#1Full Year Results Presentation Year ended 31 March 2021 British Land#2· • • Key Highlights Financial performance impacted by Covid-19 - Underlying profit down 34% to £201m EPRA NTA down 16% to 648p Operational performance resilient - £1.2bn asset sales, 6.2% ahead of book value - 2.2m sq ft leasing activity including 1.7m sq ft in retail • New strategy exploiting our competitive strengths, investing behind two key themes: = Campuses and Retail & Fulfilment Well positioned to deliver our strategy Strong balance sheet, with LTV reduced to 32% - Improving economic & occupational backdrop Embedded growth opportunities in our portfolio EATALY EATALY BASE PIZZA ARMANI EXCHANGE VINO & APERITIVO Eataly at Broadgate CUCINA#3Financial Results David Walker British Land 100 Liverpool Street#4Results Overview £201m 648p £9.1bn Underlying Profit -34.3% vs Mar 20 EPRA Net Tangible Assets per share -16.3% vs Mar 20 Portfolio valuation -10.8% vs March 20 (Retail -24.7%, Offices -3.8%) 83% FY21 rent collected Offices 99%, Retail 71% 32.0% Loan to value No requirement to refinance until early 2025 15.0p Dividend per share 80% of underlying earnings per share 3#5Underlying earnings per share 32.7p (2.3p) 1.1p 0.2p 31.7p (4.6p) (6.1p) 0.6p (2.8p) 18.8p 2020 Net divestment Development Share buyback Excl. impact of capital activity Like for like income incl. CVAS & admins Provisions for rent receivables, deferred rent, tenant incentives & service charge Financing activity Tax charge 2021 Recently completed and committed developments will add a further 5.4p to annualised EPS once fully let 4#6Net rental income £m (25) 478 Offices -1.0% 1 Retail -17.4% 1 (43) (53) (6) 14 2 367 2020 Net divestment Like for like incl. CVAS and admins Provisions for outstanding rents and service charge income Provisions for deferred rents Provisions for tenant incentives Developments 2021 1 Like for like % excludes the impact of surrender premia, provisions for outstanding rent, service charge, deferred rents and tenant incentives 5#7FY21 rent collection Rent due between 25 March 2020 and 24 March 2021 As at 18th May Received Rent deferrals Rent forgiven Moved into administration Outstanding Total Collection of adjusted billing² Offices Retail¹ Total 99% 71% 83% 1% 5% 3% 9% 5% 3% 2% 12% 7% 100% 100% 100% £225m £305m £530m 100% 83% 90% March 21 quarter rent collection has improved to 84%, with offices at 98% and retail at 72% 1 Includes non-office customers located within our London campuses. 2 Total billed rents exclusive of rent deferrals and rent forgiven. 6#8Debtors and provisioning Receivable Debtor balance Provision balance % provided for FY21 impact Description Less than 91 days £45m £14m 31% £14m 91-182 days £20m £14m 70% £14m 183 - 365 days £31m £31m 100% £31m More than 365 days £13m £13m 100% We take a systematic approach to provisioning based on ageing and credit quality of individual debtor balances Tenant debtors £109m £72m 66% £59m Deferred rents (accrued income) £10m £6m 60% £6m Primarily rents deferred from March 2020 due over the next three quarters Total as at 31 March 2021 £119m £78m 66% £65m Since 1 April, a further £24m of outstanding rents and service charge has been collected Net of VAT and on a proportionally consolidated basis including the Group's share of Joint ventures and Funds and excluding non-controlling interests in the Group's subsidiaries. 7#9Income statement Financial Year to 31 March 2020 2021 Change % Net rental income (£m) 478 367 (23.2%) Fees & other income (£m) 13 11 (15.4%) Administrative expenses (£m) (74) (74) Net finance costs (£m) (111) (103) (7.2%) Underlying Profit (£m) 306 201 (34.3%) Underlying tax charge1 (26) Underlying earnings per share (p) 32.7 18.8 (42.5%) Dividend per share (p) 15.97 15.04 (5.8%) 1 Underlying tax charge relates to the Corporation Tax charge incurred as a result of temporary suspension of dividend payments related to FY20. Underlying tax is included within the calculation of Underlying earnings per share. 