ResultsPresentationFull Year ended 31 March 2015

@britishlandplcwww.britishland.com

Results Overview

Chris Grigg

Chief Executive

3

Highlights

Another strong set of results

Continued outperformance

Exceptional leasing activity

Ongoing portfolio repositioning

4

Macro trends driving our strategy

Sustainability

Transforming impactof technology

Importance ofinfrastructure

Population growthand urbanisation

Globalisation

5

Creating greatenvironments

Growing inLondon andthe South EastInvesting aroundinfrastructure

Internet resilientretail

Focused investment activity

Leveraging our placemaking skills to create Places PeoplePreferExciting and lifestyle oriented real estate

1Investing in existing assetsFocusing on regeneration and growth areas2Accessible and well-connected propertiesOver £3bn of our assets are near Crossrail stations3

Profitabledevelopment

Well located, locally preferred, multi-let assetsEngaging environments with a broad F&B offeringOmni-channel compatible

5 Mixed-use developmentsReplenishing the medium term pipeline

Understandingour customers6

4

Providing spaces and services which meet their needs

6

2015 financial highlights

FY to 31 March 2015 Change

NAV per Share 829p +20.5%

Valuation £13.6bn +12.1%

Total Property Return 18.4%

Underlying Profit Before Tax £313m +5.4%

Dividend per Share 27.7p +2.5%

Total Accounting Return 24.5%

2-year totalaccounting return

48%

7

Strong valuation performance

• Valuation well ahead inboth sectors– +7.5% in Retail; +18.8% Offices

• Letting up of recently completeddevelopments a key factor

• Benefiting from increased weighting toLondon and the South East

– Now 64% of portfolio (pro-forma)

• Continue to outperform market

– Capital returns 190bps ahead

– Total returns 130bps ahead

Contribution to valuation uplift

Yield Movement DevelopmentAsset Management

Increase in valuation

12%

8

Exceptional leasing performance

• Strong leasing volumes• Letting space on attractive terms• Good quality and diverse mix of occupiers• Strengthening rental trend; strong growth in Offices, notable

improvement in Retail

FY to 31 March 2015 Retail Office TotalLettings / renewals (000 sq ft) 1,137 810 1,947Lettings / renewals under offer (000 sq ft) 348 152 500Investment lettings / renewals vs ERV 8.7% 10.8% 10.0%Occupancy 98.5% 98.1% 98.3%LFL occupancy +30bps +730bps +310bpsERV growth 2.5% 8.0% 4.6%

Investment lettings/renewals vs ERV

10%

9

-1,600

-1,200

-800

-400

0

400

800

1,200

Broadly balanced investment activity

Investment Activity

£m

Disposals Acquisitions & Development Net Spend

£343m £395m (£19m) £626m (£105m)Net Spend

2011 2012 2013 2014 2015

Gross investmentactivity in 2015

£2.4bn

10

Increasing medium termdevelopment pipeline

• 7m sq ft focused on London,including Canada Water7m sq ft

Pre-selling residential apartments

• £370m of residential sales• Includes £259m at Clarges Mayfair

£370m

Selling mature retail assets

• £245m sold in addition tosuperstore disposals£245m

Reducing investment instandalone superstores

• 28 foodstores sold• Now under 7% of portfolio• c60% in London and South

28

Increasing investmentin London and South East

• Now 64% of total portfolio• £210m acquisition of One Sheldon

Square• On site at 4 Kingdom Street

64%

Investing in line with strategy

1 3

24

57%

11

Retail & Leisure highlights

Improving rental growth

Continued strength ofoperating metrics

Ongoing evolution of the portfolio

Strong uplift in valuationand total returns

-2

0

2

4

6

8

FY 2013 FY 2014 FY 2015

Improved Retail & Leisurevaluation performance

H1 Valuation change H2 Valuation change

-1.5% 4.4% 7.5%% FY valuation change

Outperformance vsAll Retail Total Returns

90bps

ERV Growth

Good demand from high quality occupiers

1.1m sq ft

Fashion & FootwearGeneral RetailFood & Leisure

Health & Beauty

Electrical &Mobile Phone

DIY

Other

Lettings and renewals by sector by rent

43.3%

16.6%

13.8%

5.1%

4.6%

3.9%

12.7%

Letting/renewalsahead of ERV

8.7%

14

British Land operational metrics remain strong

Retailer same store sales

+3.7%

Average dwell time

+4.5%

Source: BL consumer surveysSource: Springboard

Footfall +1.9%ahead of market by

290bps

Source: Springboard and Experian

Average LFL spend+16% annualised

Source: BL consumer surveys

Occupancy remaining

high at 98.5%

Source: BL

+5%

Source: BL consumer surveys, CACI

affluentshopper visits

15

85

90

95

100

105

110

UK Market (Experian Index) British Land

Continuing to outperformfootfall benchmarks

Outperformancein 2015

BL footfall performance vs Experian benchmark

Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15

Sep 09 = 100

+290bps

16

Strengthening rental growth trend

Rental growthin 2014/15

British Land Retail rental growth vs IPD

British Land IPD

%

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

H1 2013/14 H2 2013/14 H1 2014/15 H2 2014/15 FY 2013/14 FY 2014/15

2.5%

17

Investment driving performance – Meadowhall

• £3m upgrade to premium retail offer

• Last 6 month sales +6.0% forretailers in Park Lane

– vs 3.6% across Meadowhall

• £50m refurbishment plannedto start in September

18

Investment driving performance – Ealing Broadway

340,000 sq ftShopping centre

Growing andaffluent area

19m annualfootfall

Next toCrossrail station

Acquired in 2013 for £143m; 6.9% NIY• Bought in two adjoining ownerships

• Phase 1 refurbishment completed

• Re-positioning the occupiers

• Submitted planning for wider

refurbishment and PRS development

• Delivering performance:– ERV +19% since acquisition

– Sales +3.2% and accelerating

Continuing to evolve our retail portfolio

28 superstores: £475m; 4.8% NIY£245m mature assets; 6.2% NIY

Surrey Quays leisure park (£135m)£445m increasing share of existing assets; 5.3% NIY£169m invested in HUT portfolio 5.6% NIY

