Long-Term Incentive Plan ('LTIP') Grant and Restricted Share Plan ('RSP') Award

The British Land Company PLC (the 'Company') announces that on 26 June 2018:

����� under the LTIP, conditional awards of the Company's ordinary shares of 25 pence each ('Performance Shares') and conditional awards of options ('Options') over the Company's Shares were granted to Executive Directors and other Persons Discharging Managerial Responsibilities ('PDMRs'); and

����� under the RSP, conditional awards ('Restricted Shares') of the Company's ordinary shares of 25 pence each were awarded to PDMRs

as outlined below.

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The above Performance Shares conditionally vest on the third anniversary of grant. The above Options are conditionally exercisable from the third until the tenth anniversary of grant. The LTIP option exercise price is 682.2 pence per share. No consideration was paid for the grant of these awards.

The Restricted Shares conditionally vest on the third anniversary of the award.� No performance conditions attach to the Restricted Shares

These transactions took place outside of a trading venue.

In addition, in line with the disclosure in the 2018 Directors' Remuneration Report, on 22 June 2018 the Company conditionally awarded Simon Carter 86,196 ordinary shares of 25 pence each.� No consideration was paid for the grant of this award.

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

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