8#10New dividend policy provides clarity Clear & simple policy • 80% of Underlying Earnings per Share Based on the most recently completed six-month period Maintains strategic flexibility Dividend adjusts to reflect the impact of capital activity and trading conditions REIT compliant FY21 dividend • 15.04p dividend per share for FY21 Final dividend paid August 2021 9#11EPRA Net Tangible Assets 773p 137p 19p (8p) (1p) (1p) 3p 648p Mar 20 Valuation performance Property disposals Underlying Profit Dividend Finance liability management Other Mar 21 10#12Strength of debt metrics 31 March 2020 £1.3bn Undrawn Facilities and Cash No requirement to refinance until: Loan to value¹ Weighted Average Interest Rate¹ Interest Cover1 Weighted Average Drawn Debt Maturity1 Senior unsecured credit rating (Fitch) Unsecured debt covenants: 31 March 2021 £1.8bn 2024 2025 34.0% 32.0% 2.5% 2.9% 3.8x 3.0x 7.5yrs 7.6yrs A A Net Borrowings not to exceed 175% of Adjusted Capital and Reserves Net Unsecured Borrowings not to exceed 70% of Unencumbered Assets 40% 33% 30% 25% Valuation headroom 45% 46% 1 On a proportionally consolidated basis including the Group's share of Joint ventures and Funds and excluding non-controlling interests in the Group's subsidiaries. 11#13Progress against our 2030 sustainability strategy . Achieved a GRESB 5* rating and awarded a green star rating for the 11th consecutive year GRES B ★ 2020 Validation of our climate commitment by the Science Based Target initiative First Net Zero Carbon development at 100 Liverpool Street 1 Broadgate will be our most operationally energy efficient building yet, in line with our 2030 target Supported 364 people into employment at our places B PRIMARK FALI Ealing Broadway GRESBⓇ and the related logo are trademarks owned by GRESB BV and are used with permission. TOWN SAP ELLING EALI ROADWAY EA TALIN SPOUWK ADWAY ICE CREAM EALING BROADWAY EALING BROADWAY 41010 ORDAIN 12#14Proven resilience, positioned for opportunity and growth Strong financial position to act at pace • £1.8bn of cash and facilities . LTV low at 32.0% Completed and committed developments add an additional £50m of earnings New dividend policy provides clarity and flexibility Challenging year, but resilient throughout . 99% of office rents collected, 83% overall 85% of outstanding rent and service charge debtors provided for¹ £1.2bn of disposals at 6.2% above book No requirement to refinance until 2025 1 Taking into consideration post year end receipts wwww 100 Liverpool Street 13#15Operations & markets Darren Richards British Land A WAT HES-SWZERLAND O GA Dune 20 20 201 5799 100 Liverpool St, Broadgate#16Valuation performance Valuation £m Valuation movement H2 21 Total 9,132 (3.8%) FY 21 Yield Movement ERV movement (10.8%) +33bps -7.6% Offices 6,032 (0.8%) (3.8%) +9bps +0.7% Retail 2,592 (11.4%) (24.7%) +81bps -16.8% Retail Parks 1,367 (6.5%) (18.6%) +45bps -15.2% Shopping Centres 896 (19.9%) (35.7%) +143bps -20.3% Residential 121 (1.9%) (10.6%) Canada Water 387 3.4% (2.5%) 15#17Office leasing • . Leasing volumes lower, reflecting our high occupancy and a subdued market - - - 395,000 sq ft offices leasing; 168,0001 sq ft over one year, 2.3% ahead of ERV2 161,000 sq ft deals post year end, including 134,000 sq ft to JLL at 1 Broadgate - 94.1% occupancy on our offices portfolio - 474,000 sq ft under offer or in negotiations Storey resilient and improving - - 61,000 sq ft leasing; rental premium 30%+ Enquiries up significantly; 100+ in March 48,000 sq ft under offer - 100% rent collection; occupancy on stabilised buildings 79% 1 Excludes temporary deals with terms of less than one year 2 Excludes Storey Storey Club, 4 Kingdom Street 16#18Office insights & demand dynamics What our customers are saying How much space will be needed Three main groups of thought: 1. Taking the opportunity to downsize 2. Weighing up options and waiting for the reopening to unfold 3. Looking to growth and new requirement for space How will space be used • An increased need for space that enhances collaboration and social interaction • Enables hybrid working and considers peak occupancy Quality across all aspects: Sustainable, tech enabled, promoting wellbeing and productivity Demand dynamics • Take up is down: 36% of long term average • 1.5m sq ft of RFPs in the year • 21% of recent deals above £90 psf vs 6% prior to the pandemic¹ • Record level of Storey viewing in March and April • Physical viewings near normal levels ¹based on last 6 months in Central London, vs 6 months prior to the start of the pandemic Strong levels of interest within our development pipeline 17#19Demand focused on best space where supply most constrained m sq ft 25 20 20 15 10 10 5 Market focused on quality Central London available space: increase driven by second hand space 10-year average: 14.7m sq ft Quality supply remains constrained • 77% of available space in London is second hand Tenant controlled space up 104% year on year Total