Scheme of arrangement

Land Securities PLC
05 September 2002


Land Securities PLC re: Scheme of Arrangement and Return of Capital


At a hearing today, the High Court approved the Scheme of Arrangement between
Land Securities PLC and its shareholders. The Scheme is expected to become
effective by 8.00 a.m. on 6 September 2002. At that time, the listing of Land
Securities PLC ordinary shares will be cancelled and the listing of and dealings
in Land Securities Group PLC ordinary shares of 683 pence and B Shares of 102
pence will commence.


Under the terms of the Scheme, shareholders receive 7 Land Securities Group PLC
ordinary shares and 8 Land Securities Group PLC B Shares for every 8 ordinary
shares in Land Securities PLC which they hold at 5 p.m. on 5 September 2002.


The approval of the High Court is expected to be sought for the Reduction of
Capital of Land Securities Group PLC at a hearing on 16 September 2002. The
Reduction of Capital, which facilitates the return of capital to shareholders
and the creation of distributable reserves by Land Securities Group PLC, is
expected to become effective on 17 September 2002.


Further announcements in relation to the Reduction of Capital will be made in
due course.

For further information please contact:

Land Securities: 020 7413 9000
Emma Denne

Cazenove: 020 7588 2828

Duncan Hunter

Emma John


Shareholder helpline:

0800 035 2771 (Freephone)

This announcement, which has been issued by and is the sole responsibility of
Land Securities PLC, has been approved by Cazenove & Co. Ltd ('Cazenove') of 12
Tokenhouse Yard, London EC2R 7AN solely and specifically for the purposes of
section 21 of the Financial Services and Markets Act 2000. Cazenove, which is
regulated by the Financial Services Authority, is acting for Land Securities PLC
and Land Securities Group PLC and no-one else in connection with the return of
capital and will not be responsible to anyone other than Land Securities PLC or
Land Securities Group PLC for providing the protections afforded to customers of
Cazenove or for giving advice in relation to the return of capital.





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