Statement re Resolution to Grant Planning

16th February 2012

Development Securities PLC secures a Resolution to Grant Planning for first phase residential element of £250 million mixed use redevelopment, The Old Vinyl Factory, Hayes

Development Securities PLC, in joint venture with Cathedral Group plc, today announces that it has secured a Resolution to Grant Planning for the first phase, residential element, of its £250 million mixed-use scheme, The Old Vinyl Factory in Hayes, Middlesex. The residential element comprises 132 apartments and marks the initial phase in the wider regeneration of the 18 acre site into a new commercial, residential and community hub. A revised masterplan for the entire site is in advanced stages of preparation prior to submission to the London Borough of Hillingdon.

The site was acquired by Development Securities and Cathedral Group for £16 million in April 2011 and currently contains over 700,000 sq ft of commercial buildings, yielding 5.5%.

For further information please contact:

Matthew Weiner/Lucy Grimble Development Securities PLC 020 7828 4777