24 Share capital

* Representing 0.2% of the total share capital at the start of the year, these shares have subsequently been cancelled.

£200,000 6% Cumulative redeemable convertible preference shares of £1 each are also authorised.

At 31 March 2004, options over 2,873,248 ordinary shares were outstanding under Employee Share Option Plans. Details of outstanding share options, restricted and performance shares awarded to employees including executive directors are set out below:

* 833,081 share options with a weighted average exercise price of 393p were exercisable at 31 March 2004 (2003: 1,121,209 at 390p).
§ This option is linked to a corresponding grant of options. Accordingly the exercise of this option over a number of shares automatically causes its counterpart to lapse in respect of the same number of shares; therefore this option does not increase the total number of shares under option. The total in the table reflects the number of shares under option.
† At 31 March 2004 the British Land Share Ownership Plan, a discretionar y trust established to facilitate the operation of the incentive schemes, held 3,076,894 ordinary shares, with a market value of £20,076,733, in respect of RSP restricted and LTIP performance shares (2003: 2,871,742, £11,795,680). The amount of shares which eventually vest depends on actual performance against net asset value per share targets and a three year service period.

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