Director Shareholding

British Land Co PLC
17 December 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 December 2004 a total
of 7,077 ordinary 25p shares at a price of 851.5 pence 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           Number of Matching 
                   Shares acquired under the SIP   Shares acquired under the SIP

J H Ritblat        15                              30
J H Weston Smith   15                              30
N S J Ritblat      15                              30
R E Bowden         15                              30
G C Roberts        15                              30


17th December 2004.


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