Completed 305,000 sq ft Old Market, Hereford

Extensions to 4 retail schemes

Refurbishment at Ealing Broadway

Upgrade to premium offer at Meadowhall

Improvements to landscaping and amenities

£720m disposals

£749m acquisitions

£95mdevelopment/capex

19

20

Office & Residential highlights

Valuations strongly ahead

Exceptional leasing activity

Campuses performing well andappealing to new occupiers

Good progress on newdevelopments

Strong and broad based rentalgrowth

21

0

4

8

12

16

20

FY 2013 FY 2014 FY 2015

Strong Office & Residential performance

H1 Valuation change H2 Valuation change ERV Growth

5.0% 14.5% 18.8%

% FY valuation change

ERV growth in 2015

8.0%• Outperformed IPD capital returns by 440 bps

22

Exceptional Office leasing instrong markets

• 960,000 sq ft of lettings/renewalscompleted/under offer

• Terms well ahead of valuation:10.8% ahead of ERV

• Occupancy at 98.1% (+730 bpslike-for-like)

• Diverse range of lettings

– 175,000 sq ft tech/flexibleworking

– 86,000 sq ft food and leisureBanks & Financial ServicesTMTGovernmentBusiness/Professional Services

Food & LeisureInsuranceOther

38%

21% 16%

10%

8%

3%4%

Lettings/renewalsahead of ERV

10.8%

454443424140393837363534333231302928272625242322212019181716151413121110987654321

Leasing strategy success at Leadenhall

• 84% let/under offer up from 53%a year ago

• Diverse mix of occupiers

• Beating records for City rents4 times over

• Most recent letting at £90psfto Affinity Shipping

• Valuation +37% in the year

Let prior to 2014/15

Let in 2014/15

Under offer

In negotiationsReception and Restaurants

Rental high

£90psf

24

Widening the appeal of Broadgate

Attracting different occupiers

62,000 sq ft let to WeWork

11,000 sq ft let to Central Working

£20 million redevelopment ofBroadgate Circle completed

5 Broadgate completing shortly

Planning granted at100 Liverpool Street

25

Making progress at Paddington Central

First round of public realmimprovements underway

On site at 4 Kingdom Street for147,000 sq ft office building

Acquisition of One Sheldon Square for£210 million

Grey space fully let including 51,000sq ft to Microsoft

Good prospects for rental growth withaverage rents of £52 psf

26

Facebook at Regent’s Place – a strong endorsementof the campus

Now Facebook’s largest European hub

Taking an additional 66,000 sq ft

Brings total space to over 150,000 sq ft

Rents nearly doubled on a net effectivebasis

Improving retail and A3 offer in linewith broader occupier mix

Nearly 350,000 sq ft of rent reviews tocome in 2016

£2.5m p.a. rental uplift at current rentallevels

27

Significant development pipeline

• Highly successful development programme since 2010

• Completed projects generated over £1bn of profit; an IRR of over 30%

• Successfully replenished our pipeline at good prices

• Significant development projects committed or in near-term pipeline

• Expected to generate £500m with around £330m still to come

Sq Ftm

Total cost £m Estimated Profit£m

Completed developments (since 2010)1 3.2 1,120 1,100

Committed/Near-Term Projects 2.4 1,500 5001 includes 5 Broadgate which completes in June

Financial Review

Lucinda Bell

Chief Financial Officer

29

Highlights

FY to 31 March 2014 2015 Change

Underlying Profit before Tax (£m) 297 313 5.4%

Underlying Earnings per Share (p) 29.4 30.6 4.1%

Dividend per Share (p) 27.0 27.7 2.5%

Valuation Performance 8.3% 12.1%

EPRA Net Asset Value per Share (p) 688 829 20.5%

LTV 40% 35%

Total Accounting Return 20.0% 24.5%

30

Underlying profit bridge

297 313

169

6 (7)(7)

(1)

FY 2014 Developments Like-for-Likerental growth

Liabilitymanagement

Current yearinvestment

activity

Administrationexpenses

Other FY 2015

£m

31

Net rental income movement

1.5%4.2%2.3%

RetailOfficesTotal

£m

585562

229 3 (12)

1

FY 2014 Developments Like-for-Likerental growth

Current yearacquisitions

Current yeardisposals

Prior yearinvestment

activity

FY 2015

32

Financing costs

(202) (201)

(6) 6(1) 3 (1)

FY 2014 Developments Liabilitymanagement

Current yearacquisitions

Current yeardisposals

Prior yearinvestment

activity

FY 2015

£m

33

Income statement

FY to 31 March 2014 2015 Change

Net Rental Income (£m) 562 585 4.1%

Fees & Other Income (£m) 15 14

Administrative Expenses (£m) (78) (85)

Net Finance Costs (£m) (202) (201)

Underlying PBT (£m) 297 313 5.4%

Underlying Earnings per Share (p) 29.4 30.6 4.1%

EPRA Operating cost ratio 16.2% 16.4%

34

Another strong valuation performance

FY to March 2015 Valuation£bn

Uplift£m

Uplift%

YieldCompression

bps

ERVGrowth

%

NEY%

Weighting%

London/SEWeighting

%

Retail & Leisure 7.5 581 7.5 47 2.5 5.2 53

Offices & Residential 6.1 1,001 18.8 47

- Of which Offices 5.8 982 19.4 51 8.0 4.6 45

Total 13.6 1,582 12.1 48 4.6 4.9 100 64

- Of which StandingInvestments 12.5 1,336 11.1

- Of whichDevelopment 1.1 246 25.9

35

Valuation growth drivers – Retail & Leisure

FY to March 2015 Valuation£bn

Uplift%

Yield Compressionbps

ERV Growth%

H1 H2 FY H1 H2 FY H1 H2 FY

Shopping parks 3.3 7.2 1.1 7.5 45 7 52 0.9 2.1 3.0

Shopping centres 2.2 5.8 3.2 8.7 38 13 48 0.3 1.8 2.1

Superstores 0.9 3.1 (1.0) 1.9 12 (11) 3 0.1 (0.1) (0.1)

Department stores 0.6 6.5 10.1 17.3 19 42 56 8.6 0.0 8.7

Leisure 0.5 7.1 2.0 7.1 57 21 86 0.7 0.3 1.1

Retail & Leisure 7.5 6.0 2.0 7.5 35 10 47 1.1 1.5 2.5

36

Valuation growth drivers – Offices & Residential

FY to March 2015 Valuation£bn

Uplift%

Yield Compressionbps

ERV Growth%

H1 H2 FY H1 H2 FY H1 H2 FY

West End 3.2 9.0 9.0 18.6 21 24 46 2.6 3.6 6.3

City 2.6 9.0 11.3 20.6 34 30 59 5.9 4.4 10.6

Offices 5.8 8.9 10.0 19.4 26 27 51 3.9 4.0 8.0

Residential 0.3 4.9 2.8 7.4

Offices & Residential 6.1 8.7 9.7 18.8

37

Growth in diluted EPRA net asset value

NAV (p)

