ADM: Millennium Partners, L.P.: Short Selling Disclosure

  ADM: Millennium Partners, L.P.: Short Selling Disclosure

UK Regulatory Announcement


Form TR-5. FSA Version 1.0 August 2010

TR-5^1 :  Disclosure of Short Position relating to securities which are the
           subject of a rights issue or a UK Financial Sector Company

1. Full name of person(s) holding the disclosable
short position^2:                                   Millennium Partners, L.P.

2: Name of the issuer of the relevant securities     Admiral Group Plc
3: Disclosable short position^3                      -0.28%
4. Date that disclosable short position was held     11 October 2012

^1 This form relates to the disclosure of short positions in compliance with
chapter 2 of the FSA’s Financial Stability and Market Confidence sourcebook
(FINMAR). The form, or the information contained within it, should be
disclosed via an RIS using the short code SSD.

^2 Specify the holder of the net short position. The naming of nominees or
vehicle companies is insufficient. In the case of a discretionary investment
manager managing assets on behalf of a client, the disclosure obligation
applies at the level of both the entity to which FINMAR 2.2.1 R or 2.2.3 R
applies and at the level of the discretionary investment manager. The
discretionary investment manager may make a net short position disclosure on
behalf of its client. In respect of itself, the discretionary investment
manager is required to disclose its aggregate net short position across all of
the funds it manages. Non-discretionary investment managers may also make
disclosure of a net short position on behalf of their clients.

Where a disclosure by a discretionary investment manager is the same as that
being made for its client/fund/sub-fund, it is permitted to make a single
disclosure provided that the disclosure makes it clear that it applies to both

^3 Figure to be expressed as a percentage of issued 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 or indirect economic interest in the
shares of the issuer must be included within such holdings.


Millennium Partners, L.P.
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