Director Shareholding

British Land Co PLC
23 July 2002

The British Land Company PLC announces that Mr N S J Ritblat, a director of the
Company, exercised an option on 22nd July 2002, under the Company's Save As You
Earn Share Option Scheme, over 1,091 Ordinary Shares of 25p each of the Company,
at a price of 355p per share.

Name                        Number of Shares                 Exercise period
N S J Ritblat               1,091                            01.03.02 - 31.08.02

The British Land Company PLC also announces the following conditional awards of
the Company's Ordinary Shares of 25p each:

The awards are made under the Company's Restricted Share Plan, which was
approved by shareholders in General Meeting. Awards are held in trust for a
normal minimum retention period of three years and lapse after five years.
Shares are only released on achievement of a performance target set on advice
from Bacon & Woodrow, consultant actuaries, and following consultation with the
Association of British Insurers and the National Association of Pension Funds.

Director                                              Number of shares
J H Ritblat                                           132,075
J H Weston Smith                                      56,603
N S J Ritblat                                         47,169
R Bowden                                              56,603
G C Roberts                                           47,169

These awards were made pursuant to a recommendation of the Company's
remuneration committee on 22nd July 2002.

                      This information is provided by RNS
            The company news service from the London Stock Exchange