pipeline for new and refurbished space 8m sq ft vs. 5m sq ft annual take up 34% space under construction is pre let Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Secondhand ■New Completed Source: CBRE, Cushman & Wakefield, JLL New U/C Q2 2020 Q3 2020 Q4 2020 Q1 2021 18#20Campus proposition in action New openings at Broadgate TOMMY HILFIGER Kiehl's STOREY CLUB SINCE 1851 EATALY alti cibi JR JOHN REED FITNESS Sustainability key to JLL pre-let of 1 Broadgate Targeting strong sustainability credentials: BREEAM® OUTSTANDING INTERNATIONAL WELL PLATINUM WELL C INSTITUTE BUILDING TM SKA SS Broadgate 19#21Retail Leasing 1.7m sq ft retail leasing - 962,000 sq ft over one year; 19.3% below previous passing rent1, 11.5% below March 2020 ERV1 Working with high quality occupiers next JD pets Currys SPORTS DIRECT.COM • Pragmatic approach focused on maximising occupancy - - Accepting lower rents to generate sustainable cash flow to underpin value Encouraging pipeline of activity Under offer on 583,000 sq ft; 29.3% below previous passing rent; 5.8% below March 21 ERV Retail parks account for 60% of pipeline 71% of rent collected for FY21 at home bensons for beds PC World hb home bargains dfs H&M Sainsbury's Iceland M&S EST. 1884. ALDI sofology Boots 1.Excludes temporary deals with terms of less than one year 20 20#22Outperforming on footfall and sales Footfall and Sales since reopening LfL Sales and Footfall vs 2019 11 April 16 May¹ Outperformance vs benchmarks British Land LfL Sales and Footfall Outperformance vs benchmark² (bps) 120% 100% 80% 60% 40% 20% 500 400 300 200 100 0% Footfall Portfolio LfL Sales Retail parks Shopping Centres 0 FY16 FY17 FY18 FY19 FY20 ■Footfall LfL Sales Retail Parks are in line with pre-pandemic levels for both footfall and LfL sales 1 Excludes F&B and excludes assets for periods when non-essential retail was required to close 2LfL Sales benchmark: BRC KPMG In-Store LFL Non-Food Index, Footfall benchmark: ShopperTrak UK National Index 21#23Deep dive on Retail • Our portfolio primarily comprises retail parks and open air schemes - Only 22% are traditional covered shopping centres Increasingly strong occupier base - Targeting well capitalised companies that are online compatible e.g. Next and JD Sports - As well as grocery and discount operators which are online resilient e.g. Home Bargains and Aldi Occupiers have a strong preference for out of town retail parks which support fulfilment Retail Portfolio - £2.6bn 53% 12% Open air schemes 22% Traditional covered shopping centres 13% • They support an online offer: 82% of stores offer click and collect¹ • Many key occupiers use their stores to complement their logistic networks, including shipping to their customers from store1 Shopping centres ■Leisure and other ■Retail Parks 1 Based on a internal survey covering 180 stores within our retail assets 22 22#24Retail Parks increasingly affordable 100 Retail park ERV decline decelerating Retail park like-for-like ERV decline as a % vs March 2018 Increasing affordability on our portfolio 95 90 85 80 75 70 69 65 FY19 FY20 Sep-20 Mar-21 Pipeline deals now transacting at current ERVS 1Assumes current ERVS and pre pandemic retail sales as at September 2019 11% Occupancy Cost Ratio for our Retail Parks1 • ⚫ Further upside when lower ERVS reflected within rates • Higher cost ratios for shopping centres (15%) Cost ratios will benefit from potential rates reform 23#25Strategy and outlook Simon Carter British Land T SE 1 Broadgate#26Our Strategy Places people prefer. With a focus on development, active management and repositioning opportunities. Investing behind two strategic themes: Campuses Dynamic neighbourhoods focused on growth customers and sectors We have four priorities to deliver this Realising the potential of our Campuses Progressing value accretive development Retail & Fulfilment Retail parks & urban logistics aligned to the growth of convenience, online and last mile fulfilment Targeting the opportunities in Retail & Fulfilment Active capital recycling Three. 