Grant of Options

First Property Group PLC
03 August 2004

3 August 2004

                            First Property Group plc

                             Director Share Options

First Property Group plc ('First Property') announces that, at a meeting of the
Board held on 19 July 2004, the following Directors were awarded options over
First Property ordinary shares as set out below:

Director           Options granted      Exercise price         Option exercise period

Ben Habib               250,000              16.5p           18 July 2005-5 April 2011
                        250,000              16.5p           18 July 2006-5 April 2011
                        250,000              16.5p           18 July 2007-5 April 2011

George Digby            166,666              16.5p           18 July 2005-5 April 2011
                        166,666              16.5p           18 July 2006-5 April 2011
'                       166,667              16.5p           18 July 2007-5 April 2011


Following the grant of these options Ben Habib holds, in aggregate, options over
2,750,000 First Property ordinary shares and George Digby holds, in aggregate,
options over 500,000 First Property ordinary shares.


Enquiries:

Ben Habib - Chief Executive
First Property Group PLC
Telephone: [phone]


End
August 3rd, 2004


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