Director Shareholding

British Land Co PLC
16 March 2004


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


On 15th March 2004 Hill Samuel ESOP Trustees Limited (the 'Trustees'), Trustees
of the British Land SIP, notified the Company that they had purchased on 15th
March 2004 a total of 8,778 ordinary 25p shares at a price of 654 p 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         Number of Matching 
                        shares acquired               Shares acquired
                        under the SIP                 under the SIP

J H Ritblat             19                            38
J H Weston Smith        19                            38
N S J Ritblat           19                            38
R E Bowden              19                            38
G C Roberts             19                            38

16th March 2004.


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