Annual Report & Accounts 2006

Remuneration Report

Beneficial interests of the directors under the Company's Long-Term Incentive Plan of the Company.

        Sir John Ritblat   Stephen Hester   John Weston Smith   Nicholas Ritblat   Robert Bowden   Graham Roberts
Date
granted 		Exercise
price
p 		Earliest
exercise
date 		Expiry
date 		1 April
2005 		31 March
2006		   1 April
2005 		31 March
2006		   1 April
2005 		31 March
2006		   1 April
2005 		31 August
2005*		   1 April
2005 		31 March
2006		   1 April
2005 		31 March
2006
25.09.03 502 25.09.06 24.09.13 358,565 358,565         156,872 156,872   130,726 84,166   123,256 123,256   98,978 98,978
28.05.04 663 28.05.07 27.05.14 271,493 271,493         118,778 118,778   130,656 32,932   123,868 123,868   101,809 101,809
29.11.04 796 29.11.07 28.11.14       169,596 169,596                        
31.05.05 877 31.05.08 30.05.15         153,933                 69,441     84,663
        630,058 630,058   169,596 323,529   275,650 275,650   261,382 117,098   247,124 316,565   200,787 285,450
                                         
Performance Shares                                    
25.09.03       119,521 119,521         52,290 52,290   43,575 28,055   41,085 41,085   32,993 32,993
28.05.04       90,497 90,497         39,592 39,592   43,552 10,977   41,289 41,289   33,936 33,936
29.11.04             56,532 56,532                        
31.05.05               51,311                 46,294     28,221
        210,018 210,018   56,532 107,843   91,882 91,882   87,127 39,032   82,374 128,668   66,929 95,150

On cessation of office the interests that Nicholas Ritblat held under the Long-Term Incentive Plan vested, subject to the attainment of the performance condition measured over the relevant shorter period and to a pro rata reduction in respect of the period from date of grant to date of cessation of office. Accordingly, 28,055 performance shares and options over 84,166 shares granted on 25 September 2003 vested and 10,977 performance shares and options over 32,932 shares granted on 28 May 2004 vested, with the remainder lapsing. On 31 May 2005 Nicholas Ritblat was awarded 35,559 performance shares and options over 106,676 shares, all of which lapsed.

On 4 November 2005 Nicholas Ritblat exercised his option over 32,932 shares, at an option price of 663p per share. The middle market quotation on the date of exercise was 938.5p per share. The shares were sold on the day of exercise at a price of 931p per share, realising a gain of 268p per share.

On 17 November 2005 Nicholas Ritblat exercised his option over 34,166 shares, at an option price of 502p per share. The middle market quotation on the date of exercise was 1013.5p per share. The shares were sold on the day of exercise at a price of 1001p per share, realising a gain of 499p per share.

On 14 February 2006 Nicholas Ritblat exercised his option over 50,000 shares at an option price of 502p per share. The middle market quotation on the date of exercise was 1198p per share. The shares were sold on the day of exercise at a price of 1191.5p per share, realising a gain of 689.5p per share.

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 Performance against IPD benchmark).

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