RNS Number:2267T
Development Securities PLC
12 December 2003


                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1. Name of company

...Development Securities PLC........................................

2. Name of director

...M H Marx........................................

3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

...2. above............................................................

4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)

...M H Marx............................................................

5. Please state whether notification relates to a person(s) connected with the
director named in 2 above and identify the connected person(s)

...............................................................

6. Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary

...Exercise of 72,265 options from a total of 216,000 options granted on 12th
October 1994 at 250p per share under the 1985 Share Option Scheme. Of the total
exercised, 23,769 have been sold at 366.5p per share and 26,152 at 360p, with
22,344 shares
retained.............................................................

7. Number of shares / amount of stock acquired

...72,265............................................................

8. Percentage of issued class

...0.257%............................................................

9. Number of shares/amount of stock disposed

...49,921............................................................

10. Percentage of issued class

...0.178%............................................................

11. Class of security

...Ordinary shares of 50p
each............................................................

12. Price per share

...Option exercised at 250p per share. 23,769 shares sold at 366.5p and 26,152
at 360p per share............................................................

13. Date of transaction

...12th December
2003............................................................

14. Date company informed

...12th December
2003............................................................

15. Total holding following this notification

...90,631............................................................

16. Total percentage holding of issued class following this notification

...0.323%............................................................

If a director has been granted options by the company please complete the
following boxes.

17. Date of grant

...............................................................

18. Period during which or date on which exercisable

...............................................................

19. Total amount paid (if any) for grant of the option

...............................................................

20. Description of shares or debentures involved: class, number

...............................................................

21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise

...............................................................

22. Total number of shares or debentures over which options held following this
notification

...............................................................

23. Any additional information

...............................................................

24. Name of contact and telephone number for queries

...S A Lanes 020 7828
4777............................................................

25. Name and signature of authorised company official responsible for making
this notification

...S A Lanes............................................................

Date of Notification

...12th December
2003............................................................

The FSA does not give any express or implied warranty as to the accuracy of this
document or material and does not accept any liability for error or omission.
The FSA is not liable for any damages (including, without limitation, damages
for loss of business or loss of profits) arising in contract, tort or otherwise
from the use of or inability to use this document, or any material contained in
it, or from any action or decision taken as a result of using this document or
any such material.




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