Broadgate Securitisation

British Land Co PLC
21 September 2004







                                                            21st September 2004


                            Broadgate Securitisation
                            Removal of Exchange House
                                         
The British Land Company PLC announces that it has released Exchange House from
the security pool that supports the Morgan Stanley Mortgage Finance (Broadgate)
securitisation. Since 1999 both the debt service and the loan to value ratios
have improved substantially through rent increases, valuation uplifts and
amortisation of the bonds.

The original rating of the bonds assumed no rental growth and the terms of the
securitisation therefore permitted asset removals, subject to the consent of the
trustee and affirmation of the ratings of the Bonds. Capita IRG Trustees has
given that consent and each of Standard and Poors, Moody's and Fitch has
confirmed the ratings of all classes of Bonds.

At 31st March 2004 values, the properties remaining in the security pool amount
to £1.97 billion. The release of Exchange House adds over £300 million to the
amount of unencumbered assets.


Contacts

The British Land Company PLC:
Nick Ritblat, Director                                     tel. [phone]
Graham Roberts, Finance Director                                020 7467 2948
Peter Clarke, Head of Asset Management                          020 7467 2886

Finsbury:
Ed Orlebar                                                      020 7251 3801
Faeth Birch                                                     020 7251 3801




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