Re Bond Issue

Land Securities Group Plc
08 October 2004

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES



8 October 2004



Land Securities Group PLC





RE: Offer to Holders of Existing Notes:  Amendment and Clarifications



Land Securities PLC ('the Company') hereby notifies Existing Noteholders of the
following amendments and clarifications to the Proposals described in the
Prospectus, Offer and Consent Solicitation Document dated 27 September 2004 (the
'Offer Document').  Terms and expressions defined in the Offer Document have the
same meaning in this Notice.



1.  The definition of 'Eligible Holders' set out in the Offer Document is
amended to include:



(A).  persons who are resident in Belgium and are not US persons and who are
professional or institutional investors, meaning entities referred to in article
3, 2 of the Belgian Royal Decree of 7 July 1999 on the public character of
financial operations, i.e. in short a) the State, the Regions and the
Communities; b) the European Central Bank, the National Bank of Belgium, the
Securities Regulation Fund, the Protection Fund for Deposits and Financial
Instruments and the Deposit and Consignment Office; c) the Belgian and foreign
recognized credit institutions; d) the Belgian and foreign recognized investment
firms; e) the recognized undertakings for collective investment; f) the
recognized insurance companies; the foreign insurance companies and pension
funds which are not active in Belgium and the Belgian and foreign re-insurance
companies; g) the recognized capitalization companies; h) some holding
companies; i) the recognized co-ordination centers; j) the companies of which
the financial instruments are admitted to trading on a regulated or on any other
foreign market, with consolidated own funds of at least EUR 25,000,000; k)
Foreign companies, funds or other similar entities which invest in letters of
credit or parts of organisms of collective investment and which finance those
investments via issues in Belgium only directed to persons and institutions
referred to in points a) to j) or via issues in foreign countries; and



(B).  persons who are resident in Denmark and are not US persons and who are
professional investors, i.e. (i) entities which are subject to financial
supervision in Denmark and (ii) natural or legal persons investing in the course
of their business.



2.  Custodians in Guernsey and Switzerland who hold Existing Notes on behalf of
another person will be treated as Eligible Holders for the purposes of
submitting Acceptance Notices if the person on whose behalf they hold the
Existing Notes is an Eligible Holder.





Important Notice



No offer or invitation to acquire or exchange any securities or proposals to
Existing Noteholders is being made pursuant to this press release.  Any such
offer, invitation or proposals are only being made in the Offer Document and any
such acquisition or exchange or acceptance of such proposals should be made
solely on the basis of information contained in the Offer Document (as amended
by this announcement).  A copy of the Offer Document is available at the offices
of Citigroup Global Markets Limited at Canada Square, Canary Wharf, London E14
5LB.



This press release is not an offer of securities for sale in the United States.
The new bonds to be issued under the new structure have not been and will not be
registered under the United States Securities Act of 1933, as amended (the
'Securities Act') and may not be offered or sold within the United States or to
or for the account or benefit of U.S. Persons (as defined in Regulation S under
the Securities Act ('Regulation S')), except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of the Securities
Act.  Accordingly, the new bonds will be offered and sold only (A) to Qualified
Institutional Buyers in reliance on the exemption from the registration
requirements of the Securities Act provided by Rule 144A under the Securities
Act and (B) outside the United States to non-U.S. Persons in compliance with
Regulation S.


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