Completion of Placing

LSL Property Services
16 November 2006



Not for release, publication or distribution in, or into, the United States,
Canada, Australia or Japan


For Immediate Release                                           16 November 2006


This announcement is not a prospectus but an advertisement. Investors should not
purchase or subscribe for any transferable securities referred to in this
announcement except on the basis of information in the prospectus which is
expected to be published by LSL Property Services plc today (the 'Prospectus')
and any supplement or amendment thereto. The Prospectus, when published, will be
available from LSL Property Services plc's registered office at Newcastle House,
Albany Court, Newcastle Business Park, Newcastle upon Tyne, Tyne & Wear NE4 7YB
and from the offices of ABN AMRO Rothschild, 250 Bishopsgate, London EC2M 4AA.


                LSL PROPERTY SERVICES PLC COMPLETES ITS PLACING
                                        
           Market capitalisation of £211 million at the Placing Price
                                        

LSL Property Services plc (the 'Company' or 'LSL' and together with its
subsidiaries, the 'Group'), one of the UK's leading property services companies,
today announces that it has completed its placing (the 'Placing') to
institutional investors and will be publishing its prospectus in connection with
the application for admission of its ordinary shares to the Official List of the
UK Listing Authority and to trading on the London Stock Exchange plc's market
for listed securities ('Admission').


   • Placing price set at £2.025 per ordinary share (the 'Placing Price')


   • The market capitalisation of the Company at the Placing Price will be
    approximately £211 million


   • The Placing of 40 million existing shares will raise approximately £81
    million in gross proceeds for the selling shareholders and attracted strong
    demand from institutional investors in the UK


   • The Group's Directors and employees will own approximately 33 per cent.
    of the issued share capital of the Company following the Placing


   • Conditional dealings are expected to commence on the London Stock
    Exchange at 8.00 a.m. today. Admission and commencement of unconditional
    dealings on the London Stock Exchange are expected to occur at 8.00 a.m. on
    21 November 2006, under the ticker symbol LSL.L


   • ABN AMRO Rothschild is global co-ordinator and bookrunner, N M
    Rothschild & Sons Limited is sponsor and Hoare Govett Limited together with
    Numis Securities Limited are joint corporate brokers. N M Rothschild & Sons
    Limited together with Lexicon Partners Limited are acting as joint financial
    advisers to the Company.


Commenting on the flotation, Simon Embley, Chief Executive of the Company, said:


'We are pleased with the investor response to our flotation and want to welcome
all the new shareholders to our register. The flotation of LSL will raise our
corporate profile and will also provide flexibility to the Group in our strategy
of development through organic growth together with selective acquisitions. We
continue to be committed to providing an excellent service to our clients and
the flotation will help us retain and attract the quality people that have
helped us build the business we have today.'


For further information please contact:
Richard Darby/Mark Edwards/ Nicola Cronk                 020 7466 5000
Buchanan Communications (for LSL Property Services
PLC)

Adam Young / Tim Rowntree / John MacGowan                020 7678 8000
ABN AMRO Rothschild



Notes to editors


OVERVIEW

LSL is one of the leading residential property services companies in the UK.
LSL's principal operations are its surveying business, which operates under the
e.surv and Chancellors Associates brands, its estate agency business, which
operates under the your-move and Reeds Rains brands, and its financial services
business. LSL provides a broad range of property related services to its
customers, who are principally mortgage lenders and buyers and sellers of
residential property in Great Britain.

Surveying

The Group's surveying business provides panel management, valuation and
surveying services to mortgage lenders and, to a lesser extent, private
individuals. LSL is one of the UK's largest distributors of residential
valuations and the Directors estimate that it managed approximately 25 per cent
of residential valuations in the UK for the six months ended 30 June 2006.

Estate Agency and Financial Services

As at 1 September 2006, LSL's estate agency business had a nationwide network of
322 owned branches and 85 franchised branches operating under two well known
brands, your-move and Reeds Rains. It is the third largest estate agent in the
UK by number of branches operated under its brands. The Group's estate agency
network allows it access to a significant number of buyers and sellers of
residential property in Great Britain which provides an opportunity for it to
cross-sell financial services and other products to these consumers.

LSL's financial services business, working in parallel with the estate agency
business, distributes financial products, principally mortgages, mortgage
protection insurance and home insurance. Since the management buy-out of e.surv
and your-move from Norwich Union in 2004, the Group has made a number of smaller
investments in property services businesses as strategic investments or
development businesses.