688p829p

92p

56p31p (27p)

(8p) (3p)

Mar 14 Offices &Residential

Retail &Leisure

UnderlyingProfit

Dividends Dilution forconvertible

TescoSwap

Mar 15

38

Strength of debt metrics

Proportionally Consolidated 31 Mar 2014 31 Mar 2015

Loan to Value (LTV) 40% 35%

Average Interest Rate 4.1% 3.8%

Interest Cover 2.5x 2.6x

Average Maturity of Drawn Debt (years) 8.7 8.7

Group 31 Mar 2014 31 Mar 2015

Loan to Value (LTV) 29% 28%

Available undrawn facilities £2.0bn £1.2bn

Average Interest Rate 3.5% 3.3%

Interest Cover 3.2x 3.0x

39

Offices ToLet

ResidentialTo Sell

Pre sold/Pre let

Offices

Residential

Retail

0

100

200

300

400

500

600

700

800

900

Development programme

• Under construction programmecommitment £0.8bn

• 4 Kingdom Street now committed

• 87% of costs fixed on projectsunder construction

• Near-term pipeline replenished -with washover/optionality

• Completed Canada Water siteassembly

Development Commitment£m

UnderConstruction

Near Term

40

Future income growth

Annualised Gross Rents Cash Flow Basis£m

Accounting Basis£m

Current Passing Rent 578

613Expiry of Rent-free Periods 63

Fixed, Minimum Uplifts 16

Developments – Under construction 21 21

Total Contracted 678 634

Developments – Under Construction 17 15

Investments – Reversions 12 12

Investments – Letting of Expiries and Vacancies 18 18

Developments – Near-term to let 50 42

Potential Rent in 5 Years 775 721

Increase 34% 18%

Outlook

Chris Grigg

Chief Executive

42

Re-positioning the business for long-term growth

A bigger and more modern portfolio

More concentrated in London and theSouth East

– 64% of our portfolio up from 50%

A larger Offices business

– Nearly half our portfolio up from one third

– West End now over 60%

– Focused on large mixed use campuses

Retail portfolio more focused

– Well positioned for an omni-channel world

Significant development pipeline

Less gearing

43

Clear strategic focus aligned to long-term trends

Importance of infrastructure

Transforming impactof technology

Globalisation

Population growthand urbanisation

Sustainability

Macro trends Investment themes

Investing around infrastructure

6 Understanding our customers

Profitable development

Internet resilient retail

Growing in London and theSouth East

Creating great environments

5

4

3

2

1

Our priorities for the year ahead

Focus on London and South EastCreating great environmentsImproving areas with good infrastructureDevelopmentInvesting in our existing Retail assets

Likely to be a net disposer to fund developments andexploit a strong marketLower gearing

Investing in people and technologyGetting closer to our customers

Consistentapproach

Disciplined use ofcapital

1

2

Expanding ourlong-termcapabilities

3

44

45

Canada Water − one of London’s largest regenerationopportunities

Nine Elms White City King’s Cross Earls Court

200 acres 93 acres 67 acres 69 acres

46 acres

Canada Water

Site controlled by British Land withthe London Borough of Southwark

21 ownerships

LondonOpportunity Area

Goodinfrastructure

5 ownerships 5 ownerships 3 ownerships

46

A new town centre for Canada Water

Mixed use development

In tune with modernlifestyles

Using existing water andgreen spaces

Modern and technology enabled

Integrated with the localcommunity

Up to 7m sq ft of space (gross)Retail

Sport & leisureResidentialEducational

Cultural

Southwark ParkRussia Dock Woodland

Canada Water

Social and economic opportunitiesAffordable housing

Services and amenitiesEngaging public realm

AdaptableInternet enabled

Intelligent buildingsEnergy efficient

47

Outlook

Outlook broadly in line with first half

Yields have tightened further

Some political uncertainty remains

Expect interest rates and inflation to remain low

Rental growth has strengthened

Strong growth in offices

Clearer growth trends in retail

Appendices

49

BL property outperformance vs IPD – 5 years

100

480

240

100

350

180

0

100

200

300

400

500

600

Retail Offices Total

5 years ended 31 March 2015

Outperformance bps pa

Capital Returns Total Returns

50

Adjusted net debt – proportionally consolidated (£bn)

4.9 4.9

0.80.3 (1.0)

(0.1)

Mar 14Net Debt

Acquisitions Development &Capex

Disposals OperatingCashflow aftercash dividends

Mar 15Net Debt

LTV 40% LTV 35%

51

Reconciliation of underlying profit before tax

FY to 31 March (£m) 2014 2015

IFRS Profit before tax attributable to shareholders of the Company 1,100 1,734

Net valuation movement (includes disposals) (873) (1,505)

Deferred and current taxation of joint ventures & funds 5 (2)

Capital financing costs 57 47

Add non-controlling interests 8 39

Underlying Profit Before Tax 297 313

EPRA adjustments - 6

EPRA Earnings Before Tax 297 319

52

Gross rental income1

Accounting Basis £m12 months to 31 March 2015 Annualised as at 31 March 20154

Group JVs & Funds2 Total Group JVs & Funds2 TotalShopping parks 106 53 159 114 62 176

Shopping centres 61 51 112 63 50 113

Superstores 11 57 68 13 38 51Department stores 32 - 32 29 - 29Leisure 29 - 29 31 - 31Retail & Leisure 239 161 400 250 150 400West End 109 - 109 110 - 110City 5 89 94 4 94 98Provincial 4 - 4 - - -Offices 118 89 207 114 94 208Residential3 3 - 3 3 - 3Offices & Residential 121 89 210 117 94 211Total 360 250 610 367 244 611

Table shows UK total, and includes completed developments.1 Gross rental income will differ from annualised rents due to accounting adjustments for fixed & minimum contracted rental upl ifts and lease incentives2 Group’s share of properties in joint ventures and funds including HUT at share3 Stand-alone residential4 Position as at 31 March 2015. One Sheldon Square acquired post period end with gross rental income of £9m in financial year 2016.

