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15 January 1998

Countryside Properties PLC ("the Company") was yesterday notified by the Trustees of the Countryside Properties Employee Benefit Trust ("the Trust") that they acquired 150,000 Ordinary shares in the Company on 8th January 1998 at a price of 99p per share to be held for the purposes of the Countryside Properties Partnership Plan ("the Plan"). Under the Plan, the shares will be used to provide deferred bonuses to a number of executive directors and senior managers of the Company. The deferred bonus plan, which was introduced last year, promotes superior personal performance by linking the award of shares to specified bonus thresholds and also provides a long-term incentive which will depend on the growth in the Company's share price over three to five years after an award is made but before shares are distributed to participants.

Following the above transaction, 150,000 shares are held by the Trust. Mr A Cherry, Mr G S Cherry, Mr M F Pearce, Mr R S Cherry and Miss T Gupta are each deemed to have acquired an interest in all these shares for the purposes of the Companies Act 1985 by virtue of being potential beneficiaries of the Trust.

ENDS

For further information contact:

Robin Hoyles, Company Secretary, Countryside Properties PLC

01277 260 000



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Information correct as at 15/01/1998