PLANNING DECISION 'IN PRINCIPLE' GRANTED AT AYR

LXB RETAIL PROPERTIES PLC

(the "Company" or the "Group")

PLANNING DECISION 'IN PRINCIPLE' GRANTED AT AYR

LXB Retail Properties Plc is pleased to announce that on 23 June 2014, South Ayrshire Council planning committee resolved to grant planning permission in principle for a 101,000 sq ft Sainsbury's foodstore, 750 new homes, a new Primary School and a neighbourhood centre at Ayr. The 'Minded to Grant' decision is subject to satisfaction of a number of conditions including negotiation of a S75 planning agreement and a review by Scottish Ministers. The Group hopes to have settled the terms of the S75 planning agreement and to have a supportive outcome of the Ministerial review by the third quarter of 2014, at which point the outline planning permission will become final.

If that timetable is achieved, the Group expects to submit detailed plans for the first phase of works towards the end of the year and to start work on site in the second quarter of 2015.

Commenting on the outcome of the planning meeting, Tim Walton CEO of LXB Adviser LLP said:

'This grant of the Scottish equivalent of outline planning permission is very positive news for the Group's investment at Ayr and follows a constructive dialogue with both local and central government. There still remains much to do to negotiate a detailed planning consent which will allow a viable investment to be realised but securing this outline planning consent represents a significant positive step along that path.'

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/Clare Akhurst