Dividends

As announced at our preliminary results in May 2007, we have commenced paying dividends on a quarterly basis. We will be paying a second quarterly dividend of 16.0p per share on 7 January 2008 to shareholders on the register on 7 December 2007. Taken together with the first quarterly dividend of 16.0p, paid on 26 October 2007, this makes a first half dividend of 32.0p per share (2006: 19.0p), which represents a 68.4% increase. Part of this substantial increase arises because quarterly dividends result in the total dividend being more equally spread between the first and second half of the year than was the case last year. Nevertheless, on an annualised basis our quarterly dividends imply an increase in the total dividend for the year of over 20%. The third quarterly dividend will be paid on 25 April 2008.

Both quarterly dividends comprise 80% Property Income Distribution (PID) from the REIT qualifying activities. The PID element is subject to 22% withholding tax for relevant shareholders. The Company offers shareholders the option to participate in a Dividend Reinvestment Plan (DRIP). For further details please refer to the Shareholder centre, within the Investor section of our corporate website http://www.landsecurities.com