Company Announcements

NOTICE TO THE HOLDERS OF THE:

 BRITISH LAND (WHITE) 2015 LIMITED (THE "ISSUER") £350,000,000 ZERO COUPON GUARANTEED CONVERTIBLE BONDS DUE 2020 (THE "BONDS") GUARANTEED BY

THE BRITISH LAND COMPANY PLC (THE "GUARANTOR")

(ISIN: XS1242977889)

Pursuant to the terms and conditions of the Bonds (the "Conditions"), as set out in the Trust Deed dated 9 June 2015 between the Issuer, the Guarantor and Link Corporate Trustees (UK) Limited (formerly Capita Trust Company Limited) and constituting the Bonds, notice is hereby given to Bondholders that in connection with the Cash Dividend of 7.75 pence payable on 2 August 2019 to shareholders of record on 28 June 2019 (the "Dividend"), subject to shareholder approval at the Annual General Meeting of the Guarantor on 19 July 2019, the Calculation Agent has determined that, provided that the Dividend is approved, the Exchange Price of the Bonds will be adjusted from £10.0724 per Ordinary Share to £9.9108 per Ordinary Share, and the Threshold Amount will be adjusted from 3.236 pence per Ordinary Share to 3.184 pence per Ordinary Share with effect from 19 July 2019 (and for the avoidance of doubt, no such adjustment shall be made if the Dividend is not approved).

Capitalised terms not otherwise defined herein shall have the meanings given to them in the Conditions.

Enquiries:

Investor Relations

Joanna Waddingham, British Land                                                  020 7467 2907