Director Shareholding

British Land Co PLC
28 May 2004


The British Land Company PLC has made the following conditional awards to
Executive Directors, of the Company's Ordinary Shares of 25p each under the
Company's Long Term Incentive Plan, pursuant to a recommendation of the
Company's Remuneration Committee, on 28th May 2004.


Director               Performance Shares at nil      Options -at 663p per share
                       consideration


J H Ritblat            90,497                         271,493
J H Weston Smith       39,592                         118,778
N S J Ritblat          43,552                         130,656
R E Bowden             41,289                         123,868
G C Roberts            33,936                         101,809

The above performance shares conditionally vest on their third anniversary of
grant. The options are conditionally exercisable from the third until the tenth
anniversary of grant.


28th May 2004



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