Director Shareholding

British Land Co PLC
14 July 2004





The British Land Company PLC announces that Robert Bowden, a director of the
Company, yesterday converted his holding of £82,000 6% Subordinated Irredeemable
Convertible Bonds into 16,400 Ordinary 25p shares of the Company.



This is as a result of the Redemption Notice that the Company issued on 22 June
regarding the early redemption and possible conversion of its 6% Subordinated
Irredeemable Convertible Bonds.





14th July 2004.














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