Dealings in Shares

London & Assoc Properties PLC
14 May 2003


London & Associated Properties plc (the 'Company')


Exercise of Options,
Directors' Shareholdings
Purchase of Own Securities


Exercise of Options

Members of the Company's Employees' Share Option Scheme have today exercised
their right to acquire 495,000 new Ordinary 10p shares ('Shares') in the Company
which were granted on 28 May 1993. As a consequence 495,000 new Shares will be
issued at 28.5 pence per share. The number of Shares in issue will increase to
80,585,264.



Directors' Shareholdings

Those individuals exercising their options under the Employees' Share Option
Scheme ('Options') include R J Corry and M C Stevens, Directors of the Company.
Messers Corry and Stevens also today sold sufficient Shares to cover the costs
of exercising these Options. The resultant holding of each director is shown
below:

Name        No. Options        No. Shares sold and sale  Resultant beneficial
            exercised          price                     holding

R J Corry     210,000          178,657 @ 33.5 p per      34,538 (0.04%)
                               share

M C Stevens    50,000          42,537 @ 33.5 p per       329,211 (0.41%)
                               share



Purchase of Own Securities

The Company has today purchased for redemption a portion of the Shares sold
today by the above Directors and other individuals exercising their Options,
totalling 321,120 Shares at 33.5 pence per share. Settlement for this
transaction is due on Thursday, 29 May 2003, at which time the issued share
capital of the Company will fall to 80,264,144 Shares.



Enquiries:

M C Stevens - Director & Company Secretary
020 7415 5000

14 May 2003


END


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