Avebury Properties Ld



                           STOCK EXCHANGE ANNOUNCEMENT

                           AVEBURY PROPERTIES LIMITED

(i) the modification of redemption provisions of the �60,000,000
 Class A2 7.51 per cent. Secured Notes due 2024 (the "Class A2
 Notes") and the �31,000,000 Class B 8.36 per cent. Secured Notes
 due 2030 (the "Class B Notes") each issued by Avebury Properties
 Limited; and (ii) notice of intention to redeem the Class A2
 Notes and Class B Notes.
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On 15 May 2007 meetings of the holders of the Class A2 Notes and the Class B
Notes (each a "Meeting" and together the "Meetings") issued by Avebury
Properties Limited (the "Issuer") were held at each of which an extraordinary
resolution (each an "Extraordinary Resolution" and together the "Extraordinary
Resolutions") was passed unanimously.

In accordance with the terms of the Extraordinary Resolutions, terms and
conditions of the Class A2 Notes and the Class B Notes were amended to provide
that the price payable on an optional redemption be calculated by reference to a
modified spens formula, based on the gross redemption yield of the Class A2
Notes and the Class B Notes, respectively, which, in each case, is equal to the
aggregate of the gross redemption yield of the relevant reference gilt plus an
agreed spread.

All holders of the Class A2 Notes and Class B Notes submitted instructions in
respect of the Extraordinary Resolutions in time to be entitled to the Early
Response Redemption Price agreed spread as set out below:

       Class of Notes            ISIN     Common Code Early Response Redemption Price  Reference
                                                        Redemption    agreed spread        Gilt
                                                       Price agreed
                                                          spread
---------------------------- ------------ ----------- -------------- ---------------- -------------
                                                                                         4.00%
 �60,000,000 Class A2 7.51                                                              Treasury
          per cent.          XS0108393355  10839335       0.15%           0.25%         Gilt due
   Secured Notes due 2024                                                               September
                                                                                           2016
---------------------------- ------------ ----------- -------------- ---------------- -------------
                                                                                         6.00%
�31,000,000 Class B 8.36 per                                                            Treasury
            cent.            XS0108393603  10839360       0.25%           0.35%         Gilt due
   Secured Noted due 2030                                                               December
                                                                                           2028
---------------------------- ------------ ----------- -------------- ---------------- -------------

On that basis, on or about 11 a.m. on 16 May 2007 The Royal Bank of Scotland
plc, as Transaction Co-ordinator calculated the Early Response Redemption Price
as �118.957 per �100 Nominal of Class A2 Notes totalling �71,374,200 in respect
of all Class A2 Notes currently outstanding and �142.397 per �100 of Nominal of
Class B Notes totalling �44,143,070 in respect of all Class B Notes currently
outstanding.

Under the terms and conditions of the Class A2 Notes and Class B Notes, as
amended by a Supplemental Trust Deed dated 15 May 2007, the Issuer may, on
giving not more than 4 nor less than 2 days' notice to the Trustee and the
holders of the Class A2 Notes and Class B Notes, redeem on any day some or all
of the outstanding Class A2 Notes and Class B Notes at an amount calculated by
reference to a modified spens formula contained in the Trust Deed, together with
all accrued and unpaid interest thereon to the date fixed for redemption.

The Issuer is today giving notice to the holders of all the Class A2 Notes and
Class B Notes under the terms and conditions of the Class A2 Notes and Class B
Notes respectively that it intends to redeem all Class A2 Notes and Class B
Notes in issue on 21 May 2007 together with all accrued and unpaid interest
thereon.

Transaction Co-ordinator                  Note Trustee
The Royal Bank of Scotland plc            BNY Corporate Trustee Services Limited
135 Bishopsgate                           One Canada Square
London EC2M 3UR                           London E14 5AL
Tel: +44 (0)20 7085 8056/3781             Tel: +44 (0)20 7964 8756
Attn: Andrew Burton / Gianmarco Deiana    Attn: Peter Elswood
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Issuer                                    Principal Paying Agent
Avebury Properties Limited                The Bank of New York
Carinthia House                           One Canada Square
9-12 The Grange                           London E14 5AL
St Peter Port                             Tel: +44 (0)20 7964 8849/8773
Guernsey GY1 4BF                          Attn: Sarah Taylor / Rebekeh Holbeche

Tel: +44 (0)1283 501 751
Attn: Neil Preston
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CB071350046
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