53

Operating costs metric

FY to 31 March (£m) 2014 2015Property outgoings 35 33Administrative expenses 78 85Fees and other income (15) (14)

Ground rent costs (2) (3)

EPRA Costs (including direct vacancy costs) 96 101

Gross rental income 597 618

Ground rent costs (2) (3)

Gross Rental Income (EPRA basis) 595 615

EPRA Cost Ratio (including direct vacancy costs) 16.2% 16.4%Table shows figures on a proportionately consolidated basis which includes the Group's share of joint ventures and funds and excludes non-controlling interests in the Group's subsidiaries.

54

Reconciliation of EPRA NAV & NNNAV

31 March 14 31 March 15£m pence £m pence

Balance Sheet (IFRS) Net Assets 7,117 697 8,565 786

Deferred tax arising on revaluation movements 6 13

Mark to market on effective cash flow hedges andrelated debt adjustments 173 257

Adjust to fully diluted on exercise of share options 39 37

Adjust to dilute for convertible bond - 400

Surplus on trading properties 63 96

Less non-controlling interests (371) (333)

EPRA NAV 7,027 688 9,035 829

Deferred tax arising on revaluation movements (6) (13)

Mark to market of debt and derivatives (321) (663)

EPRA NNNAV 6,700 656 8,359 767

55

EPRA balance sheet (proportional consolidation)

£m March 14 GroupJVs &Funds March 15

Total properties 12,040 9,068 4,609 13,677

Net debt (4,890) (3,425) (1,493) (4,918)2

Other net assets (liabilities) (123) 491 (215) 276

EPRA Net Assets 7,027 6,134 2,901 9,035

Loan to Value (LTV)1 40% 28% 35%

Average interest rate 4.1% 3.3% 3.8%

Interest cover 2.5x 3.0x 2.6x

Average maturity of drawn debt (years) 8.7 7.8 8.71 Group LTV based on Group Properties and net investment in JV & Funds, and Group net debt2 Includes £400m convertible adjustment

56

Debt maturity – group (£m)

0

200

400

600

800

1,000

1,200

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Debenture & loan notes (Secured) Bank Term Loan (Secured) US Private Placements (Unsecured)

Convertible Bond (Unsecured) Bank RCF Drawn (Unsecured) Bank RCF Undrawn (Unsecured)

Pro-forma for the one year extension of the £785m facility agreed post year end.

57

Debt maturity – joint ventures and funds1 (£m)

1 At British Land share (including share of HUT)

JVs - Securitisations Funds - Bank drawn Funds - Bank undrawn JVs - Bank drawn

0

200

400

600

800

1,000

1,200

2016 2017 2018 2019 2020 2021 - 2025 2026-2036

58

Debt Financing – Diverse funding profile

• £1.9bn of refinancings arranged(including £785m RCF April 14)

• WAIR improved to 3.8% from 4.1%• Treasury activity in the year has

improved earnings by £11m in FY15,£18m in FY16

British Land• £485m RCF with initial margin 90bps

(February 15) replaced £310m and£560m RCFs– Reducing surplus facility capacity (lower

leverage mindset)– Reducing cost– Extending term to February 2020

JV & Funds• Refinanced £675m JV & Funds debt

at borrowing costs 280bps & 80bpslower than the previous facilities(September 14 & March 15)

Convertible Bond (Unsecured)

Bank RCF Drawn (Unsecured)

Debenture & loan notes (Secured)

US Private Placements (Unsecured) JVs Securitisations

JV & Funds Term Loans (Secured)2

1 Proportionally Consolidated2 HUT’s debt shown at our share (£0.45 billion) within JV & Funds

Bank Term Loan (Secured)

Diverse Debt Profile1 (31 March 15)

£0.7bn

£0.4bn

£0.3bn £0.9bn

£0.7bn

£1.6bn

£0.6bn

59

At 31 March 2015 £mGross Debt (principal value) 5,202

IFRS adjustments:

Issue costs and premia (23)

Fair value hedges 153

Other Items 99

IFRS gross debt 5,431

Market value of derivatives 32

Cash (288)

IFRS net debt 5,175

Adjustments:

Remove market value of derivatives (32)

Remove fair value hedges (153)

Other adjustments (72)

Adjusted net debt 4,918

Gross and net debt reconciliation

60

Number of shares

Number of shares (m) Mar 14 Mar 15

IFRS Basic

Weighted Average 999 1,016

IFRS Diluted

Weighted Average 1,004 1,022

EPRA Diluted1

Weighted Average 1,004 1,080

Period End 1,021 1,0901 Including convertible dilution

61

FY16 income statement guidance

• Gross rental income– Annualised accounting rent: £611m as at 31 March 2015– Post year end acquisition: Purchase of One Sheldon Square for £210m with £9m of gross rental income– Developments: Further £13m of contracted income to come from developments (including £12m from 5

Broadgate), and per valuers assumptions; further £5m of income not yet contracted– Like-for-like: Given portfolio nearly full, will be driven by rental growth (and full year impact of FY15 leasing)

• Property outgoings– Likely to be similar to FY15 as a percentage of gross rents

• Administrative costs– Increase likely to be same order of magnitude to FY15 given investment in people and developments

• Financing– Weighted average interest rate now 3.8% on gross debt of £4.9bn

• Convertible bond– For the whole of FY16 underlying EPS will be diluted for the convertible bond.– For earnings calculations, the interest payable on the convertible of £6m will need to be added back and the

number of shares increased by 58 million• Dividend– 2.5% increase in 2016, as we improve dividend cover

• Other– Selling £200m of assets will reduce profits by c.£6m, pro-forma LTV by c.1%

62

Superstores

Stand-alone Superstores1 In Shopping Centres & ShoppingParks2

Total Exposure1,2,3

Store Size Numberof Stores

Valuation(BL share)

CapitalValue

psf

WALLto FB

yrs

Numberof Stores

Valuation(BL share)

CapitalValue

psf

WALLto FB

yrs

Numberof Stores

Valuation(BL share)

CapitalValue

psf

WALLto FB

yrs‘000 SQ FT £m £m £m

>100 9 242 377 13.6 5 366 552 13.8 14 608 466 13.7

75-100 14 294 470 18.7 1 41 483 12.9 15 335 471 17.9

50-75 17 296 443 13.2 1 12 190 12.1 18 308 421 13.1

25-50 9 64 244 9.4 3 31 437 15.5 12 95 285 11.3

0-25 8 28 200 13.3 19 79 405 11.6 27 107 321 12.1

March 2015 57 924 395 14.5 29 529 491 13.9 86 1,453 426 14.4

September 2014 81 1,286 423 14.5 26 337 479 13.9 107 1,623 433 14.4

Geographical Spread Gross Rent (BL Share) Lease Structure

London & South 59% Tesco £40m RPI and Fixed 11%

Rest of UK 41% Sainsburys £31m OMRR 89%

Other £7m1 Excludes £10m non-foodstore occupiers in superstore led assets2 Excludes non food-format stores e.g. Asda Living3 Excludes £99m of investments held for trading comprising freehold reversions in a pool of Sainsbury’s Superstores

