Further re Exchange Offers

Slough Estates PLC
09 June 2005


9 June 2005

Slough Estates plc Announces Pricing Details and Redemption

£50,000,000 10 per cent. Bonds due 2007 (the '2007 Bonds'), £33,343,418 12.375
per cent. Unsecured Loan Stock due 2009 (the 'Loan Stock'), £100,000,000 11.625
per cent. Bonds due 2012 (the '2012 Bonds'), £100,000,000 10 per cent. Bonds due
2017 (the '2017 Bonds') and £40,000,000 11.25 per cent. First Mortgage Debenture
Stock due 2019 (the 'Debenture Stock' and, together with the 2007 Bonds, Loan
Stock, 2012 Bonds and 2017 Bonds, 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 launch of the Exchange Offers and the Proposals was announced on 10 May 2005
and the respective deadlines for participation in these transactions by holders
of the Existing Notes have now passed.

The final pricing details for the Exchange Offers and the Proposals, as
determined by the Dealer Managers at or around 10.00 a.m. today, Thursday, 9
June 2005, are as follows:

Pricing - Existing Notes

2007 Bonds
•    Spread:  0.65 per cent.
•    Benchmark Security:  4.5 per cent. UK Treasury Gilt due March 2007
•    Mid-Market Benchmark Security Rate:  4.220 per cent.
•    Existing Note Price (for each £1,000 in principal amount):  £1,091.36
•    Exchange Ratio:  1.09777 (1)
•    Accrued Interest :  £6.39 (2)

Loan Stock
•    Spread:  0.85 per cent.
•    Benchmark Security:  4 per cent. UK Treasury Gilt due March 2009
•    Mid-Market Benchmark Security Rate:  4.162 per cent.
•    Existing Note Price (for each £1,000 in principal amount):  £1,294.93
•    Exchange Ratio:  1.30254 (1)
•    Accrued Interest:  £58.46 (2)

2012 Bonds
•    Spread:  0.95 per cent.
•    Benchmark Security:  5 per cent. UK Treasury Gilt due March 2012
•    Mid-Market Benchmark Security Rate:  4.203 per cent.
•    Existing Note Price (for each £1,000 in principal amount):  £1,389.76
•    Exchange Ratio:  1.39792 (1)
•    Accrued Interest:  £54.90 (2)

2017 Bonds
•    Spread:  1.20 per cent.
•    Benchmark Security:  4.75 per cent. UK Treasury Gilt due September 2015
•    Mid-Market Benchmark Security Rate:  4.237 per cent.
•    Existing Note Price (for each £1,000 in principal amount):  £1,383.35
•    Exchange Ratio:  1.39410 (1)
•    Accrued Interest:  £13.06 (2)

Debenture Stock:
•    Spread:  1.00 per cent.
•    Benchmark Security:  8 per cent. UK Treasury Gilt due June 2021
•    Mid-Market Benchmark Security Rate:  4.266 per cent.
•    Existing Note Price (for each £1,000 in principal amount):  £1,602.28
•    Exchange Ratio:  1.61473 (1)
•    Accrued Interest:  £53.14 (2)

Note 1:         Shown rounded, but not rounded for actual calculations
Note 2:         Shown for illustrative purposes only, as calculated for £1,000 
                in principal amount of the relevant Existing Notes

Pricing - New Notes

Shorter Dated New Notes:  £200,000,000 5.500 per cent. Notes due 2018 
(ISIN: XS0221323693)
•    Spread:  1.25 per cent.
•    Benchmark Security:  4.75 per cent. UK Treasury Gilt due September 2015
•    Mid-Market Benchmark Security Rate:  4.239 per cent.
•    Coupon:  5.500 per cent. (payable annually, actual/actual day count basis)
•    Issue Price:  99.416 per cent.
•    Maturity:  20 June 2018

Longer Dated New Notes:  £100,000,000 5.75 per cent. Notes due 2035 
(ISIN: XS0221324154)
•    Spread:  1.50 per cent.
•    Benchmark Security:  4.25 per cent. UK Treasury Gilt due March 2036
•    Mid-Market Benchmark Security Rate:  4.223 per cent.
•    Coupon:  5.75 per cent. (payable annually, actual/actual day count basis)
•    Issue Price:  99.229 per cent.
•    Maturity:  20 June 2035

Confirmation and Announcement of Redemption

As announced by the Company yesterday, Wednesday, 8 June 2005, each of the
Extraordinary Resolutions was duly passed by the requisite majority of holders
of the relevant Existing Notes at the meetings of holders of the Existing Notes
held yesterday afternoon and each of the Trust Deeds in respect of the Existing
Notes have been amended accordingly.

The Company hereby announces and gives notice pursuant to the amended terms and
conditions of the Existing Notes that all of the Existing Notes will be redeemed
on Monday, 20 June 2005 and confirms that all other application Transaction
Conditions to the Exchange Offers and the Extraordinary Resolutions have been
satisfied and that the proposed Settlement Date for the Exchange Offers will
also be Monday, 20 June 2005.  Settlement of the Exchange Offers and the
redemption of the Existing Notes is conditional on the New Notes being admitted
to official listing on the London Stock Exchange, subject only to the issue of
the New Notes, and to UBS Limited receiving from the Company by the London
business day prior to the Settlement Date, in immediately available or same day
funds, the total amount payable by the Company to UBS Limited for the New Notes
in respect of which the holders of such New Notes have made the Cash Election
and UBS Limited has exercised its option for such New Notes to be bought back by
the Company on the Settlement Date.

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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