Holding(s) in Company

For filings with the FSA include the annex

For filings with issuer exclude the annex 

TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

DEVELOPMENT SECURITIES PLC

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights

ACQUISITION

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached 

An event changing the breakdown of voting rights

Other (please specify):______________

3. Full name of person(s) subject to notification obligation:

BENEFICIAL OWNER

1. AVI FOCUSED EUROPEAN FUND

188,155 (0.46%)

2. THE EUROPEAN ASSET VALUE 

FUND

727,014 (1.79%)

3. PRINCETON UNIVERSITY

364,935 (0.90%)

4. ROBERTSON FOUNDATION

21,842 (0.05%)

4. Full name of shareholder(s) (if different from 3):

1. CHASE NOMINEES

2. PICTET NOMINEES

3. MELLON NOMINEES

4. MELLON NOMINEES

5. Date of transaction (and date on which the threshold is crossed or reached if different):

10 OCTOBER 2008

6. Date on which issuer notified:

15 OCTOBER 2008

7. Threshold(s) that is/are crossed or reached:

3%

8: Notified Details

A: Voting rights attached to shares

Class/type of shares

If possible use ISIN code

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

GB0002668464

ORDINARY SHARES

1,217,123

1,217,123

1,301,946

1,301,946

0

3.21%

0%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ conversion period/date 

No. of voting rights that may be acquired (if the instrument exercised/converted)

Percentage of voting rights

Total (A+B)

Number of voting rights

Percentage of voting rights

1,301,946

3.21%

9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

JPMORGAN CHASE NOMINEES ACTS AS CUSTODIAN FOR AVI FOCUSED EUROPEAN FUND

PICTET NOMINEES ACTS AS CUSTODIAN FOR THE EUROPEAN ASSET VALUE FUND

MELLON NOMINEES ACTS AS CUSTODIAN FOR PRINCETON UNIVERSITY

MELLON NOMINEES ACTS AS CUSTODIAN FOR ROBERTSON FOUNDATION

Proxy Voting:

10. Name of proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

ASSET VALUE INVESTORS ACTS AS DISCRETIONARY MANAGER FOR ALL FUNDS MENTIONED IN 3

14 Contact name:

ASSET VALUE INVESTORS LIMITED

DANIEL SADLER

15. Contact telephone number:

0207 647 2919