Financial Services Authority
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| TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES |
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| | |
|-----------------------------------------+-------------------------|
| 1. Identity of the issuer or the | |
| underlying issuer | |
| of existing shares to which voting | Admiral Group Plc |
| rights are | |
| attached: | |
| | |
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| 2. Reason for the notification (please tick the appropriate box |
| or boxes): |
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| 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 | |
| | |
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| | TIAA-CREF Investment Management, |
| 3. Full name of person(s) | LLC on behalf of the accounts |
| subject to the | listed in Exhibit B |
| notification obligation: | |
| | Teachers Advisors, Inc. on behalf |
| | of the funds listed in Exhibit C |
|------------------------------+------------------------------------|
| 4. Full name of | |
| shareholder(s) | See number 3 |
| (if different from 3.): | |
|------------------------------+------------------------------------|
| | |
| 5. Date of the transaction | |
| and date on | |
| which the threshold is | 11/13/09 |
| crossed or | |
| reached: | |
| | |
| | |
|------------------------------+------------------------------------|
| 6. Date on which issuer | 11/25/09 |
| notified: | |
|------------------------------+------------------------------------|
| 7. Threshold(s) that is/are | |
| crossed or | 3% |
| reached: | |
| | |
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+-------------------------------------------------------------------------------------------+
|8. Notified details: |
| |
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|A: Voting rights attached to shares |
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|Class/type of | Situation previous | Resulting situation after the triggering |
|shares | to the triggering | transaction |
|if possible using | transaction | |
|the ISIN CODE |-----------------------+-----------------------------------------------|
| | Number | Number | | Number of voting |% of voting rights|
| | of | of | Number | rights | |
| | Shares | Voting | of |------------------+-------------------|
| | | Rights | shares | Direct |Indirect | Direct |Indirect |
|-------------------+------------+----------+-----------------------------------------------|
|GB0055007982 | 8,011,162 |8,011,162 |7,949,963 7,949,963 |
| | | | 2.98% |
|-------------------------------------------------------------------------------------------|
| |
|-------------------------------------------------------------------------------------------|
|B: Qualifying Financial Instruments |
|-------------------------------------------------------------------------------------------|
|Resulting situation after the triggering transaction |
|-------------------------------------------------------------------------------------------|
| | | |Number of voting | |
|Type of financial |Expiration |Exercise/ |rights that may be |% of voting |
|instrument |date |Conversion Period|acquired if the |rights |
| | | |instrument is | |
| | | |exercised/ | |
| | | |converted. | |
|-------------------------+-------------+-----------------+-------------------+-------------|
| N/A | N/A | N/A | N/A | N/A |
|-------------------------------------------------------------------------------------------|
| |
|-------------------------------------------------------------------------------------------|
|Total (A+B+C) |
|-------------------------------------------------------------------------------------------|
|Number of voting rights |Percentage of voting rights |
|-------------------------------------------------------------------------------------------|
| 7,949,963 |
|2.98% |
+-------------------------------------------------------------------------------------------+
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| 9. Chain of controlled undertakings through which the voting |
| rights and/or the |
| financial instruments are effectively held, if applicable: |
|-------------------------------------------------------------------|
| |
| |
| +---------------------------------------------------------------+ |
| | The College Retirement Equities Fund )"CREF") hereby | | |
| | informs you that on November 13, 2009, CREF sold 61,199 | | |
| | shares of Admiral Group Plc, bringing its total holdings | | |
