Notice-Redemption Debentures

British Land Co PLC
18 December 2006


The British Land Company PLC Issues 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) (of which £25,387,615 is outstanding)

£250,000,000 8 7/8 per cent. First Mortgage Debenture Bonds due 2035 (The
Existing 2035 Debentures) (of which £41,702,500 is outstanding)

(together the "Existing Debentures")

This announcement is made in connection with the Consent Solicitation as defined
in the Consent Solicitation Document dated 24 November 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 Debentures will, subject to
satisfaction of the conditions set out in the respective Conditions, be
redeemed, by the Company on 20 December 2006 (the Settlement Date) at the
Existing Debenture Price. On such redemption the Proposals will be implemented.
Delivery and payment of, as applicable, Amortising 2035 Debentures, any
Additional Cash Settlement Amount, any cash redemption payment, and the Early
Submission 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.

Enquiries:

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

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






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