Director Shareholding

British Land Co PLC
16 October 2003


Notification of monthly investment in the British Land Share Incentive Plan ('
SIP')


On 15th October 2003 Hill Samuel ESOP Trustees Limited (the 'Trustees'),
Trustees of the British Land SIP, notified the Company that they had purchased a
total of 10,038 ordinary 25p shares at a price of 534.5p per share under the '
Partnership' and 'Matching' element of the Company's SIP.   Under the terms of
the SIP each eligible participating employee can contribute up to £125 per month
from salary to purchase 'Partnership Shares', and the Company matches this by
awarding 2 'Matching Shares' for every one 'Partnership Share' purchased by
participating employees.    The SIP has been approved by the Inland Revenue as a
share incentive plan under Schedule 8 of the Finance Act 2000.

As participants in the SIP the executive directors named below are deemed to
have an interest in the shares held by the Trustees.

The Company also received notification from the Trustees, that of the above
shares acquired by the Trustees, the shares purchased on behalf of the Company's
executive directors were as follows:


Name                 Number of Partnership shares   Number of Matching Shares 
                     acquired under the SIP         acquired under the SIP
J H Ritblat          23                             46
J H Weston Smith     23                             46
N S J Ritblat        23                             46
R E Bowden           23                             46
G C Roberts          23                             46


16th October 2003


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