25 25#27How we create value Source value & growth opportunities M&S MARKS & SPENCE A1 Retail Park, Biggleswade Value opportunity Heritage House, Enfield Development-led urban logistics opportunity Recycle capital Recycle capital Allianz JV £400m value crystallised Ongoing 25% share and asset management Source value & Actively manage & develop growth opportunities and develop Actively manage a Development Norton Folgate 1 Broadgate Canada Water Active management Broadgate repositioning Life sciences at Regent's Place 26#28Our campuses benefit from today's trends Our campus proposition Sustainable, high quality space supporting wellbeing Aligned to the way we work XI 眼 Great locations & excellent transport links Engaging public realms & amenities embedded in local communities Flexible with ability to grow BREEAM® OUTSTANDING 100 Liverpool Street & Broadgate Circle Campuses 27#29Driving campus performance through development Committed 1 Broadgate 546,000 sq ft Near term Canada Water - Phase 1 582,000 sq ft Campuses Medium term 2-3 Finsbury Avenue 704,000 sq ft A1 A2 Norton Folgate 336,000 sq ft 5 Kingdom Street 438,000 sq ft Canada Water Later phases, 4.5m sq ft 000 DOOL 28#30Developing our fourth campus at Canada Water • • • • Drawdown of 500-year headlease completed - Following grant of planning Flexible planning consent, ranging from: - 2,000 to c.4,000 residential units - 500,000 sq ft to 2.5m sq ft workspace 10-12 year programme Targeting annualised development returns in the low teens - Exploring partnership opportunities to accelerate returns and mitigate risk TEDI-London, engineering, higher education provider signed - Conversations with other occupiers in this space TED LONDON • • Opportunities to target other growth sectors TEDI modular campus Campuses#31Aligning to innovation sectors Technology Science & engineering Artificial Intelligence Life sciences Sustainability Campuses 30#32Campuses Aligning to innovation sectors: life sciences Attractive market fundamentals Why we are well placed Government investment to double to £22bn by 20251 Unique mixed use campuses Clustering of world leading research institutions in the Knowledge Quarter Growing overseas investment Personalisation of healthcare through technology Innovation Ability to deliver in new sectors Employment growth + 5% pa² Best in class platform 1 UK Budget, March 2020 2 To 2025, UKBIA Track record of supporting growing businesses 31 34#33Retail Parks: affordable and support fulfilment Attractive market drivers £ + Affordable: OCRs at current ERVS of 11% Complementary to online; click & collect, returns, ship from store Preferred by retailers Retail Park value opportunity Illustrative example Attractive net initial yield of 8% + Retail & Fulfilment ERV decline, c.5% then stabilisation + Occupancy increase, c.5% + Yield compression Downside protection: alternative use and low capital value psf Double digit 5yr IRRs in base case 32 32#34Retail Parks: crossover with urban logistics Role of retail parks in logistics Capital values converging Capital value, £psf Retail & Fulfilment • Used by retailers to support last mile delivery £600 • - Click & collect - Returns Ship from store Conversations on our space with third party logistics providers Retail parks have been acquired in the south east for conversion to logistics - Amazon/Pentavia retail park, Mill Hill Prologis / Ravenside retail park, Edmonton £500 £400 £300 £200 £100 £0 Mar 2018 Mar 2019 Mar 2020 Mar 2021 -Logistics BL Retail Parks Source: MSCI 33#35Retail & Fulfilment Urban logistics: a strong growth market Attractive market drivers Forecast rental growth, London ERV growth, % 7.0 Growth of e-commerce 6.0 Demand for same day delivery 5.0 accelerating; expected to 4.0 double over 5 yrs 3.0 Limited supply given competing uses for land in 2.0 London 60% demand growth 2020-25, of which 70% focused on London 10 1.0 0.0 2021 2022 2023 ■PMA ■Gerald Eve CBRE 34 34#36Urban logistics: our ability to deliver • • • Why we are well placed Our Central London expertise ― - To source opportunities Obtain planning Requires innovative solutions Multi-storey - Underground Incorporating into mixed use Development expertise - To meet rapidly evolving demand ESG credentials Building on constrained sites Heritage House, Enfield ROSE NEAS PLNENT Retail & Fulfilment 11 acre site within M25 40% coverage ratio 55 35#37Delivering on our priorities and next steps Realising the potential of our campuses Progress: Pre-let 1 Broadgate to JLL Headlease drawdown at Canada Water & TEDI- London signed Next steps: Sign further pre-lets Target innovation sectors inc. life sciences Deliver Place Based initiatives in our communities Progressing value accretive development Progress: Delivered our first net zero development Commitment to 1 Broadgate and Norton Folgate Next steps: Commitment to Phase 1 Canada Water All developments now net zero Deliver on Pathway to net zero Targeting the opportunities in retail fulfilment Progress: c.