UAI.L Regulatory News (UAI)

TR-1: NOTIFICATION OF MAJOR INTEREST 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 the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

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

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

Change to shares in issue

X 

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

 BT Pension Scheme Trustees Limited as trustee of the BT Pension Scheme. See Section 9 for further information.

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

 N/A

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

 15 July 09

6. Date on which issuer notified:

 16 July 09

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

 2%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares

if possible using the 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

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

0266846

 1,346,883

 1,346,883

 0

0 

 1,963,908

 0%

 2.388%

ORD 50P B61GM79 RFD

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ Conversion Period

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date

Exercise/ Conversion period

Number of voting rights instrument refers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

 1,963,908

 2.388%

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

BT Pension Scheme Trustees Limited is the parent undertaking of Britel Fund Trustees Limited, which is the parent undertaking of Hermes Fund Managers Limited. Hermes Fund Managers Limited is the parent undertaking of:

1. Hermes Equity Ownership Services Limited (voting rights held in this issuer: 0.841%)

2. Hermes Investment Management limited (voting rights held in this issuer: 1.545%)

Please see Section 13 for further information.

Proxy Voting:

10. Name of the proxy holder:

 See Comment in Section 13.

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

 See Comment in Section 13.

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

 See Comment in Section 13.

13. Additional information:

Hermes Equity Ownership Services Limited hold the voting rights under a standing proxy contained in agreements for the provision of voting services to various underlying clients for the purpose of DTR 5.2.1(h), which includes all the shares owned directly by BT Pension Scheme.

Hermes Investment Management Limited hold the voting rights under a standing proxy contained in investment management agreements with various underlying clients for the purpose of DTR 5.2.1(h)

All voting rights held on behalf of the above entities are aggregated for the purpose of DTR 5.2.1(e).

This disclosure is made by BT Pension Scheme Trustees Limited, which is the ultimate parent undertaking for the purpose of DTR 5.2.1(e).

14. Contact name:

 Valerie Davidson/ Margaret Moss

15. Contact telephone number:

 020 7680 2177 / 020 7680 2125