Limited ('the Plan Trustee') until their release which was
conditional upon the satisfaction of a Total Shareholder Return performance condition in
accordance with the terms of the Plan. The value of the shares on the date of release was 810p
per share.
(2) Also in accordance with the rules of the Plan the following shares of the Executive Directors
(from the above shares which vested on 13 September 2004) were sold by the Plan Trustee at a
price of 810p each on 13 September 2004 to meet the income tax and National Insurance
liabilities of the Executive Directors arising from the vesting of the shares:
Mr R J Baty - 6,681
Mr C I J H Drummond - 6,681
Mr D J Dupont - 2,886
(3) Finally, and again in accordance with the rules of the Plan its three Executive Directors have
obtained a conditional interest in Ordinary shares of the Company as follows:
Mr R J Baty - 37,059
Mr C I J H Drummond - 37,059
Mr D J Dupont - 35,206
The shares were awarded on 16 September 2004 at a price of 809.5p per share and represent the
maximum number of shares to which each of the Directors would become entitled on 15 September
2007 under the Plan if the relevant performance criterion was met. The shares are held by the
Plan Trustee.
24 September 2004
www.pennon-group.co.uk
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