Holding in Company

Land Securities PLC
28 November 2001

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

LAND SECURITIES PLC


2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

MERRILL LYNCH & CO. INC


3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

SEE SCHEDULE BELOW


4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

SEE SCHEDULE BELOW


5)   Number of shares/amount of stock acquired.



6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed



8)   ( N/A %) of issued Class

9)   Class of security

£1 ORDINARY SHARES


10)  Date of transaction



11)  Date company informed

27/11/2001


12)  Total holding following this notification

52,457,218

               
13)  Total percentage holding of issued class following this notification

10%


14)  Any additional information



15)  Name of contact and telephone number for queries

PETER DUDGEON
020 7413 9000


16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification .....28 NOVEMBER 2001...................


SCHEDULE
PART 1


NAME

MERRILL LYNCH INVESTMENT MANGERS LTD
ML INVEST HOLDINGS LIMITED
ML INVEST, INC

PART 2
MERRILL LYNCH GROUP INC
MERRILL LYNCH & CO, INC

COMPANY NAME:    LAND SECURITIES PLC       DATE: 22ND NOVEMBER, 2001

CLASS OF SHARES: GBP1 ORDINARY SHARES

TOTAL INTEREST HELD BY: MERRILL LYNCH INVESTMENT MANAGERS LIMITED 51,905,205 
(9.89%) MADE UP AS FOLLOWS:

REGISTERED HOLDER                 NUMBER OF SHARES    INVESTMENT     BENEFICIAL
(IF KNOWN)                                            MANAGEMENT     INTERESTS ?
                                                      COMPANY (IF    (YES/NO)
                                                      SEPARATELY
                                                      DISCLOSABLE)


NUTRACO NOMINEES LIMITED          29,362,337                          NO
POSSFUND (MAM) NOMINEES LIMITED      753,343                          NO
BRITEL FUND NOMINEES LIMITED       1,097,330                          NO
TREASURY OF THE GOVERNMENT OF THE
 ISLE OF MAN A/c 5                   224,875                          NO
TREASURY OF THE GOVERNMENT OF THE
 ISLE OF MAN A/c 10                   90,947                          NO
STAMFORD NOMINEES LIMITED             23,711                          NO
MERRILL LYNCH PENSIONS NOMINEES
 LIMITED A/C NONCERT               1,522,489                          YES
STAMFORD NOMINEES LIMITED A/C
 CHARTY                               43,000                          NO
CHASE NOMINEES LIMITED             4,676,699                          NO
NORTRUST NOMINEES LIMITED            685,556                          NO
JUNCTION NOMINEES LIMITED          4,999,267                          NO
OTHER NAME(S)                      8,425,651                          NO

TOTAL                             51,905,205

COMPANY NAME:   LAND SECURITIES PLC     AS OF: NOVEMBER 22, 2001

CLASS OF SHARES   GBP1 ORDINARY SHARES

Each company named below is interested in the aggregate number of the shares 
identified above set opposite its name. Where the number includes shares 
additional to those shown in the first attachment to the accompanying letter, 
certain further details are also set out below.

                                                 REQUISITE DETAILS IN RESPECT
                                                 OF SHARES ADDITIONAL TO THOSE
                                                 SHOWN IN THE FIRST ATTACHMENT

COMPANY                 AGGREGATE         NUMBER AND          INTEREST WITHIN
                        NUMBER OF SHARES  (IF KNOWN)          SECTION 208 (5)
                        INTERESTED IN     REGISTERED HOLDER   COMPANIES ACT     
                                                              1985?

MERRILL LYNCH & CO., INC  52,457,218       552013                    -
MERRILL LYNCH GROUP, INC  52,012,767       107562                    -