| | in your company to 7,857,158 shares. CREF owns these | | |
| | shares through two of its investment accounts, the Global | | |
| | Equities Account and the Stock Account. It is our | | |
| | understanding the total voting shares outstanding of | | |
| | Autonomy Corporation Plc are 266,477,291 bringing CREF's | | |
| | ownership in your company to a 2.95% level. | | |
| | | | |
| | For your information, CREF is a U.S. based | | |
| | investment company, which is registered with the | | |
| | Securities and Exchange Commission ("SEC"). CREF has | | |
| | multiple investment accounts, each with separate | | |
| | investment objectives and policies. All assets in the | | |
| | accounts are beneficially owned by CREF, and all the | | |
| | accounts are manage by TIAA-CREF Investment Management, | | |
| | LLC, a SEC registered investment adviser. | | |
| | | | |
| | Additionally, affiliates of CREF 92,805 shares of | | |
| | Autonomy Corporation Plc. These holdings are owned by | | |
| | the TIAA-CREF Funds ("Funds"(+), and the TIAA-CREF Active | | |
| | Extension Funds ("Active" Extension Unregistered | | |
| | Funds"). The Funds and Active Extension Unregistered | | |
| | Funds are managed by Teachers Advisors, Inc., an SEC | | |
| | registered investment adviser that is affiliated with | | |
| | TIAA-CREF Investment Management, LLC. These affiliated | | |
| | funds, aggregated with those of CREF, own a total of | | |
| | 7,949,963, or 2.98% of the outstanding voting shares of | | |
| | your company. Because Teachers Advisors, Inc. and | | |
| | TIAA-CREF Investment Management, LLC follow the same | | |
| | policies when voting these funds, we are aggregating the | | |
| | holdings for purposes of this letter. | | |
| | | | |
| | | | |
| | (See Exhibit A) | | |
| +---------------------------------------------------------------+ |
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| |
| |
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| Proxy Voting: |
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| 10. Name of the proxy holder: | Equitable Nominees |
| | Limited |
|---------------------------------------------+---------------------|
| 11. Number of voting rights proxy holder | N/A |
| will cease | |
| to hold: | |
|---------------------------------------------+---------------------|
| 12. Date on which proxy holder will cease | N/A |
| to hold | |
| voting rights: | |
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| |
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| 13. Additional information: | None |
|-----------------------------------+-------------------------------|
| 14. Contact name: | Michael Albert |
|-----------------------------------+-------------------------------|
| 15. Contact telephone number: | 212-490-9000 |
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EXHIBIT A
Summary of Holdings of Admiral Group Plc
Between November 13, 2009 - November 16, 2009
TIAA-CREF Investment Management, LLC
CREF Global CREF Stock
Account Total Holdings
Equities
Account
CREF
Holdings as of November 13, 2009
1,769,845 6,148,512
7,918,357
Transactions as of November 13, 2009
-
(61,199) (61,199)
Holdings as of November 16,2009
1,769,845 6,087,313
7,857,158
Teachers Advisors, Inc.
TIAA-CREF Funds TIAA-CREF Funds
Total Holdings
Enhanced International International
Equity Mutual Funds Equity Index
Fund Index
Fund
Holdings as of November 13, 2009
58,935
24,983 83,918
Transactions as of November 13, 2009
-
- -
Holdings as of November 16, 2009
58,935
24,983 83,918
Teachers Advisors, Inc.
Active Extension Fund Total Holdings
I, LLC Unregistered Funds
Holdings as of November 13, 2009
8.887 8.887
Transactions as of October 28, 2009
-
Holdings as of November 16,2009
8.887
8.887
Aggregate Holdings as of October 29, 2009
Total Shares Held 7,949,963
Voting Shares Outstanding as of October 29, 2009
Total Voting Shares 266,477,291
Total Percentage Held
November 13, 2009 3.006%
November 16, 2009 2.983%
Exhibit B.
TIAA-CREF Investment Management, LLC
College Retirement Equities Fund ("CREF") *
* CREF Stock Account
* CREF Global Equities Account
* Registered Investment Company
Exhibit C.
Teachers Advisors. Inc.
TIAA-CREF Funds*
* Enhanced International Equity Index Fund
* International Equity Index Fund
TIAA-CREF Active Extension Funds
* Active Extension Fund I - LLC **
* Registered Investment Companies
** Unregistered Fund
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solely responsible for the content of this announcement.