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Statement re Bank Facility

1 Jul 2010 07:00

FOR IMMEDIATE RELEASE

1st July 2010

LONDON & ASSOCIATED PROPERTIES ("LAP") EXTENDS TERM OF REVOLVING CREDIT FACILTY TO SEPTEMBER 2012

LAP, the specialist retail investor and developer, today announces that it has extended its Revolving Credit Facility with RBS by 12 months, through to September 2012, and reduced the total available facility to £60 million from £ 90 million. LAP currently has £54.354 million drawn. The margin is increasing to 1.5% (from 0.9%) and then 2.0% from September 2010.

Ends.

Contact:

John Heller, Chief Executive, LAP. Tel: 020 7415 5000

Robert Corry, Finance Director, LAP.

Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161

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