Director Shareholding

British Land Co PLC
02 September 2004

The British Land Company PLC announces that Mr N S J Ritblat and Mr R E Bowden,
directors of the Company, exercised their options on 1st September 2004, under
the Company's Save as you Earn Share Option Scheme, over the following number of
Ordinary Shares of 25p each of the Company, at a price of 399p per share:

Name                  Number of shares             Exercise period
N S J Ritblat               1,456                  1.9.04 - 28.2.05
R E Bowden                  2,427                  1.9.04 - 28.2.05

2nd September 2004


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