Director/PDMR Shareholding

The Company announces that it received notification from the Trustees of the British Land Share Ownership Plan on 28 May 2010 that Nigel Webb, a PDMR, was conditionally awarded rights, at nil consideration, to receive 96,551 ordinary shares of 25p each, under the Company's Fund Managers Performance Plan ('FMPP').

This award will conditionally vest, subject to any 'claw-back' and subject to continued employment, in three equal tranches on the first, second and third anniversaries of grant.

In accordance with the rules of the Company's FMPP, options over 310,077 ordinary shares of 25p each, at an option price of 387p per share, awarded on 29 June 2009, under the Company's Long Term Incentive Plan, lapsed on 28 May 2010.

1 June 2010