Director Shareholding

British Land Co PLC
26 February 2004

Notification of 'Dividend' Share Purchase in the British Land Share Incentive
Plan ('SIP).

On 25th February 2004 Hill Samuel ESOP Trustees Limited (the 'Trustees'),
Trustees of the British Land SIP, notified the Company that they had purchased
on 20th February 2004 a total of 1,022 ordinary 25p shares at a price of 
£629.5p per share under the 'Dividend' element of the Company's SIP.   Under the
terms of the SIP net dividends paid on the 'Free', 'Partnership' and 'Matching'
shares held by the Trustees on behalf of eligible participating employees, are
used to purchase 'Dividend' shares for each eligible participating employee.    
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 Dividend shares acquired 
                                          under the SIP
J H Ritblat                               6
J H Weston Smith                          6
N S J Ritblat                             6
R E Bowden                                6
G C Roberts                               6



26th February 2004.




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