Director Shareholding

British Land Co PLC
22 July 2004



The British Land Company PLC announces that Nicholas Ritblat, a director of the
Company, today converted his holding of £375,000 6% Subordinated Irredeemable
Convertible Bonds into 75,000 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.


22nd July 2004.



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