£200m retail park acquisitions Urban logistics acquisition Progressing planning at Meadowhall & Teesside Next steps: Increase retail park weighting Drive occupancy & cash flow quality Acquire further logistics development opportunities Active capital recycling Progress: £1.2bn asset sales, 6% ahead of book Reinvestment in development & acquisitions Next steps: Further recycling of mature assets into developments and acquisitions 36#38Outlook Campuses • • Offices market rents expected to decline up to 5% before recovering Campus rents to outperform given demand. concentrated on best space Downward pressure on office yields as confidence improves driven by low interest rates and yield differential with the Continent Retail & Fulfilment . • • Retail park rents expected to decline a further c.5% before stabilising with some yield compression Shopping centres will take longer to stabilise; business rates may be a catalyst Urban logistics in London to see continued rental growth of c. 4-5% pa Canada Water#39Our Strategy Places people prefer. With a focus on development, active management and repositioning opportunities. Investing behind two strategic themes: Campuses Dynamic neighbourhoods focused on growth customers and sectors We have four priorities to deliver this Realising the potential of our Campuses Progressing value accretive development Retail & Fulfilment Retail parks & urban logistics aligned to the growth of convenience, online and last mile fulfilment Targeting the opportunities in Retail & Fulfilment Active capital recycling Three. 38#40Appendices ITALIAN TO GO COCOMAMA COCO DI MAMA HOT STUFF BEHIND THE COUNTER ITALIAN TO GO CHANA ITALIAN TO GO#41A diverse, high quality portfolio Retail & Fulfilment (25%) £9.1bn (BL share) Campuses (70%) CRIMAR Retail Parks (15%) 81% London & South East Shopping Centres (10%) Other (5%) Residential (1%) Other Retail (4%) London campuses (59%) Standalone offices (7%) Canada Water (4%) 40 40#42Storey roll out DE Crossrail ST REY ST REY STOREY Paddington Central Regent's Place Broadgate 2 Kingdom Street 4 Kingdom Street 338 Euston Road 2&3 Finsbury Avenue Appold Studios 1 Finsbury Avenue 100 Liverpool Street Ealing DE STOREY Ealing Farringdon Bond St. DE E Paddington DE Liverpool St. Tottenham Court Rd STOREY Fitzrovia STOREY Haggerston International House 6 Orsman Road 19 Wells Street Whitechapel QE Woolwich#43March 2021 rent collection Rent due between 25 March 2021 and 18 May 2021 As at 18th May Received Offices Retail¹ Total 98% 72% 84% Rent deferrals Rent forgiven 1% 1% Customer paid monthly 1% 5% 3% Outstanding 1% 22% 12% 100% 100% 100% Total £45m £50m £95m Collection of adjusted billing 2 99% 76% 87% 1 Includes non-office customers located within our London campuses. 2 Total billed rents exclusive of rent deferrals, rent forgiven and tenants moved to monthly payments. 42 42#44FY21 rent collection Rent due between 25 March 2020 and 24 March 2021 As at 18th May Received Rent deferrals Rent forgiven Moved into administration Outstanding Total Collection of adjusted billing 2 1 Includes non-office customers located within our London campuses. 2 Total billed rents exclusive of rent deferrals and rent forgiven. Offices Retail¹ Total 99% 71% 83% 1% 5% 3% 9% 5% 3% 2% 12% 7% 100% 100% 100% £225m £305m £530m 100% 83% 90% 44#45Major retail property holdings As at 31 March 2021 BL Share Sq ft 000's Rent (100%) £m pa Occupancy Lease Length 1,4 Rate % 2,4 yrs³ 3,4 1 Meadowhall, Sheffield 50 1,500 72 94.9 4.1 2 Drake's Circus, Plymouth 100 1,190 14 87.0 5.4 3 Teesside, Stockton 100 569 14 90.9 3.2 4 Glasgow Fort 78 510 16 91.7 5.4 сл 5 Ealing Broadway 100 540 13 90.7 3.4 CO 6 Speke, New Mersey 68 502 13 95.8 4.6 7 Giltbrook, Nottingham 100 198 7 100.0 5.6 8 Fort Kinnaird, Edinburgh 39 560 17 92.1 4.5 6 Broughton, Chester 78 337 8 97.2 4.1 10 SouthGate, Bath 50 198 9 96.6 6.2 1 Annualised EPRA contracted rent including 100% of Joint Ventures & Funds 2 Including accommodation under offer or subject to asset management 3 Weighted average to first break 4 Excludes committed and near term developments 45 45#46Broadgate Campus WILSON STREET EARL STREET SUN STREET 18 JRY AVENUE ELDON STREET MOORGATE 2 O SNOWDEN STREET PINDAR STREET APPOLD STREET ⑦ SUN STREET PASSAGE LIVERPOOL STREET STATION STATION CONCOURSE CROSSRAIL LIVERPOOL STREET WORSHIP STREET 12 13 PRIMROSE STREET 14 10 16 15 BISHOPSGATE SHOREDITCH