Notice of Redemption

British Land Co PLC
23 August 2006

23 August 2006


The British Land Company PLC and BL Universal PLC Issue Notice of Redemption of
Existing Debentures and implementation of Proposals


                                     NOTICE

 to the respective holders of the outstanding debentures issued by The British
                         Land Company PLC (the Company)

   £200,000,000 9 3/8 per cent. First Mortgage Debenture Stock due 2028 (the
                           Existing 2028 Debentures)

   £250,000,000 8 7/8 per cent. First Mortgage Debenture Bonds due 2035 (the
                           Existing 2035 Debentures)

  £12,561,841 10 1/2 per cent. First Mortgage Debenture Stock due 2019/24 (the
                       Existing First 2019/24 Debentures)

  £20,381,170 11 3/8 per cent. First Mortgage Debenture Stock due 2019/24 (the
                      Existing Second 2019/24 Debentures)

                      (together the Existing BL Debentures)



                                      and



 to the respective holders of the outstanding debentures issued by BL Universal
                                   PLC (BLU)



   £100,000,000 6 3/4 per cent. First Mortgage Debenture Bonds due 2011 (the
                           Existing 2011 Debentures)

   £200,000,000 6 3/4 per cent. First Mortgage Debenture Bonds due 2020 (the
                           Existing 2020 Debentures)

  (together the Existing BLU Debentures, and collectively with the Existing BL
                      Debentures, the Existing Debentures)

This announcement is made in connection with the Consent Solicitation as defined
in the Consent Solicitation Document dated 21 July 2006 (the "Consent
Solicitation Document")

NOTICE IS HEREBY GIVEN that, in accordance with the respective Conditions of the
Existing Debentures (as modified pursuant to the relevant Extraordinary
Resolution(s)), all of the outstanding Existing BL Debentures (other than those
to which the Retention Option applies) and those of the Existing BLU Debentures
determined by BLU to be held by holders who are not Eligible Debentureholders
will, subject to satisfaction of the conditions set out in the respective
Conditions, be redeemed, in the case of the Existing BL Debentures by the
Company and, in the case of the BLU Debentures, by BLU on 29 August 2006 (the
Settlement Date) at the Existing Debenture Price or the BLU Redemption Price, as
the case may be, plus Accrued Interest to the Settlement Date. On such
redemption the Proposals will be implemented. Delivery and payment of, as
applicable, Replacement Debentures, any Additional Cash Settlement Amount, any
cash redemption payment, Accrued Interest, the Early Submission Fee and the
Amendment Fee will be settled on the terms set out in the Consent Solicitation
Document.

Capitalised terms used in this Notice but not otherwise defined have the same
meanings as given to them in or pursuant to the Consent Solicitation Document.

This Notice is given by The British Land Company PLC and BL Universal PLC.

Enquiries:

The British Land Company PLC
Graham Roberts, Finance Director                    Tel: [phone]
Peter Clarke, Executive Officer                     Tel: [phone]

The Royal Bank of Scotland
Robert St. John, Managing Director                  Tel: [phone]
Andrew Burton, Head of Liability Management         Tel: [phone]

UBS Investment Bank
Andrew Dennis, Executive Director                   Tel: [phone]
Duane Hebert, Executive Director                    Tel: [phone]



UNDER NO CIRCUMSTANCES SHALL THIS NOTICE CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR SECURITIES.




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