Purchase of Unsecured Bonds

British Land Co PLC
26 April 2001

                         THE BRITISH LAND COMPANY PLC
       (Incorporated with limited liability under the laws of England)
                                (the 'Issuer')


                                    NOTICE

                        Meeting of the holders of the
                    £150,000,000 12.5 per cent. Bonds 2016
     of The British Land Company PLC presently outstanding (the 'Bonds')



NOTICE IS HEREBY GIVEN to the holders of the above Bonds that, at the Meeting
of such holders convened by the Notice published in the Financial Times on 30
March 2001 and held on 25 April 2001, the Extraordinary Resolution set out in
such Notice was duly passed. Accordingly, the modifications to the Conditions
of the Bonds referred to in the Extraordinary Resolution have been implemented
with effect on and from 25 April 2001 and the Bonds will be repurchased by the
Issuer.

The purchase price for the repurchase of the Bonds will be calculated by UBS
Warburg at or about 3 pm (London time) today, 26 April 2001, which is the
Relevant Date, as defined in the Conditions of the Bonds as so amended and the
purchase price will be paid on Tuesday 1 May 2001, being the Purchase Date
under the Conditions of the Bonds as so amended. Accordingly on Tuesday 1 May
2001 the purchase price will be available at the Paying Agents for payment
against presentation by the holders of Bonds in accordance with the Conditions
of the Bonds as so amended.


This Notice is given by:

The British Land Company PLC
10 Cornwall Terrace
Regent's Park
London NW1 4QP
England



Dated 26 April, 2001