Convertible Bond Exchange Price Adjustment

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 Apex 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 7.9825 pence payable on 7 February 2020 to shareholders of record on 3 January 2020, the Calculation Agent has determined that the Exchange Price of the Bonds will be adjusted from £9.9108 per Ordinary Share to £9.7509 per Ordinary Share, and the Threshold Amount will be adjusted from 3.236 pence per Ordinary Share to 3.133 pence per Ordinary Share with effect from 2 January 2020.

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