Director Shareholding

British Land Co PLC
23 December 2004

Grant of Options under The British Land Company PLC Save as you Earn Share
Option Scheme.

The British Land Company PLC announces the following grants, on the 22nd
December 2004 to the following directors of the Company, of options over
Ordinary Shares of 25 p each of the Company under its Save as you Earn Share
Option Scheme. All options are granted at an exercise price of 648 p per share.

Director             Number of shares            Exercise period

N S J Ritblat             2,550                   01.03.10 - 31.08.10
R E Bowden                1,462                   01.03.08 - 31.08.08
G C Roberts               2,550                   01.03.10 - 31.08.10

23rd December 2004


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