The contents of this announcement, which has been prepared by and is the sole
responsibility of the Company, have been approved solely for the purposes of
section 21(2)(b) of the FSMA by NM Rothschild & Sons Limited, New Court, St
Swithin's Lane, London EC4P 4DU.

NM Rothschild & Sons Limited, Lexicon Partners Limited, ABN AMRO Bank N.V.,
Hoare Govett Limited and Numis Securities Limited are acting only for the
Company in connection with the matters described in this announcement and are
not acting for or advising any other person, or treating any other person as
their respective clients, in relation thereto and will not be responsible for
providing the regulatory protection afforded to their respective clients or
advice to any other person in relation to the matters contained herein. Such
persons should seek their own independent legal, investment and tax advice as
they see fit.

No offer or invitation to purchase or subscribe for securities of the Company is
being made at this time. Any such offer or invitation will be made solely in or
by reference to the Prospectus expected to be published later today and any
acquisition of securities of the Company should be made only on the basis of the
information contained in the Prospectus. This announcement does not constitute a
recommendation concerning the Placing. The value of shares can go down as well
as up. Potential investors should consult a professional advisor as to the
suitability of the Placing for the individual concerned.

The Ordinary Shares have not been, and will not be, registered under the United
States Securities Act of 1933 (as amended), or under the securities laws, or
with any securities regulatory authority, of any state or other jurisdiction of
the United States or of any province or territory of Canada, Australia or Japan
and, accordingly, may not be offered or sold within these jurisdictions. Subject
to certain exceptions, the Ordinary Shares may not, directly or indirectly, be
offered, sold, taken up or delivered in, into or from the United States, Canada,
Australia or Japan or to or for the account or benefit of any national, resident
or citizen of the United States, or any person resident in Australia, Canada or
Japan. This announcement does not constitute an offer to sell or a solicitation
of an offer to purchase or subscribe for Ordinary Shares in any jurisdiction in
which such offer or solicitation is unlawful or would impose any unfulfilled
registration, publication or approval requirements on the Company, ABN AMRO Bank
N.V., Hoare Govett Limited, NM Rothschild & Sons Limited and/or Numis Securities
Limited.

Neither this announcement nor any copy of it may be (i) taken or transmitted
into the United States of America, its territories or possessions, (ii)
distributed, directly or indirectly, in the United States of America, its
territories or possessions, or to any US person (within the meaning of
Regulations made under the US Securities Act of 1933, as amended), (iii) taken
or transmitted into or distributed in Canada, Australia, the Republic of Ireland
or the Republic of South Africa or to any resident thereof, except in compliance
with applicable securities laws, or (iv) taken or transmitted into or
distributed in Japan or to any resident thereof for the purpose of solicitation
or subscription or offer for sale of any securities or in the context where the
distribution thereof may be construed as such solicitation or offer. Any failure
to comply with these restrictions may constitute a violation of the securities
laws or the laws of any such jurisdiction. The distribution of this announcement
in other jurisdictions may be restricted by law and the persons into whose
possession this announcement comes should inform themselves about, and observe,
any such restrictions.

Stabilisation

In connection with the Placing, ABM AMRO Rothschild may (but will be under no
obligation to) effect stabilisation transactions with a view to supporting the
market price of the Ordinary Shares or any options, warrants or rights with
respect to, or interests in, the Ordinary Shares or other securities of the
Company, in each case at a higher level than that which might otherwise prevail
in the open market. Such stabilisation activities may be effected on any
securities market, over-the-counter market, stock exchange or otherwise and may
be undertaken at any time during the period commencing on the date of
publication of this announcement and ending no later than 30 calendar days
thereafter. However, there is no obligation on ABN AMRO Rothschild (or any of
its agents) to effect stabilising transactions and no assurance that stabilising
transactions will be undertaken. Such stabilisation, if commenced, may be
discontinued at any time without prior notice. In no event will measures be
taken to stabilise the market price of the Ordinary Shares above the Placing
Price.

Forward-looking statements

Certain statements contained in this document are or may constitute
'forward-looking statements'. Such forward-looking statements involve risks,
uncertainties and other factors, which may cause the actual results, performance
or achievements of the Company, or industry results, to be materially different
from any future results, performance or achievements express or implied by such
forward-looking statements. Such risks, uncertainties and other factors include,
among others: general economic and business conditions, particularly in the
United Kingdom, changes in technology, government policy, and ability to attract
and retain personnel. These forward-looking statements speak only as at the date
of this announcement. Except as required by the rules of the FSA, the London
Stock Exchange or by law, the Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's expectations
with regard thereto or any change in events, conditions or circumstances on
which any such statement is based.



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