Land Securities Regulatory News (LAND)

Land Securities Group PLC ("Landsec" or the "Company")

Changes in performance measures

In October 2019, the European Public Real Estate Association ('EPRA') published new Best Practice Recommendations ('BPR') for financial disclosures by listed real estate companies. Landsec supports standardised reporting to improve the quality and comparability of information for investors. The BPR introduced three new measures of net asset value: EPRA Net Tangible Assets (NTA), Net Reinvestment Value (NRV) and Net Disposal Value (NDV).

Landsec has adopted these guidelines for the year ended 31 March 2020 and considers EPRA NTA to be the most relevant measure for the Company's business. EPRA NTA will now be Landsec's primary measure of net asset value, replacing previously reported EPRA net assets and EPRA net assets per share measures. Total business return will also now be calculated based on EPRA NTA.

For comparative purposes, Landsec's previous net asset value measures as presented in its Annual Report for the year ended 31 March 2019 and its half-yearly announcement for the six months ended 30 September 2019 have been restated according to the new BPR guidelines. This can be found on our website www.landsec.com/investors/results-presentations.

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