Issue of Debt

Slough Estates PLC
16 November 2005


                                RNS Announcement


Slough Estates plc has today launched a new benchmark issue of GBP250,000,000
5.625 per cent Notes due 2020 and a further GBP100,000,000 of its existing 5.75
per cent Notes due 2035.

The 2020 notes are priced at 99.186 per cent at a spread of 133 basis points
over the yield of the 8 per cent Gilt due 2021 and will be issued on 7 December
2005.

The 2035 notes are issued at a price of 99.897 per cent at a spread of 152 basis
points over the yield of the 4.25 per cent Gilt due 2036 and will be issued on
14 December 2005.

Proceeds of the issues will be used to re-finance existing bank borrowings and
for general corporate purposes. It is expected that both issues will be rated A-
(stable) by Fitch.

The joint bookrunners are Barclays Capital and The Royal Bank of Scotland.

Contact:

Slough Estates: Trevor Mant - Group Treasurer
01753-213389




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