Director Shareholding

Director Shareholding 

    LONDON--(BUSINESS WIRE)--May 15, 2003--


                              SCHEDULE 11

                         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


All relevant boxes should be completed in block capital letters.
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1.    Name of company                                    2.  Name of director

      SLOUGH ESTATES PLC                                     M D LEES

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3.    Please state whether notification indicates that   4.  Name of the registered holder(s) and, if more than one
      it is in respect of holding of the shareholder         holder, the number of shares held by each of them (if
      named in 2 above or in respect of a                    notified)
      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                              M D LEES

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5.    Please state whether notification relates to a     6.  Please state the nature of the transaction. For PEP
      person(s) connected with the director named in 2       transactions please indicate whether general/single
      above and identify the connected person(s)             co PEP and if discretionary/non discretionary /non
                                                             discretionary

                                                             EXERCISE OF OPTION 36,456 @ 271.5p
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7.    Number of              8.  Percentage of issued    9.  Number of shares/amount   10.  Percentage of issued class
      shares/amount of           class                       of stock disposed
      stock acquired

      36,456                                                 36,456

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11.  Class Of Security       12. Price per share         13. Date of transaction       14.  Date company informed


     ORDINARY 25p                349p                        15.05.2003                     15.05.2003

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15.   Total holding following this notification          16. Total percentage holding of issued class following this
                                                             notification
      51,411

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If a director has been granted options by the company please complete
the following boxes.
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17.   Date of grant                                      18. Period during which or date on which exercisable


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19.   Total amount paid (if any) for grant of the option 20. Description of shares or debentures involved: class, number


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21.   Exercise price (if fixed at time of grant) or      22. Total number of shares or debentures over which options
      indication that price is to be fixed at time of        held following this notification
      exercise
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23.   Any additional information                         24. Name of contact and telephone number for queries

                                                             R J M GREEN    01753 537171
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25.   Name and signature of authorised company official responsible for making this notification

                                                           R J M Green, Assistant Company Secretary
Date of notification        15 May 2003
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   Short Name: Slough Estates PLC
   Category Code: RDS
   Sequence Number: 00004822
   Time of Receipt (offset from UTC): 20030515T171231+0100