63

Major property holdings

At 31 March 2015(excl. developments under construction)

BLShare %

Sq ft000’s

Rent£m pa1

OccupancyRate %2

LeaseLength yrs3

1 Broadgate, London EC2 50 3,963 194 99.9 6.5

2 Regent's Place, London NW1 100 1,588 72 99.4 8.4

3 Meadowhall Shopping Centre, Sheffield 50 1,448 85 97.3 7.1

4 Paddington Central 100 608 24 99.5 9.2

5 Sainsbury's Superstores4 50 2,715 59 100.0 14.7

6 The Leadenhall Building 50 602 22 83.3 14.5

7 Debenhams, Oxford Street 100 363 11 100.0 24.0

8 Tesco Superstores4 64 1,238 27 100.0 14.8

9 Teesside Shopping Park, Stockton-on-Tees 100 417 15 96.6 7.1

10 Drake Circus Shopping Centre, Plymouth 100 414 16 96.0 5.61 Annualised contracted rent, topped up for rent free, including 100% of Joint Ventures & Funds2 Includes accommodation under offer or subject to asset management3 Weighted average to first break4 Comprises stand-alone assets/properties

64

Top 20 customers & customer split by industry

As at 31 March 2015 % of Contracted Rent

Tesco plc 6.5%Debenhams 5.7%J Sainsbury plc 5.0%HM Government 3.2%UBS AG 3.0%Kingfisher (B&Q) 2.6%Home Retail Group 2.6%Next plc 2.5%Virgin Active 1.9%Spirit Group 1.6%Dixons Carphone 1.6%Alliance Boots 1.6%Marks & Spencer Plc 1.5%Arcadia Group 1.4%Herbert Smith 1.3%Royal Bank of Scotland 1.1%Aegis Group 1.1%TJX Cos Inc (TK Maxx) 1.0%New Look 1.0%SportsDirect 0.9%

General Retail 20%

Fashion& Beauty

17%

Banks & Financialservices 14%

Supermarket 13%

Professional& Corporate

7%

Food/Leisure9%

DIY 7%

Government 3%TMT 6%

Manufacturing3%

Customer Split by Industry (%)

Other Business1%

65

Portfolio weighting

At 31 March 2014%

2015 (Current)%

2015 (Current)£m

2015 (Pro forma)¹%

Shopping parks 23.1 24.4 3,330 23.1

Shopping centres 15.6 16.0 2,185 15.2

Superstores 11.1 6.9 934 6.5

Department stores 4.7 4.3 593 4.1

Leisure 2.8 3.8 515 3.6

Retail & Leisure 57.3 55.4 7,557 52.5West End 22.7 23.9 3,251 26.9

City 17.1 18.8 2,567 18.1

Provincial 0.8 - 3 -

Offices 40.6 42.7 5,821 45.0Residential2 2.1 1.9 259 2.5

Offices & Residential 42.7 44.6 6,080 47.5Total 100.0 100.0 13,637 100.0

Table shows UK total, excluding assets held in Europe1 Pro forma for committed developments to date at estimated end value (as determined by the Group’s external valuers) and post period end transactions.2 Stand-alone residential

66

Portfolio valuation by sector

At 31 March 2015 Group JVs &Funds1 Total1 Change %2

£m £m £m H1 H2 FYShopping parks 2,161 1,169 3,330 7.2 1.1 7.5Shopping centres 1,106 1,079 2,185 5.8 3.2 8.7Superstores 233 701 934 3.1 (1.0) 1.9Department stores 592 1 593 6.5 10.1 17.3Leisure 511 4 515 7.1 2.0 7.1Retail & Leisure3 4,603 2,954 7,557 6.0 2.0 7.5West End 3,251 - 3,251 9.0 9.0 18.6City 77 2,490 2,567 9.0 11.3 20.6Provincial 3 - 3 6.5 12.2 18.7All Offices 3,331 2,490 5,821 8.9 10.0 19.4Residential4 220 39 259 4.9 2.8 7.4All Offices & Residential3 3,551 2,529 6,080 8.7 9.7 18.8Total 8,154 5,483 13,637 7.2 5.2 12.1

Standing Investments 7,558 5,007 12,565 6.6 4.9 11.1Developments 596 476 1,072 12.8 9.8 25.9Table shows UK total, excluding assets held in Europe. Total portfolio valuation including Europe of £13.7bn at year end, +12.1% valuation movement.1 Group’s share of properties in joint ventures and funds including HUT at share2 Valuation movement during the period (after taking account of capital expenditure) of properties held at the balance sheet date,

including developments (classified by end use), purchases and sales3 Including committed developments4 Stand-alone residential

67

Portfolio net yields1,2

Table shows UK total, excluding assets held in Europe.1 Including notional purchaser's costs2 Excluding developments under construction and assets held for development3 Including rent contracted from expiry of rent-free periods and fixed uplifts not in lieu of rental growth4 Including fixed/minimum uplifts (excluded from EPRA definition)

At 31 March 2015 EPRA NetInitial Yield %

EPRA Topped-Up Net Initial

Yield %3

Overall Topped-Up Net Initial

Yield%4

Net EquivalentYield %

Net ReversionaryYield %

Shopping parks 4.9 5.1 5.2 5.1 5.1

Shopping centres 4.6 4.9 4.9 5.1 5.1

Superstores 5.2 5.2 5.2 5.2 5.1

Department stores 4.1 4.1 6.1 4.5 3.8

Leisure 5.1 5.1 6.3 5.4 4.1

Retail & Leisure 4.8 5.0 5.2 5.2 4.9

West End 3.1 4.2 4.3 4.6 4.8

City 3.9 4.7 4.7 4.7 5.7

Offices 3.5 4.4 4.5 4.6 5.2

Total 4.3 4.8 4.9 4.9 5.0

68

Portfolio yield & ERV movements

Table shows UK total, excluding assets held in Europe.1 As calculated by IPD2 Including notional purchaser’s costs3 City ERV growth 6.7% on a like-for-like basis4 Table excludes Residential ERV of £3m

