Statement re refinancing of £37.9m loan

Development Securities PLC refinances £37.9m loan with Lloyds Bank Corporate Markets

Development Securities PLC today announces that it has completed a new five-year £37.9m loan with Lloyds Bank Corporate Markets, secured on three shopping centres at Ringwood, Thatcham and Bexleyheath. Interest is hedged for the full term with Lloyds Bank Corporate Markets taking advantage of current swap rates, giving an initial total cost of 3.29%, rising over the life of the facility to 3.64%.

The loan refinances an existing facility from Bank of Scotland, which was due to mature in January 2013. Graham Prothero, Finance Director, Development Securities PLC said "Securing the early refinance of this key facility further strengthens our balance sheet, taking our weighted average debt maturity to 8.5 years (including our share of joint venture loans). This new facility continues our strong and longstanding relationship with Lloyds Bank Corporate Markets."

Lynda Shillaw, Managing Director, Corporate Real Estate, Lloyds Bank Corporate Markets, added: "We are pleased to provide our continuing support for the strong relationship we have with Development Securities PLC, by the extension of one of its core facilities."

For further information, please contact:

Graham Prothero, Finance Director 020 7828 4777

Development Securities PLC

Lloyds Bank Corporate Markets:

Emma Hammond, FTI Consulting 020 7269 9347