Shepherd Neame Ltd Director/PDMR Shareholding

The following share transactions have been notified to the Company and are reported accordingly:

Four Directors exercised primary options granted to them by the Company, the option price was £1.00 per ordinary share. On 11 December 2014 three Directors subsequently sold ordinary shares at a price of £11.75 per ordinary share. The mid price at the close of business on 11 December 2014 was £11.75.

The table below details their respective holdings:

Name	Ordinary shares held prior to the Exercise	Percentage of issued share capital prior to Exercise	Date options granted	Number of options exercised	Number of shares sold	Resultant number of ordinary shares held	Resultant percentage of issued share capital
G H A Barnes	25,387	0.17%	26//10/2007 & 30/10/2009 & 28/10/2011	6,107	0	31,494	0.21%
N J Bunting	9,002	0.06%	26//10/2007 & 30/10/2009 & 28/10/2011	6,014	3,089	11,927	0.08%
G R Craig	2,039	0.01%	27/10/2006 & 26//10/2007 & 30/10/2009 & 28/10/2011	6,139	3,153	5,025	0.03%
J B Neame	156,123	1.05%	30/10/2009 & 28/10/2011	4,515	4,515	156,123	1.05%

On 11 December, Mr G H A Barnes advised that he had disposed of 100 ordinary shares at nil consideration. As a result of this disposal, the beneficial interest in the Company’s shares now held by Mr G H A Barnes and his connected parties decreased from 31,494 shares (0.21%) to 31,394 shares (0.21%).

On 11 December, Mr G R Craig advised that he had transferred 2,500 ordinary shares to his wife, Mrs S J Craig. The above transaction results in no change to the beneficial interest in the Company’s shares now held by Mr G R Craig and his connected parties which remains at 5,025 shares (0.03%).

On 15 December, Mr J B Neame advised that he had disposed of 100 ordinary shares at nil consideration. As a result of this disposal, the beneficial interest in the Company’s shares now held by Mr J B Neame and his connected parties decreased from 156,123 shares (1.05%) to 156,023 shares (1.05%).

On 17 December, Mr J B Neame also advised of a legal & non- beneficial interest, in which11,466 shares had been transferred to the beneficiary at nil consideration. As a result of this, Mr J B Neame’s interest in legal and non-beneficial trust decreased from 114,497 shares to 103,031 shares.

The Directors of Shepherd Neame Limited accept responsibility for this announcement.