As at 31 March 2015 ERV NEY ERV Growth %1 NEY Yield Compression2 bps

£m % H1 H2 FY H1 H2 FY

Shopping parks 184 5.1 0.9 2.1 3.0 45 7 52

Shopping centres 125 5.1 0.3 1.8 2.1 38 13 48

Superstores 51 5.2 0.1 (0.1) (0.1) 12 (11) 3

Department stores 24 4.5 8.6 0.0 8.7 19 42 56

Leisure 23 5.4 0.7 0.3 1.1 57 21 86

Retail & Leisure 407 5.2 1.1 1.5 2.5 35 10 47

West End 145 4.6 2.6 3.6 6.3 21 24 46

City3 128 4.7 5.9 4.4 10.6 34 30 59

Offices 273 4.6 3.9 4.0 8.0 26 27 51

Total4 680 4.9 2.1 2.4 4.6 32 17 48

69

Lease length and occupancy1

At 31 March 2015 Average Lease Length (yrs) Occupancy Rate (%)

To Expiry To Break Occupancy Occupancy(underlying)2

Shopping parks 8.9 7.9 97.4 98.2

Shopping centres 9.0 7.9 96.5 97.7

Superstores 14.8 14.5 100.0 100.0

Department stores 21.5 21.4 100.0 100.0

Leisure 18.9 18.8 100.0 100.0

Retail & Leisure 11.2 10.4 97.8 98.5

West End 10.6 8.6 98.0 98.7

City 9.4 7.5 93.3 97.4

Offices 10.1 8.1 95.8 98.1

Total 10.8 9.5 97.0 98.3

Table shows UK total, excluding assets held in Europe.1 Excluding developments under construction and assets held for development2 Including accommodation under offer or subject to asset management

70

Annualised rent & estimated rental value (ERV)1

At 31 March 2015 Annualised Rents (Valuation Basis) £m2 ERV £m Average Rent (£psf)Group JVs & Funds Total Total Contracted3, 4 ERV3

Shopping parks 114 62 176 184 25.4 25.6

Shopping centres 63 51 114 125 29.3 30.9

Superstores 13 38 51 51 21.4 21.2

Department stores 25 - 25 24 15.1 14.0

Leisure 27 - 27 23 14.8 11.9

Retail & Leisure 242 151 393 407 23.6 23.6

West End 94 - 94 145 50.6 55.3

City 4 84 88 128 48.8 55.5

Offices 98 84 182 273 49.6 55.3

Residential5 4 - 4 3 - -

Offices & Residential 102 84 186 276 - -

Total 344 235 579 683 28.1 30.0

Table shows UK total, excluding assets held in Europe.1 Excluding developments under construction and assets held for development2 Gross rents plus, where rent reviews are outstanding, any increases to ERV (as determined by the Group’s external valuers),

less any ground rents payable under head leases, excludes contracted rent subject to rent free and future uplift3 Office average rent & ERV £psf is based on office space only4 Annualised rent, plus rent subject to rent free5 Stand-alone residential

71

Rent subject to open market rent review1

Table shows UK total, excluding assets held in Europe.1 Excluding developments under construction and assets held for development

At 31 March 2015 2016 2017 2018 2019 2020 2016-18 2016-20

For period to 31 March £m £m £m £m £m £m £m

Shopping parks 19 17 26 27 18 62 107

Shopping centres 14 14 18 16 10 46 72

Superstores 15 5 4 9 15 24 48

Department stores

Leisure - - 2 1 - 2 3

Retail & Leisure 48 36 50 53 43 134 230

West End 17 13 13 20 22 43 85

City 14 2 15 14 15 31 60

Offices 31 15 28 34 37 74 145

Total 79 51 78 87 80 208 375

Potential uplift at current ERV 4 1 1 2 1 6 9

72

Rent subject to lease break or expiry1

At 31 March 2015 2016 2017 2018 2019 2020 2016-18 2016-20

For period to 31 March £m £m £m £m £m £m £m

Shopping parks 12 7 11 12 14 30 56

Shopping centres 10 9 9 6 9 28 43

Superstores 1 - - - - 1 1

Department stores

Leisure

Retail & Leisure 23 16 20 18 23 59 100

West End 1 19 - 17 13 20 50

City 3 8 8 10 4 19 33

Offices2 4 27 8 27 17 39 83

Total 27 43 28 45 40 98 183

% of contracted rent 4.1% 6.5% 4.3% 6.8% 6.3% 15.0% 28.1%

Potential uplift at current ERV 4 7 - 4 2 11 17Table shows UK total, excluding assets held in Europe.1 Excluding developments under construction and assets held for development2 Based on office space only

73

ERV resetting to market

At 31 March 2015 2016 2017 2018 2019 2020 2016-18 2016-20For period to 31 March £m £m £m £m £m £m £m

ERV expiring – existing portfolio1 30 50 29 50 44 109 203

Speculative developments – West End 2 14 - - - 16 16

Total Rent Resetting to Market 32 64 29 50 44 125 219

ERV of current vacancies2,3 20 20

Vacant & Income Expiring 145 2391 Rent is based on ERV, reflecting current valuation, expires to first break2 Including space under offer of £7m and space subject to asset management of £2m3 Including £6m of vacant space at recently completed developments

74

Contracted rental increases (cash flow basis)

At 31 March 2015 2016 2017 2018 2019 2020 2016-18 2016-20

For period to 31 March £m £m £m £m £m £m £m

Expiry of rent free periods 36 40 5 3 - 81 84

Fixed uplifts (EPRA basis) - - 1 1 - 1 2

Fixed & minimum uplifts in lieu of rental growth 1 3 4 2 1 8 11

Total 37 43 10 6 1 90 97

75

-800-600-400-200

0200400600800

1000

Reshaping of our retail portfolio – buying and selling well

£m

£286m£119m

£31m

£131m

£29mNet Spend

2011 2012 2013 2014 2015

Drake Circus Virgin ActivePortfolio

Ealing B’wayEden walk

Surrey Quays (50%)

SouthGate BathHUT unitsSuperstore

Equity Stake

HUT unitsTesco Swap

5 Superstores 5 Virgin Activegyms

HIF1 Shopping park8 Superstores

6 Shopping parks6 Superstores

2 shopping centres

28 Superstores5 Shopping parks

1 Department store1 Shopping centre

6.1% 7.3% 6.3% 5.7% 5.3%

5.8% 6.9% 5.6% 6.4% 5.4%

Acquisitions and Disposals & Development

Disposals Acquisitions & Development Net SpendNote: Yields exclude development spend

