Management, Governance & CR

Remuneration Report

(iv) Long-Term Incentive Plan

Beneficial interests of the directors under the Company’s Long-Term Incentive Plan in the ordinary shares of the Company.

Options
Date granted Exercise
price
p		 Earliest exercise date Expiry date John Ritblat   Stephen Hester   John Weston Smith   Nicholas Ritblat   Robert Bowden   Graham Roberts
1 April 2004 31 March 2005   12 Nov 2004 31 March 2005   1 April 2004 31 March 2005   1 April 2004 31 March 2005   1 April 2004 31 March 2005   1 April 2004 31 March 2005
25.09.03 502 25.09.06 24.09.13 358,565 358,565         156,872 156,872   130,726 130,726   123,256 123,256   98,978 98,978
28.05.04 663 28.05.07 27.05.14   271,493           118,778     130,656     123,868     101,809
29.11.04 796 29.11.07 28.11.14         169,596                        
        358,565 630,058     169,596   156,872 275,650   130,726 261,382   123,256 247,124   98,978 200,787
 
Performance Shares
25.09.03       119,521 119,521         52,290 52,290   43,575 43,575   41,085 41,085   32,993 32,993
28.05.04         90,497           39,592     43,552     41,289     33,936
29.11.04               56,532                        
        119,521 210,018     56,532   52,290 91,882   43,575 87,127   41,085 82,374   32,993 66,929

The performance target compares British Land’s average annual Net Asset Value Growth over three years against the average annual increase over three years in the capital growth component of the Investment Property Databank Annual Index
(see Remuneration Report).