Director Shareholding

British Land Co PLC
17 May 2004


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

Hill Samuel ESOP Trustees Limited (the 'Trustees'), Trustees of the British Land
SIP, have notified the Company that they purchased on 14th May 2004 a total of
9,285 ordinary 25p shares at a price of 629.5p 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 from monthly salary to purchase '
Partnership Shares', and the Company matches this by awarding two '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 acquired   Number of Matching Shares acquired
                              under the SIP                           under the SIP

J H Ritblat                    20                                     40
J H Weston Smith               20                                     40
N S J Ritblat                  20                                     40
R E Bowden                     20                                     40
G C Roberts                    20                                     40


17th May 2004.


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