Director Shareholding

Slough Estates PLC
14 May 2004

On 14 May 2004 the independent trustee of the Slough Estates plc Employees' 
Benefit Trust (the 'Trust') awarded 210,956 Ordinary Shares in Slough Estates 
plc at an average price per share of £4.3325. The Trust is a discretionary trust 
for the benefit of employees and former employees (and, in each case, their 
families) of Slough Estates plc and its subsidiaries.

Sir Nigel Mobbs
I D Coult
J A N Hegwood 
R D Kingston 
M D Lees

Directors of Slough Estate plc are amongst the potential beneficiaries under the 
Trust. No consideration is payable for the acquisition of the interests of 
potential beneficiaries under the Trust,




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