17 December 2014

Shepherd Neame Limited

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:

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.