Debenture Pricing Notice

British Land Co PLC
18 December 2006

The British Land Company PLC Announces Pricing for the Consent Solicitation

               NOTICE

to the respective holders of the outstanding debentures issued by The British
Land Company PLC (the "Company")

£200,000,000 9 3/8 per cent. First Mortgage Debenture Stock due 2028 (The
Existing 2028 Debentures) (of which £25,387,615 is outstanding)

£250,000,000 8 7/8 per cent. First Mortgage Debenture Bonds due 2035 (The
Existing 2035 Debentures) (of which £41,702,500 is outstanding)

(together the "Existing Debentures")

This announcement is made in connection with the Consent Solicitation as
defined in the Consent Solicitation Document dated 24 November 2006 (the
"Consent Solicitation Document"). The Company hereby announce that pricing took
place today at around 12.00pm in accordance with the terms of the Consent
Solicitation and accordingly the Solicitation Agent has calculated the
pricing details as follows:

Existing Debentures Pricing

1. EXISTING 2028 DEBENTURES

(a) Existing Debenture Benchmark Gilt: 6.00 per cent. U.K.
    Treasury Gilt due December 2028
(b) Mid-Market Benchmark Security Rate = 4.375%
(c) Existing Debenture Spread: 0.85%
(d) Redemption Yield = 5.225%
(e) Existing Debenture Price = £ 1,549.92 per £1,000 Nominal
    Amount
(f) Exchange Ratio: 1.0000x
(g) Additional Cash Settlement Amount: £565.49 per £1,000
    Nominal Amount
(h) Accrued Interest (1) (included in Existing Debenture Price)
    = £20.86 per £1,000 Nominal Amount

2. EXISTING 2035 DEBENTURES

(a) Existing Debenture Benchmark Gilt: 4.25 per cent. U.K.
    Treasury Gilt due March 2036
(b) Mid-Market Benchmark Security Rate = 4.176%
(c) Existing Debenture Spread: 0.90%
(d) Redemption Yield = 5.076%
(e) Existing Debenture Price = £1,592.46 per £1,000 Nominal
    Amount
(f) Exchange Ratio: 1.0000x
(g) Additional Cash Settlement Amount: £608.03 per £1,000
    Nominal Amount
(h) Accrued Interest 1 (included in Existing Debenture Price)
    = £21.20 per £1,000 Nominal Amount

1. Amortizing 2035 Debenture Pricing

(a) Amortising 2035 Debenture Benchmark Gilt: 4.25 per cent. UK Treasury
    Gilt due June 2032
(b) Amortising 2035 Debenture Coupon = 5.0055%
(c) Mid-Market Benchmark Security Rate = 4.251%
(d) Amortising 2035 Debenture Spread = 0.8795%
(e) Yield to Maturity =5.1305%
(f) Amortising 2035 Debenture Issue Price = £984.43 per £1,000 Nominal Amount
(g) Maturity: 24 September 2035
(h) Total size: £110,000,000

Notes on pricing:

1 Shown rounded to nearest £0.01 per £1,000.

Confirmation and Announcement of Redemption

Each of the Extraordinary Resolutions was duly passed by the requisite majority
of holders of the relevant Existing Debentures at the meetings of holders of the
Existing Debentures held on Monday, 18 December 2006. The conditions of the
Consent Solicitation requiring the passing of such resolutions have been
satisfied. The Company gave notice today, of the redemption on Wednesday 20th 
December 2006 of all of the outstanding Existing Debentures and of the 
implementation of the Proposals, all in accordance with and subject to the 
Proposals and the respective conditions of the Existing Debentures (as modified 
pursuant to the relevant Extraordinary Resolutions).

Capitalised terms used in this Notice but not otherwise defined have the same
meanings as given to them in or pursuant to the Consent Solicitation Document.

This Notice is given by The British Land Company PLC.

Enquiries:

The British Land Company PLC
Graham Roberts, Finance Director                         Tel: [phone]
Peter Clarke, Executive Officer                          Tel: [phone]

The Royal Bank of Scotland
Andrew Burton, Head of Liability Management              Tel: [phone]
Robert St. John, Managing Director                       Tel: [phone]
Gianmarco Deiana                                         Tel: [phone]



UNDER NO CIRCUMSTANCES SHALL THIS NOTICE CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR SECURITIES.






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