Director Shareholding

British Land Co PLC
23 June 2004


The British Land Company PLC announces the following directors' transactions in
the Company's ordinary 25p shares.

On 22nd June 2004, awards of The British Land Company's ordinary 25p shares,
made on 22nd June 2001 under the British Land Restricted Share Plan, vested as
set out below on attainment of the performance target.

Director                                             Ordinary 25p shares

J H Ritblat                                          242,914
J H Weston Smith                                     121,456
N S J Ritblat                                        121,456
R E Bowden                                           121,456


Following this vesting, on 22nd June 2004, J H Weston Smith sold 111,456 shares,
R E Bowden sold 96,456 shares and N S J Ritblat sold 34,925 shares, all at a
price of 672 p per share.


23rd June 2004.



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