Director/PDMR Shareholding

The Company announces that on 21 December 2012 it received notification from the Trustees of The British Land Share Ownership Plan (the "Trust") that, on 21 December 2012, the Long-Term Incentive Plan ("LTIP") Share Awards granted to Lucinda Bell, a Director of the Company, and to Benjamin Grose, a Person Discharging Managerial Responsibilities ("PDMR"), on 21 December 2009, vested on full satisfaction of the LTIP Performance Condition. The Company also announces that on 21 December 2012 the LTIP Option Awards granted to Lucinda Bell, a Director of the Company, and to Benjamin Grose and Jean-Marc Vandevivere, both PDMR, on 21 December 2009, vested on full satisfaction of the LTIP Performance Condition. The vesting awards are detailed in the table below:

Following the vesting, on 21 December 2012, Lucinda Bell sold 4,753 shares at a price of 565.4344p per share, to cover her tax liability. On the same day Ben Grose sold 840 shares, also at a price of 565.4344p per share.