Director Shareholding

British Land Co PLC
03 September 2002


The British Land Company PLC announces the following directors' transactions in
the Company's securities:

On 2nd September 2002, awards of The British Land Company's ordinary 25p shares,
made on 1st September 1999, under the British Land Restricted Share Plan, vested
as set out below on attainment of the performance target.  The plan was approved
by shareholders in General Meeting and its performance target was approved by
the Association of British Insurers and the National Association of Pension
Funds.

Director                                             Ordinary 25p shares

J H Ritblat                                          150,000
J H Weston Smith                                     75,000
N S J Ritblat                                        90,000
R E Bowden                                           60,000


The release of the above shares is subject to tax, at 40%, on their market value
at vesting.  In order to meet their tax liabilities in relation to the above
awards, on 2nd September 2002 Mr Weston Smith sold 30,000 ordinary 25p shares,
Mr N S J Ritblat sold 36,000 shares and Mr Bowden sold 24,000 shares.


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