HIGH STREET BLOSSOM STREET FOLGATE STREET 1 1 Broadgate 2 3 Broadgate 3 1 Finsbury Avenue 42 & 3 Finsbury Avenue 55 Broadgate 6 Broadgate Circle 7 100 Liverpool Street 8 1 Appold Street 9 10 Exchange Square 10 Exchange House 11 Broadwalk House 12 The Broadgate Tower 13 201 Bishopsgate 14 199 Bishopsgate SPITALFIELDS BRUSHFIELD STREET 15 175 Bishopsgate 16 155 Bishopsgate 17 135 Bishopsgate ARTILLERY LANE 17 MIDDLESEX STREET 18 Appold Studios (BL Ownership 100%) 19 Norton Folgate (BL Ownership 100%) British Land ownership (50%) British Land Ownership (development 50%) Non-British Land ownership BE Crossrail (Elizabeth Line) 46 46#47Paddington Central Campus HARROW ROAD A404 WESTWAY A40 KINGDOM STREET 10 WESTBOURNE BRIDGE ROYAL OAK ← RSETT TERRACE 8 WESTWAY A40) SHELDON SQUARE 12 BISHOP'S BRIDGE ROAD GRAND UNION CANAL PADDINGTON NÆ 1 Four Kingdom Street 2 Two Kingdom Street 3 Three Sheldon Square 4 Sheldon Square 5 British Land owned ground floor retail with non-British Land owned residential above 6 British Land owned ground floor retail with non-British Land owned residential above 7 One Sheldon Square 8 One Kingdom Street 9 Novotel Hotel 10 Five Kingdom Street and The Box PADDINGTON 11 Retail Canal Boats. 12 The Gateway Building British Land ownership British Land ownership [development] Non-British Land ownership DE Crossrail (Elizabeth Line) 47#48Regent's Place Campus REGENT'S PARK Φ GREAT PORTLAND STREET OSNABURGH STREET 14 (2) LONGFORD STREET 5 15 BROCK STREET DRUMMOND STREET TRITON STREET REGENT'S PLACE TRITON SQUARE PLAZA 10 (ಪ) 13 12 11 EUSTON ROAD WARREN STREET 120 Triton Street 2 1 Osnaburgh Street ③1-8 Longford Street ④UKPN Substation 51 Triton Square 6 10 Brock Street EUSTON STATION e EUSTON SQUARE (7) 20 Brock Street 8 15-31 Hampstead Road ⑨30 Brock Street (10) Euston Tower 11) 2 Triton Square (12) 338 Euston Road 13) 350 Euston Road 14) 10 Triton Street 15) 184-192 Drummond St British Land ownership British Land ownership (development) Residential Non-British Land ownership 48 48#49Top 20 occupiers Retail As at Offices Occupier Split by Industry (%) % of As at % of 31 March 2021 Retail 31 March 2021 Office Rent Rent Other 9% 5.4 Next Facebook 8.6 Government 4% Fashion & Beauty 19% Walgreens (Boots) 4.7 UK Government 6.9 Home & DIY 5% 4.2 M&S Plc Dentsu Aegis¹ 4.8 Tesco 3.1 4.3 Visa J Sainsbury 3.1 Herbert Smith Freehills 3.5 TMT 15% JD Sports 2.9 Gazprom 2.9 Food / Leisure 10% Dixons Carphone 2.9 Microsoft Corp 2.7 Frasers Group 2.6 TP ICAP Plc 2.5 TJX (Tk Maxx) 2.5 SMBC 2.4 2.0 Virgin Vodafone 2.2 Asda Group 2.0 Deutsche Bank 2.1 Hutchison Whampoa Ltd 1.9 Henderson 1.9 Professional & Corporate 11% DFS Furniture 1.9 Reed Smith 1.8 TGI Fridays 1.8 The Interpublic Group (McCann) 1.7 Banks & Financial services 13% General Retail 14% River Island H&M Primark Wilkinson 1.6 Mayer Brown 1.6 1.5 Ctrip.com (Skyscanner) 1.5 1.5 Mimecast Ltd 1.4 1.5 Credit Agricole 1.3 Homebase 1.5 1.3 Kingfisher Pets at Home 1.2 1.2 Milbank LLP Total top 20 49.8 Total top 20 56.3 1 Taking into account their pre-let of 310,000 sq ft at 1 Triton Square, and the break of existing space at 10 & 20 Triton St, % contracted rent would rise to 8.9% 49 49#50Capital Activity Since 1 April 2020 Offices Retail £m £m Residential Canada Water Total £m £m £m Purchases¹ 284 284 Sales2 (643) (556) (18) Development Spend (1,217) 98 3 2 26 129 Capital Spend 35 25 60 Net Investment (510) (244) (16) 26 (744) Gross Investment 776 868 20 26 1,690 On a proportionally consolidated basis including the Group's share of joint ventures and funds Includes the purchase of Heritage House, Enfield which exchanged and completed post period end, as well as the commitment to acquire the remaining 22% interest of HUT at a GAV of £148m. 2Includes Beaumont Leys sale for £9m which exchanged in the year and completed post period end and St Anne's sales for £6m which exchanged in the year. 50 50#51Capital Activity Net Spend 1 £m 1,600 1,200 800 400 £7.3bn Gross investment activity since April 2016 (£502m) (£739m) (£753m) £121m £(744)m (400) (800) (1,200) (1,600) (2,000) FY17 Sales FY18 Capital Investment FY19 FY20 FY21 Purchases Net Spend 1 Previous periods have been restated to exclude transactions exchanged in the period that have now completed. Includes post period capital activity including the acquisition of Heritage House, Enfield, the 22% remaining interest of HUT and the disposal of Beaumont Leys (Fletcher Mall). 