Re Agreement

Slough Estates PLC
                  

                          SLOUGH ESTATES plc

SLOUGH ESTATES TO DEVELOP 780,000 SQ.FT. CAMPUS FOR GENENTECH IN CALIFORNIA

Slough Estates plc, a leading provider of flexible business space, today
announced that Genentech, Inc. (NYSE: DNA) has agreed to terms with Slough
Estates USA Inc to lease approximately 780,000 square feet of office and
laboratory space in eight new buildings on its Britannia East Grand site, South
San Francisco. Genentech proposes to integrate the development with its existing
campus in South San Francisco.

Slough's construction will take place in two phases over a four-year period and
is estimated to cost over $325 million.

The master-planned campus project will be funded from the proceeds of selective
asset sales by Slough Estates USA Inc., which is now established as a
self-financing part of the Group.

Genentech is a leading biotechnology company that discovers, develops,
manufactures and commercializes biotherapeutics for significant unmet medical
needs.

Ian Coull, Chief Executive of Slough Estates commented: 'We believe the lease
agreement with Genentech to extend their campus onto our Britannia East Grand
site reinforces Slough's position as the pre-eminent developer and brand leader
of life sciences facilities in California. We have a successful history of
working with our clients to deliver a market-leading product in the rapidly
expanding life sciences industry. Our strategy to recycle assets selectively to
fund further development evidences Slough Estates' commitment to delivering
maximum shareholder value from our asset portfolio.'

For further information contact:

Slough Estates plc                     Shared Value Limited
Ian Coull, Chief Executive             Andrew Best / Emily Bruning
Tel: [phone]                      Tel: [phone] / 5027


Slough Estates is a leading provider of flexible business space in business
parks in Western Europe and North America, with over 1700 customers occupying
2.9 million square metres of business space, with a total value of £3.6 billion.
Slough Estates' properties are in suburban locations in close proximity to the
main business centres, where there is long-term demand for business
accommodation to serve these key economic regions. The company's main activities
are currently based around London, Brussels, Paris, Düsseldorf, San Francisco
and San Diego and the company continues to develop new business parks with the
long term objective of building shareholder value and enhancing its reputation
for quality buildings offering excellent value to customers.

An interview with Ian Coull in video/audio and text will be available from 07:00
on: www.sloughestates.com and on http://www.cantos.com

A conference call for analysts / investors is being held at 09:30 today and is
accessible on: [phone] or at:
http://investor.sloughestates.com/medialist.cfm