Director/PDMR Shareholding

Long-Term Incentive Plan ("LTIP")

The British Land Company PLC (the "Company") announces that on 20 November 2017, Lucinda Bell, a Person Discharging Managerial Responsibilities, exercised 60,000 options, which had been granted on 11 June 2010 at an option price of 447 pence per share.

Lucinda Bell sold all 60,000 ordinary shares at a price of 622 pence per share.

The transactions referred to above took place in London.

This notification is made in accordance with the requirements of Article 19.3 of the Market Abuse Regulations. The Identification Code for ordinary shares of 25 pence each in the Company is GB0001367019.