Holding(s) in Company

British Land Co PLC
16 July 2002

THE BRITISH LAND COMPANY PLC

CLARIFICATION OF LAXEY SHAREHOLDING

16th July 2002



The Board of British Land announced yesterday that Laxey had notified the
Company that on 12th July 2002 it had an interest in 46,594,556 ordinary shares
of the Company, representing 9.0 per cent. of the issued share capital.



A Notice served by British Land under Section 212 Companies Act 1985 on 15th
July 2002 required details of all individual transactions involving shares or
interests in shares of British Land since (and including) 9th July 2002 which
involved 1 million or more shares to be provided to the Company. In its response
to this Notice, Laxey disclosed that since (and including) 9th July 2002 it had
borrowed 41,707,019 shares (representing 8.0 per cent. of the issued share
capital) and made no purchases.





Contacts
The British Land Company PLC:
John Ritblat, Chairman                                tel: [phone]
John Weston Smith, Chief Operating Officer            tel: [phone]

Finsbury:
Edward Orlebar       )                                tel: [phone]
Faeth Birch          )



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