Completion of Exchange Offers

Slough Estates PLC
20 June 2005


20 June 2005

Slough Estates plc Announces Completion of Exchange Offers and Proposals

£50,000,000 10 per cent. Bonds due 2007, £33,343,418 12.375 per cent. Unsecured Loan Stock due 2009, £100,000,000 11.625
per cent. Bonds due 2012, £100,000,000 10 per cent. Bonds due 2017 and £40,000,000 11.25 per cent. First Mortgage 
Debenture Stock due 2019 (together, the 'Existing Notes')

This announcement should be read in conjunction with the Exchange Offer Memorandum dated 10 May 2005 (the 'Exchange 
Offer Memorandum') prepared by the Company in connection with the Exchange Offers and the Proposals.  Terms used in this
announcement and not otherwise defined have the meanings given to them in the Exchange Offer Memorandum.

The Company hereby announces that all Transaction Conditions to the Exchange Offers and conditions for the redemption of
the Existing Notes have been satisfied.  Settlement of the Exchange Offers and the redemption of the Existing Notes in 
accordance with their amended terms and conditions and the announcement of redemption made by the Company on Thursday, 9
June 2005, will occur today.



For further information, please contact:

Trevor Mant                     Group Treasurer                 [phone]

Dealer Managers:

Barclays Capital                Jeremy Froud                    [phone]

The Royal Bank of Scotland      Robert St John                  [phone]

UBS Investment Bank             Rob Ritchie                     [phone]


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