Director Shareholding

British Land Co PLC
1 March 2002


The British Land Company PLC announces the following grant, on 1st March 2002,
to a director of the Company, of an option over Ordinary Shares of 25p each of
the Company under its Save as you Earn Share Option Scheme. The option is
granted at an exercise price of 377p per share.


Name                         Number of Shares                 Exercise period

Nicholas Ritblat                  1,007                      01.03.05 - 31.08.05


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