57 51#52Sales (1 of 2) Since 1 April 2020 Sector Price Price (100%) £m (BL Share) Annual Passing Rent £m £m 1 Completed Tescos, Milton Keynes & Peterborough Retail 149 149 9 Portfolio of Sainsbury's stores² Retail 102 102 B&Qs, Various Retail 100 100 8 Beaumont Leys (Bradgate Mall) Retail 63 63 5 Beaumont Leys (Fletcher Mall)³ Retail 9 9 1 David Lloyd, Northwood Retail 51 51 2 Tesco, Brislington Retail 42 42 3 Valentine Retail Park, Lincoln Retail 24 9 1 Picton Place / James Street, London Retail 14 14 1 Studlands Retail Park, New Market Retail 11 11 1 Debenhams, Chelmsford Retail 4 4 Deepdale Retail Park (unit A), Preston Retail 4 2 1 BL share of annualised rent topped up for rent frees. 2 The portfolio was the indirect ownership (25.5%) of the reversionary interest of 26 Sainsbury's stores. 3 Exchanged in the year and completed post period end. 52 52#53Sales (2 of 2) Since 1 April 2020 Sector Price Price (100%) (BL Share) Annual Passing Rent £m £m £m 1 Completed Marble Arch House, York House & 10 Portman Sq Offices 535 401 12 Clarges, Mayfair Offices 177 177 5 LO Yalding House, London Offices 42 42 2 Orwell House, London Offices 23 23 1 Clearwater Development, Theale Residential 12 12 Exchanged St Anne's, Regents Place² Total Residential 1 BL share of annualised rent topped up for rent frees. 2 St. Anne's is an 8 storey, affordable housing block that forms part of the development at Triton Square. CO 6 CO 1,368 1,217 51 53 53#54Purchases Since 1 April 2020 Sector Price Price (100%) (BL Share) Annual Passing Rent £m £m £m 1 Completed A1 Retail Park, Biggleswade Retail 49 49 5 Heritage House, Enfield² Logistics 87 87 2 Exchanged Hercules Unit Trust units Retail 148 148 12 Total 1 BL share of annualised rent topped up for rent frees 2 Completed post period end. 284 284 19 54 54#55FY22 income statement – key moving parts and sensitivities Gross Rents - Financing • • Annualised accounting gross rent of £426m as at 31 March 20211. Weighted average interest rate now 2.9% on gross debt of £3.2bn. • c.£12m will move into vacant possession for development, principally Euston Tower (VP as of April 2021). • Undrawn facilities of £1.7bn, with commitment fees of c.30bps p.a. . Increase of c.£19m of annualised accounting rents expected following the practical completion of 1 Triton Square in May 2021. Operating costs A key sensitivity will be rent collection in FY22, which we expect will continue being impacted to the extent that the rent moratorium continues to be in place. We currently expect our provision methodology to be consistent with that of FY212. As a reminder, the impact of tenant debtors and deferral provisions in FY21 was £65m, with an additional £18m of provisions for tenant incentives. We remain focused on controlling costs; however, we identify the following known increases: £2.5m annualised York House lease depreciation/rent, following partial sale in FY21. P&L credits of £2.9m taken in FY21 relating to the closure of the defined benefit pension scheme. 1 This incorporates the reduction to contracted rents as a result of CVAS and administrations prior to 31st March 2021 2 See further detail in note 10 to the condensed financial statements. Dividend Dividends will be paid semi annually in February and August at a fixed percentage of 80% of Underlying Earnings Per Share, based on the most recently completed six-month period. Capital activity • • Capital activity has the potential to significantly impact profits. For example, selling/acquiring £100m of Retail / Office assets could reduce / increase annual profits by c.£6.7m/c.£3.4m and LTV by C.0.6%. This is based on topped up NIY of 7.6% (Retail) / 4.1% (Offices) and marginal cost of debt of 0.9%. Post period capital activity (i.e. acquisition of Enfield and HUT, disposal of Beaumont Leys) is expected to increase underlying profit by £7m. 55 55#56Illustrative future income profile breakdown (cash basis) For the year to 31 March As at 31 March 2021 2022 2023 2024 2025 2026 Total Accounting Basis £m £m £m £m £m £m Current Passing Rent Contracted uplifts4 Pre-lets of Committed Developments¹ 425 428 34 11 12 57 22 22 сл 5 27 23 Contracted rent 509 451 Letting of completed developments 4 4 3 Lease Expiries - Development pipeline (20) (1) (21) (18) Letting of Committed Developments 1 - speculative 1 22 15 38 31 Letting of Near Term Developments¹ - 6 30 36 31 RPI Linked Leases² 1 1 1 1 5 5 Reversion³ (5) (4) (6) (4) (7) (26) (23) Vacancies 36 36 29 581 509 Letting of Medium Term Developments (excl. Canada