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

X 

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):

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

 NOT APPLICABLE

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

ORANGE EUROPEAN PROPERTY FUND N.V.

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

25 NOVEMBER 2009

6. Date on which issuer notified:

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

3%

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

COMMON SHARES 

2,653,659 

2,653,659 

3.23% 

3.23% 

GB0002668464

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

 Not applicable

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

 Not applicable

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

2,653,659

3.23%

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

Orange European Property Fund N.V. is an investment fund of Kempen Capital Management N.V.

Proxy Voting:

10. Name of the proxy holder:

Not applicable 

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

Not applicable

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

Not applicable

13. Additional information:

Not applicable

14. Contact name:

Not applicable

15. Contact telephone number:

Not applicable