Re Presentation

Land Securities PLC
5 February 2002

5 February, 2002


LAND SECURITIES ANNOUNCEMENT



Land Securities PLC ('Land Securities'/ 'Company') announces that a group of
stockbroker's analysts and investors are today attending a presentation which
will provide more detailed information about Trillium's current contracts and
Land Securities' development programme.  The slides used in the presentation and
speakers' notes will be available on the company's website
(www.landsecurities.com) later today.  A transcript of the question and answer
session will be posted shortly.



The presentation is to be made by



Ian Henderson, Group Chief Executive,

Andrew Macfarlane, Group Finance Director,

Francis Salway, Chief Executive, Portfolio Management

Manish Chande, Chief Executive, Land Securities Trillium,

Ian Ellis, Deputy Chief Executive, Land Securities Trillium,

David Godden, Chief Operating Officer, Land Securities Trillium

Nick Friedlos, Finance Director, Land Securities Trillium.



Ian Ellis has been confirmed as Chief Executive (designate) of the Land
Securities Trillium business unit.



At the meeting, the Company will give the following guidance relating to
accounting matters and profits for the year to 31 March 2003.



Accounting



•         Land Securities will be changing its accounting policy to capitalise
finance costs associated with some elements of development expenditure.  The
impact of this change will be to increase reported profits for the year to 31
March 2001 by between £10 and £15 million, and to increase profits before tax
for the year to 31 March 2002 by between £20 and £25 million.   Land Securities
will only capitalise interest associated with capital expenditure on pure
development projects.  It will not capitalise interest on refurbishments.



•          Land Securities will account for Telereal as a joint venture and will
recognise 50% of Telereal's income in its profit and loss account.  Telereal
incurred approximately £72 million of transaction and financing costs in winning
the BT contract.  Land Securities will account for a 50% share of the following:



•         £6.5 million will be written off immediately;

•         £35 million will be written off over periods of between 3 and 5 years;

•         £11 million will be capitalised into the cost of land and buildings;
          and the balance,

•         £19.5 million will be amortised over 30-year life of the contract.



•         The Accounting Standards Board recently issued a discussion draft of a
new UITF on pre-contract costs which will be relevant to Trillium.  As written,
the draft states that all bid costs incurred up to the point where it is
virtually assured that a project will go ahead, will have to be written off.
Land Securities' current policy is to write off all bid costs incurred if it has
not been appointed preferred bidder at the time it reports. It is therefore
carrying some costs for the BBC contract and in Telereal where it was the
successful bidder but which were incurred prior to nomination as preferred
bidder. If the UITF, when issued, requires Land Securities to write these
particular costs off, the impact would be to reduce reported pre-tax profits for
last year by up to £6 million.  The impact on the current year would be less
than £1 million.



•         Land Securities will include its share of Telereal's results on the
face of the Land Securities profit and loss account, and report it in a separate
column.  In the balance sheet, it will show its share of Telereal's gross assets
and liabilities, on the face of its balance sheet, as an expansion of the fixed
asset investments line.  It will not include its share of Telereal's assets in
its fixed asset or properties notes nor will it include its share of Telereal's
liabilities in the notes on borrowings.  Telereal's debt is non-recourse to its
owners.



Guidance on profits for the year to 31 March 2003



•         The Prime contract is now in its fourth year.  In general, Land
Securities expects single digit annual operating profit growth from this
contract, enhanced from time to time by profits on the sales of surplus
properties.



•         The BBC contract, which includes a major new development at White
City, is expected to incur small operating losses in its first three years.



•         Land Securities expects its investment in Telereal to be earnings
neutral in the year to 31 March 2003.



•         Land Securities has recently exchanged contracts for the sale of a
portfolio of six provincial shopping centres, which will realise approximately
£250 million.  The shopping centres sold are located in Keighley, Irvine,
Ballymena, Newtownards, Walsall and Bootle.  The sale of the latter two
properties is conditional on receiving freeholders consent.



•         The group also expects that other sales, which have either been
completed or which are in negotiation, could result in total portfolio sales for
the current year reaching some £600 million.  It is possible that these
transactions may complete before 31 March 2002, although some may move into the
early months of the next fiscal year.



•         As the group's development programme gathers momentum in 02/03, it
will lose revenue as it gains vacant possession of development sites in Victoria
and elsewhere.  This is expected to result in a loss of rental income of some
£10 million compared with the year to 31 March 2002.



                                     -Ends-


For further information, please contact:



Land Securities
Andrew Macfarlane/Emma Denne
Tel: [phone]



Financial Dynamics
Stephanie Highett
Tel: [phone]



                      This information is provided by RNS
            The company news service from the London Stock Exchange