76

Completed developments in period

At 31 March 2015 Sector BL Share Sq ft CurrentValue

Cost toComplete ERV Let & Under

Offer% '000 £m £m1,2 £m3 £m

The Leadenhall Building Offices 50 601 385 12 19.4 16.2

Broadgate Circle Offices 50 42 23 1 1.2 1.0

Old Market, Hereford Retail 100 305 92 4 4.9 4.8

Meadowhall Surrounding Land Retail 50 22 9 - 0.4 0.4

Fort Kinnaird, Edinburgh Retail 35 57 8 1 0.5 0.5

Deepdale, Preston Retail 35 64 6 1 0.4 0.4

Broughton Park, Chester Retail 69 54 11 1 0.7 0.7

Total Completed in Year 1,145 534 20 27.5 24.0

Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%)1 From 1 April 2015 to practical completion (PC)2 Cost to complete excludes notional interest as interest is capitalised individually on each development at our capitalisation rate3 Estimated headline rental value net of rent payable under head leases (excluding tenant incentives)

77

Under Construction development programme

At 31 March 2015 Sector BLShare

Sq ft PCCalendar

CurrentValue

Cost toComplete

ERV Let &UnderOffer

ResiEnd

Value

% '000 Year £m £m1,2 £m3 £m £m4

5 Broadgate Offices 50 710 2015 399 23 19.2 19.2 -

Yalding House Offices 100 29 2015 21 6 1.6 - -

4 Kingdom Street Offices 100 147 2017 36 82 8.6 - -

Clarges Mayfair Mixed Use 100 192 2017 310 170 5.9 - 464

Whiteley Leisure, Fareham Retail 50 58 2015 8 2 0.6 0.5 -

Glasgow Fort, M&S & RetailTerrace Retail 69 112 2015 19 10 1.8 0.9 -

The Hempel Phase 15 Residential 100 25 2016 42 2 - - 51

The Hempel Phase 2 Residential 100 40 2016 50 16 - - 81

Aldgate Place, Phase 16 Residential 50 221 2016 24 47 - - 80

Total Committed 1,534 909 358 37.7 20.6 676

Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%)1 From 1 April 2015 to practical completion (PC)2 Cost to complete excludes notional interest as interest is capitalised individually on each development at our capitalisation rate3 Estimated headline rental value net of rent payable under head leases (excluding tenant incentives)4 Residential development of which £315m completed or exchanged and a further £9m under offer. See “Residential Development Programme” slide for detail5 Previously Craven Hill Gardens6 End value excludes sales of hotel site, receipts of £6m (BL share)

Near-term and medium-term developments

At 31 March 2015 Sector BL Share Sq ft Start On Site Total Cost2 Status% '000 £m

Near-term Pipeline

5 Kingdom Street1 Offices 100 240 2016 188 Consented

100 Liverpool Street Offices 50 517 2017 236 Consented5

Blossom Street, Shoreditch Mixed Use 100 347 2016 219 Submitted

Glasgow Fort (Restaurants & Additional Retail Unit) Retail 69 42 2015 12 Consented

Plymouth Leisure Retail 100 100 2016 36 Consented

Speke Leisure Retail 61 66 2015 16 Submitted

Aldgate Place, Phase 2 Residential 50 145 2016 56 Consented

Crystal House, Ealing Broadway Residential 100 34 2016 18 Submitted

Total Near-Term 1,491 781

Medium-term Pipeline

Eden Walk Shopping Centre, Kingston Mixed Use 50 545 Pre-submission

Canada Water Masterplan3 Mixed Use 100 5,500 Pre-submission

1 - 3 Finsbury Avenue4 Offices 50 460 Pre-submission

Bradford, Forster Square Retail Park, Phase 3 Retail 100 60 Pre-submission

Meadowhall Land Retail 50 350 Pre-submission

Total Medium-Term 6,915

1 210,000 sq ft of which is consented2 Total cost including site value. Excludes notional interest as interest is capitalised individually on each development at our capitalisation rate3 Assumed net area based on gross area of up to 7m sq ft4 Existing net areas, scheme in early design stages5 Post year end the City of London Corporation’s Planning Committee has resolved to grant planning permission

78

79

Residential development programme

At 31 March 2015 Sq Ft No. MarketUnits

PC Date/Status

BL Share Mar 15Value1

CostTo come2

EndValue

Sales Exchanged& Completed

'000 % £m £m £m £m

Mixed-use

Clarges Mayfair3 103 34 2017 100 228 137 464 259

Mixed use 103 34 228 137 464 259

Residential-led

Bedford Street4 28 17 Completed 100 18 - 28 24

The Hempel Phase 1 25 15 2016 100 42 2 51 18

The Hempel Phase 2 40 19 2016 100 50 16 81 -

Aldgate Place Phase 1 221 154 2016 50 24 47 80 38

Residential-led 314 205 134 65 240 80

Aldgate Place Phase 2 145 Consented 50

Crystal House, Ealing Broadway 34 Submitted 100

Near-Term prospective 179

Total Committed Residential 417 239 362 202 704 339Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%)1 Excluding completed sales2 From 1 April 2015 to practical completion (PC). Cost to complete excludes notional interest as interest is capitalised individually on each development at our capitalisation rate3 Includes 9,500 sq ft of affordable housing (11 units)4 Includes 14,000 sq ft of retail space

80

1 Financing costs are capitalised on qualifying expenditure for committed and near term developments at 4%

Estimated future development spend and capitalised interest

At 31 March 2015 PC Pre-letERV

Cost to complete £m (excluding notional interest)- 6 mths

CalendarYear £m Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Total

5 Broadgate 2015 19.2 11 12 23

Yalding House 2015 - 6 6

4 Kingdom Street 2017 - 16 21 23 13 3 4 80

Clarges Mayfair 2017 - 51 38 36 27 10 3 165

Whiteley Leisure, Fareham 2015 0.5 2 2

Glasgow Fort, M&S & Retail Terrace 2015 0.9 10 10

The Hempel Phase 1 2016 - 1 1 2

The Hempel Phase 2 2016 - 11 3 1 1 16

Aldgate Place, Phase 1 2016 - 13 13 13 4 1 44

Total 20.6 121 88 73 45 14 7 348

Total Near-Term 13 46 48 92 107 106 412

Indicative Interest Capitalised on above at attributablerates1 7 6 8 11 8 8 48

81

Estimated future development rental income(accounting basis)At 31 March 2015 PC Gross Rental Income (Accounting basis) £m – 12 mths

