Director Shareholding

Slough Estates PLC
6 December 2000

                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

SLOUGH ESTATES PLC


2)  NAME OF DIRECTOR

M D LEES

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
    non-beneficial interest or in the case of an individual holder
    if it is a holding of that person's spouse or children under the
    age of 18 or in respect of an non-beneficial interest

IN THE NAME OF A DIRECTOR

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)



5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)



6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

EXEC OPT 46,446 - EXERCISED 20,000

7)  Number of shares/amount of
    stock acquired

20,000

8)   (N/A %)
    of issued Class


9)  Number of shares/amount
    of stock disposed

20,000 SOLD

10)  ( N/A %)
    of issued Class


11) Class of security

ORDINARY 25P


12) Price per share

403P

13) Date of transaction

06.12.2000

14) Date company informed

06.12.2000

15) Total holding following this notification

UNDER OPTION 157,412/OWN HOLDING 26,648

16) Total percentage holding of issued class following this notification



     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number.



21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
    following this notification



23) Any additional information



24) Name of contact and telephone number for queries

J R PROBERT 
01753 537171

25) Name and signature of authorised company official responsible for
    making this notification

   Date of Notification           06.12.2000