British Land Regulatory News (BLND)

Website disclosure in accordance with s430(2B) of the Companies Act 2006

The following information is provided in accordance with section 430(2B) of the Companies Act.

On 21 January 2019 we announced that Tim Roberts and Charles Maudsley would be standing down from the Board of the British Land Company PLC (the Company) on 31 March 2019. Charles Maudsley ceased to be a director of the Company and left the Company on 31 March 2019. Tim Roberts ceased to be a director of the Company on 31 March 2019 and will remain an employee until 31 July 2019. He will continue to be employed on his existing terms until his planned departure date of 31 July 2019. During this period, he will continue to receive his salary and employment benefits in full. He will also be eligible for a bonus on a pro-rated basis whilst actively employed.

Following ceasing employment each will receive monthly payments in lieu of notice for the remainder of their 12 months' notice periods (to 21 January 2020).

(i) Tim Roberts

The total amount payable for the period following ceasing employment for the remainder of the notice period comprises base salary and car allowance of £224,696, pension contributions/allowance of £43,381 and the value of other benefits of £1,946. These payments may be reduced by the value of any alternative paid employment secured during the period until 21 January 2020.

Tim Roberts will also be eligible for an annual bonus for the 2018/19 financial year, subject to the satisfaction of a combination of corporate and personal objectives. The maximum bonus opportunity will be £682,763. In line with the terms of the Directors' Remuneration Policy, two-thirds of any annual bonus will be paid in cash and one-third will be used to purchase British Land shares which must be held for a period of three years.

Tim Roberts will be treated as a "good leaver" under the Company's Long Term Incentive Plan and Matching Share Plan. Consequently, awards (including the value of any dividend equivalents) will continue to vest on the normal vesting dates subject to the extent to which the applicable performance criteria have been met and where relevant any time prorating reduction that the Remuneration Committee may apply:

1. A maximum of 61,088 Performance Shares and 244,353 Options (with an exercise price of 730.5p per share) may vest under the 2016 LTIP awards and 46,056 Shares under the 2016 MSP awards.

2. A maximum of 180,765 Performance Shares may vest under the 2017 LTIP awards.

3. A maximum of 166,804 Performance Shares may vest under the 2018 LTIP awards.

Vesting levels will be confirmed in the Directors' Remuneration Reports in 2019, 2020 and 2021 respectively.

Tim Roberts will not be eligible to receive further LTIP awards and, on ceasing to be employed, will cease to participate in the Company's all-employee employee share plans.

A contribution towards legal fees has been made of £10,000 plus VAT.

(ii) Charles Maudsley

The total amount payable for the period following ceasing employment for the remainder of the notice period comprises base salary and car allowance of £382,671, pension contributions/allowance of £55,369 and the value of other benefits of £3,310. These payments may be reduced by the value of any alternative paid employment secured during the period until 21 January 2020.

Charles Maudsley will also be eligible for an annual bonus for the 2018/19 financial year, subject to the satisfaction of a combination of corporate and personal objectives. The maximum bonus opportunity will be £682,763. In line with the terms of the Directors' Remuneration Policy, two-thirds of any annual bonus will be paid in cash and one-third will be used to purchase British Land shares which must be held for a period of three years.

Charles Maudsley has been treated as a "good leaver" under the Company's Long Term Incentive Plan and Matching Share Plan. Consequently, awards (including the value of any dividend equivalents) will continue to vest on the normal vesting dates subject to the extent to which the applicable performance criteria have been met. These awards have been reduced by the relevant time prorating reductions that the Remuneration Committee has applied of 8% for the 2016 awards, 42% for the 2017 LTIP awards and 75% for the 2018 LTIP awards:

1. A maximum of 111,994 Performance Shares may vest under the 2016 LTIP awards and 43,272 Shares under the 2016 MSP awards.

2. A maximum of 105,446 Performance Shares may vest under the 2017 LTIP awards.

3. A maximum of 41,701 Performance Shares may vest under the 2018 LTIP awards.

Vesting levels will be confirmed in the Directors' Remuneration Reports in 2019, 2020 and 2021 respectively.

Charles Maudsley will not be eligible to receive an annual bonus for the 2019/20 financial year, or further LTIP awards and, having ceased to be employed, has ceased to participate in the Company's all-employee share plans.

A contribution towards legal fees has been made of £10,000 plus VAT.

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