CalendarYear Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Onsite developments5 Broadgate 2015 Contracted 12 18 18 18 18

Yalding House 2015 Non-contracted - 1 2 2 2

Clarges Estate 2017 Non-contracted - - 3 5 5

4 Kingdom Street 2017 Non-contracted - - - 7 7

Total Offices Contracted 12 18 18 18 18Non-contracted - 1 5 14 14

Other Retail Developments Contracted 1 1 1 1 1

Non-contracted 1 1 1 1 1

Total Retail Contracted 1 1 1 1 1Non-contracted 1 1 1 1 1

Recently completed developments (letting of vacant space)Marble Arch House 2013 Non-contracted 1 1 1 1 1

The Leadenhall Building 2014 Non-contracted 3 6 6 6 6

Broadgate Circle 2015 Non-contracted - - - - -

Total Recently Completed Non-contracted 4 7 7 7 7

Property Yields and interest rate yield gap

-1.0

1.0

3.0

1990 1997 1999 2003 2005 2008 2010 2014Source: IPD/Bloomberg

Source: IPD

Gap

as

mul

tiple

of g

ilt y

ield

2.0

4.0

6.0

8.0

10.0All Retail Central London OfficesRetail and London Office Yields

Property Yield vs 10 Year Gilt Yields

NIY

%

82

83

0.0

2.0

4.0

6.0

8.0

10.0

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Central London pipeline

m sq ft

Q1 2015

Completed Pipeline Pre-let Potential Speculative

U/C Pre-let U/C - Speculative

10 year average new/refurb take-up

10 year average dev completions

Source: Knight Frank

84

West End development pipeline

m sq ft

Q1 2015

Completed Pipeline Pre-let Pipeline Speculative

U/C Pre-let U/C - Speculative

10 year average new/refurb take-up

10 year average dev completions

0.0

0.5

1.0

1.5

2.0

2.5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19Source: Knight Frank

85

City development pipeline

m sq ft

Q1 2015

Source: Knight Frank

Completed Pipeline Pre-let Pipeline Speculative

U/C Pre-let U/C - Speculative

10 year average new/refurb take-up

10 year average dev completions

0.0

1.0

2.0

3.0

4.0

5.0

6.0

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

86

0

2

4

6

8

10

12

14

16

18

1985 1990 1995 2000 2005 2010 2015

Vacancy Central London

West End & City Vacancy Rates

West End Void Rate (Period end) Pipeline Pre-letSource: CBRE

%

87

London office market rental outlook

Prime London Office Rents

2008

2013

2012

2014

2019

2018

2017

2016

2015

1996

1995

1994

1993

1999

1998

1997

2007

2006

2005

2010

2009

2011

2004

2003

1992

1991

1990

2002

2001

2000

Rental Growth Driven by Imbalance Between Supply and Demand

£ psf

Source: CBRE (historic) and Average Agents' Consensus (including PMA) for forecasts

Actual Forecast

0

20

40

60

80

100

120

140

West End City

88

Regent’s Place Campus

89

Paddington Central Campus

3

2

1 Development sites (355,000 sq ft) +Crossrail box below (80,000 sq ft)

Multi-let offices 267,000 sq ft

Multi-let offices 143,000 sq ft

200 residential units sold onlong leases; retail at ground floorNew Hammersmith & City Linestation and access to Crossrail

88,000 sq ft retail (16 units)around Sheldon Square

Offices 196,000 sq ft

Non British Land ownership

206 room 4 star hotel(111,000 sq ft)

6

5

4

9

8

7

12

3

4

5

6

789

Broadgate Campus

23

1

6

5

4

9

8

7

12

11

10

15

14

1318 17

16

19

1 Finsbury Avenue

2 Finsbury Avenue

3 Finsbury Avenue

1&2 Broadgate

3 Broadgate

100 Liverpool Street

8-12 Broadgate

The Broadgate Circle

5 Broadgate Under Construction

135 Bishopsgate

155 Bishopsgate

175 Bishopsgate

199 Bishopsgate

201 Bishopsgate

The Broadgate Tower

Broadwalk House

Exchange House

10 Exchange Square

1 Appold Street

3

2

1

6

5

4

9

8

7

12

11

10

15

14

13

18

17

16

19

90

Blossom Street, Shoreditch

Broadgate

Blossom St,Shoreditch

92

Disclaimer

The information contained in this presentation has been extracted largely from the Full Year Results Announcement for the period ended31 March 2015.

This presentation may contain certain “forward-looking” statements. By their nature, forward-looking statements involve risk and uncertainty because they relate tofuture events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-lookingstatements. Any forward-looking statements made by or on behalf of British Land speak only as of the date they are made and no representation or warranty is given inrelation to them, including as to their completeness or accuracy or the basis on which they were prepared. British Land does not undertake to update forward-lookingstatements to reflect any changes in British Land’s expectations with regard thereto or any changes in events, conditions or circumstances on which any suchstatement is based.

This presentation is made only to investment professionals as defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005('the FP Order'). The content of this presentation has not been approved by a person authorised under the Financial Services and Markets Act 2000 (“FSMA”).Accordingly, this presentation may only be communicated in the UK with the benefit of an exemption set out in the FP Order. An investment professional includes:

(i) a person who is authorised or exempt under FSMA; and

(ii) a person who invests, or can reasonably be expected to invest, on a professional basis for the purposes of a business carried on by him; and

(iii) a government, local authority (whether in the United Kingdom or elsewhere) or an international organisation; and

(iv) any director, officer, executive or employee of any such person when acting in that capacity.

This presentation is published solely for information purposes. This presentation does not constitute an offer to sell or the solicitation of an offer to subscribe for or buyany security, nor a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in thispresentation in any jurisdiction in contravention of applicable law. No representation or warranty, either express or implied, is provided in relation to the accuracy,completeness or reliability of the information contained herein.

The distribution of this presentation in jurisdictions other than the UK may be restricted by law and therefore any persons who are subject to the laws of any jurisdictionother than the UK should inform themselves about, and observe, any applicable requirements. This presentation has been prepared for the purpose of complying withEnglish law and the City Code and the information disclosed may not be the same as that which would have been disclosed if this presentation had been prepared inaccordance with the laws of jurisdictions outside the UK.

All opinions expressed in this presentation are subject to change without notice and may differ from opinions expressed elsewhere.