Bond Issue

British Land Co PLC
07 October 2003

7 October 2003

                 The British Land Company PLC ("British Land")

Issue of further bonds to extend existing securitisation of 35 supermarkets
leased to Sainsbury's



Further to the announcement of 17th September 2003, British Land has completed
the sale of a further £77.88 million (nominal) of bonds, securitising additional
income from 35 supermarkets owned by the British Land Group and leased to J
Sainsbury PLC.



Werretown Supermarkets Securitisations PLC, ("Werretown") issued the bonds on
6th October 2003 and lent the proceeds to British Land. Interest and capital
payments on the issue are without recourse to British Land.



British Land Property Management will continue to act as property asset manager
of the supermarkets.



The bonds are fungible with two of the existing classes of bonds issued by
Werretown. The proceeds of £84 million will be used to refinance existing bank
lines.



This announcement should be read in conjunction with the attached announcement
from Werretown.


               Werretown Supermarket Securitisations PLC



Werretown Supermarket Securitisations PLC ("Werretown") has issued a further
£77.88 million nominal of bonds supported by cash flows from the rents on 35
supermarkets owned by British Land and leased to Sainsbury's Supermarkets Ltd,
with full recourse to J Sainsbury PLC.



Werretown has on-lent the £84 m proceeds of the issue of to British Land and has
received notes that are obligations of the ring-fenced British Land subsidiaries
which own the 35 supermarkets.



The bonds are fungible with existing classes of bonds issued by Werretown and
comprise the following:


Class                Rating             Nominal                  Average Life/
                     S&P/Fitch          Amount (£m)              Expected Maturity

A1(FRN)              AA/AA              28.38                    7.3 years / 2016

A2(C) (Fixed)        AA/AA              49.50                    19.8 years / 2025



Eurohypo Investment Banking structured the offering and UBS Investment Bank
acted as lead manager for the transaction.




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