AUTHORITY TO PURCHASE OWN SHARES

LXB RETAIL PROPERTIES PLC

(the "Company" or the "Group")

AUTHORITY TO PURCHASE OWN SHARES

The Chairman's statement which formed part of the interim results announcement on 17 June 2013 included details of transactions and conditional transactions involving the Group's investment properties at Greenwich, indicating that, subject to the satisfaction of conditions within individual contracts, significant amounts of surplus cash would be generated over the following 18 months. The statement also noted that the Board of the Company was minded to return cash to shareholders as and when it became available.

On 24 June 2013, following the exchange of contracts for the unconditional sale of Stone Lake Retail Park, the Board commenced a programme (the "Buyback Programme") for the purchase of its own ordinary shares ("Shares") up to an aggregate cost of £20m and, on 11 July 2013, the Company announced the purchase of 7,035,677 Shares for cancellation following which the Company's issued share capital is 216,010,321 Shares. That was the final transaction in the Buyback Programme and the Company's general authority to buy back Shares, as approved by shareholders at the Company's Annual General Meeting on 27 February 2013, has now been fully utilised.

The Company expects that the Maritime transaction, which was announced on 17 June 2013, will be unconditional shortly, at which point the Company will receive sales proceeds of £58m.

In order to maximise the Board's flexibility in considering the most cost efficient and appropriate way to return excess cash to shareholders, the Company intends to seek a further general authority to buy back up to 14.99% of its issued share capital (the "Further Buyback Authority"). Accordingly, the Company is convening an Extraordinary General Meeting ("EGM") to consider and, if thought fit, approve an appropriate shareholder resolution. The EGM has been convened for 15 October 2013 at 10.30am at Ogier House, The Esplanade, St Helier, Jersey, JE4 9WG. Any Shares bought back will be cancelled. The directors of the Company would only intend to use this authority to make such purchases if to do so could be expected to lead to an increase in net asset value per Share for the remaining shareholders and would be in the best interests of shareholders generally, having due regard to appropriate gearing levels, alternative investment opportunities and the overall financial position of the Company.

The Board has reviewed the status of each of the Group's investment projects since the summary provided to shareholders on 24 June 2013, when it announced the Buyback Programme, and considers that it has provided a comprehensive overview of the status of its investment projects and of when shareholders may expect to see progress reflected in the net asset value per share. The only additional news items within the portfolio since that summary was issued are as follows:

· An agreement for lease has been exchanged with Debenhams to take 56,000 sq ft over three floors at Stafford Riverside

· An agreement for lease has been exchanged with Costa Coffee to take 1,851 sq ft at Gloucester

· Completion of the sale of Stone Lake Retail Park has occurred. The sale price for Stone Lake is £32.95m; £30.95m was paid on completion and £2m is deferred pending satisfaction of certain planning and letting conditions relating to the wider Brocklebank scheme

· Practical completion has been achieved on the development of the Morrison's foodstore at Gloucester

· The Group has acquired additional land in Stafford which could allow a possible extension (subject to planning permission) of the Riverside scheme

· An option has been exercised over land in Sutton as part of the site assembly process and also the Group has negotiated the extension of an option over an office building until 31 January 2014

· Having reviewed the Group's short term debt profile following the Greenwich transactions, the Group terminated £50m of the principal on its £100m swap

· Planning consent has been received for 30,000 sq ft open A1 non-food retail at Biggleswade Plot C

In addition to these developments, it has been a busy summer for the Group's Investment Manager and we expect that activity to crystallise as further transactions which will be announced over the next few months.

For further information please contact:

LXB Adviser LLP Tel: 020 7432 7900

Tim Walton, CEOBrendan O'Grady, FD

Buchanan Tel: 020 7466 5000

Charles Ryland/Sophie McNulty/Helen Greenwood

www.buchanan.uk.com