Director Shareholding

British Land Co PLC
17 November 2003



Notification of monthly investment in the British Land Share Incentive Plan 
('SIP')


On 17th November 2003 Hill Samuel ESOP Trustees Limited (the 'Trustees'),
Trustees of the British Land SIP, notified the Company that they had purchased
on 14th November 2003 a total of 10,521 ordinary 25p shares at a price of
528.25p per share under the 'Partnership' and 'Matching' element of the
Company's SIP.   Under the terms of the SIP each eligible participating employee
can contribute up to £125 per month from salary to purchase 'Partnership
Shares', and the Company matches this by awarding 2 'Matching Shares' for every
one 'Partnership Share' purchased by participating employees.    The SIP has
been approved by the Inland Revenue as a share incentive plan under Schedule 8
of the Finance Act 2000.

As participants in the SIP the executive directors named below are deemed to
have an interest in the shares held by the Trustees.

The Company also received notification from the Trustees, that of the above
shares acquired by the Trustees, the shares purchased on behalf of the Company's
executive directors were as follows:


Name                          Number of Partnership shares   Number of Matching 
                              acquired under the SIP         Shares acquired                 
                                                             under the SIP

J H Ritblat                   24                             48
J H Weston Smith              24                             48
N S J Ritblat                 24                             48
R E Bowden                    24                             48
G C Roberts                   24                             48





17th November 2003






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