TR-1: Notifications of Major Interests in Shares


1. Identity of the issuer or the                       Real Estate Investors plc
underlying issuer of existing shares
to which voting rights are attached:

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights            X

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

An event changing the breakdown of voting rights

Other (please specify)

3. Full name of person(s)                    Caledonia Investments plc
subject to notification
obligation:

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

5. Date of transaction (and                  3 December 2008
date on which the threshold is
crossed or reached if
different):

6. Date on which issuer                      3 December 2008
notified:

7. Threshold(s) that is/are                  24%
crossed or reached:
8: Notified Details
A: Voting rights attached to shares

Class/typ Situation       Resulting situation after the
e of      previous to     triggering transaction
shares    the triggering
If        transaction
possible
use ISIN
code
                Number      Number     Number  Number of       Percentage
                of          of         of      voting rights   of voting
                shares      voting     shares                  rights
                            rights

                                                    Direct Indirect Direct Indirect

GB00B014B855    80,315,000   80,315,000 82,915,000  82,915,000      24.34%
Ordinary
1p shares


B: Financial Instruments

Resulting situation after the triggering transaction

Type of     Expiration  Exercise/    No. of voting   Percentage
financial   date        conversion   rights that     of voting
instrument              period/date  may be          rights
                                     acquired (if
                                     the
                                     instrument
                                     exercised/con
                                     verted)


Total (A+B)

Number of voting rights         Percentage of voting rights

82,915,000                                         24.34%

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

Proxy Voting:

10. Name of proxy holder:

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

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

13. Additional information:                   None

14 Contact name:                              Krista Burwood

15. Contact telephone name:                   0207 802 8080