SECURED PROPERTY DEVELOPMENTS PLC Unit 6 ,Orchard Mews ,42 Orchard Road Highgate,London N6 5TR Tel: 020 8446 6306 Fax: 020 8446 897528th May 2014 AnnouncementThe Company has received a letter from the Royal Bank of Scotland plc (RBS)dated 15th May 2014 making a provisional determination of basic redress inaccordance with the Financial Conduct Authority (FCA) agreed review of majorbanks' past sales of Interest Rate Hedging Products (IRHPs).The Company is considering RBS' offer with the benefit of specialist legaladvice from it's legal representatives at LEXLAW Solicitors & Barristers and isalso preparing to issue the Directors report and financial statements for theyear ended 31st December 2013.The information contained in the letter when made public is likely to have asignificant effect on the price of the Company's shares and the Company istherefore publishing brief details of our advised understanding of theprovisional offer received to prevent a false market in the shares developing:(1) The provisional basic redress determination offers a refund paymentincluding compensatory interest and refund of bank fees & charges which amountsto £457,136.59.(2) The existing vanilla swap contract will be cancelled at nil termination orbreak cost to the Company and replaced with a more suitable and appropriatederivative, namely a cap.(3) The Company may have the opportunity to submit a further financial claimfor the recovery of compensation in respect of consequential losses and anyadditional tax liabilities.Once the Company has taken full legal advice, a further announcement will bemade in due course.By Order of the BoardR.A.ShaneDirector Company No. 2055395 Registered office: as above