Water & Eden Walk) 105 82 On a proportionally consolidated basis including the Group's share of joint ventures and funds. Figures based on valuation rent and include assumptions on outstanding rent review settlements 1 Assumes lettings contracted are rent producing at practical completion 2 Assumed at 2.9% per annum 3 Includes reversion on expiries and open market rent reviews within 5 years 4 Includes £3m agreement for lease rents 56 56#57Gross rental income¹ Accounting Basis £m 12 months to 31 March 2021 Annualised as at 31 March 2021 Group JVs & Funds Total Group JVs & Funds Total West End 131 18 149 I 116 7 123 City 16 80 96 i 6 77 83 Offices 147 98 245 122 84 206 + Retail Parks 84 51 135 71 46 117 I T Shopping Centre 50 43 93 1 40 40 80 I I Superstores 5 5 3 Department Stores 1 I 1 1 High Street LC 5 51 5 5 LC Leisure 12 1 13 12 1 13 Retail 157 95 252 I 132 87 219 I 1 Residential² 3 3 I 1 1 Canada Water 7 7 : T Total 314 193 507 I 255 171 426 On a proportionally consolidated basis including the group's share of joint ventures and funds 1 Gross rental income differs from annualised rents due to accounting adjustments for fixed & minimum contracted rental uplifts and lease incentives 2 Standalone residential 40 57#58Underlying Profit Bridge £m (21) 10 (43) 306 295 (59) 2 8 (2) 2020 Net divestment Developments Excl. impact of capital activity Like for like incl. CVAS and admins Provisions for trade debtors and deferred Tenant incentive provisions rent Finance cost reductions 201 Fees & other 2021 income 58 58#59Operating cash flow bridge £m 320 Cash rental income 38 (125) 34 Distributions Fees and from JVs and other income Funds (70) (15) (33) 149 (140) Operating and Net finance Indirect taxes Corporation admin costs paid tax expenses Net cash inflow from operating activities FY21 Dividend FY21 Dividend equates to £76m paid and £64m declared and payable in August 2021. 59 59#60Administrative expenses Financial Year to 31 March Personnel costs Share scheme costs Other administrative expenses Total Capitalised costs Total administrative expenses On a proportionally consolidated basis including the Group's share of Joint ventures and Funds and excluding non-controlling interests in the Group's subsidiaries. 2020 £m 2021 £m 50 48 (3) 2 33 33 31 80 81 (6) (7) 74 74 60 60#61CVAS and Administrations Data since April 2017 ■CVA - stores closing Contracted rent reduction £m Number Annualised contracted rent lost by Quarter (£m) of Stores % split of Units ■CVA - reduced rents 14 Admins - stores closing Number of units in c.3,000 portfolio ■Admins - reduced rent 12 Stores under 433 CVA/admins 10 Administrations 35.4 203 Unaffected 13 6% 8 Reduced 8.5 43 21% Rents Closures 26.9 147 73% CVAS 23.0 230 4 Unaffected 71 31% 2 Reduced 17.9 135 59% Rents Closures 5.1 24 10% Total Rent Impact 58.5 Total Total H1 H2 Q1 Q2 FY18 FY19 FY20 FY20 FY21 FY21 Q3 Q4 FY21 FY21 11.7% of total group contracted rent has been lost due to CVAs and Administrations since Apr 2017 19 61#62Operating costs metric Financial Year to 31 March 2020 2021 £m £m Property operating expenses Administrative expenses 83 141 73 74 Net fees and other income (13) (11) Ground rent costs and operating expenses de facto included in rents (16) (21) EPRA Costs (including direct vacancy costs) 127 183 Gross rental income 560 508 Ground rent costs and operating expenses de facto included in rents (20) (25) Gross Rental Income (EPRA basis) 540 483 EPRA Cost Ratio (including direct vacancy costs) 23.5% 37.9% Impairment of tenant debtors, tenant incentives and accrued income 26 83 Adjusted EPRA Cost ratio (including direct vacancy costs and excluding impairment of tenant debtors, tenant incentives and accrued income) 18.7% 20.7% On a proportionally consolidated basis including the Group's share of Joint ventures and Funds and excluding non-controlling interests in the Group's subsidiaries. 62 62#63Reconciliation of Underlying Profit Financial Year to 31 March IFRS loss after tax attributable to shareholders Net valuation loss Profit on disposal of investment and trading properties Capital financing costs Non-controlling interests Taxation Underlying Profit and EPRA Earnings 2020 2021 £m £m (1,027) (1,031) 1,389 1,297 (18) (27) 63 (12) (99) (55) (2) 29 On a proportionally consolidated basis including the Group's share of Joint ventures and Funds and excluding non-controlling interests in the Group's subsidiaries. 306 201 63 63#64Number of shares As at IFRS Basic Weighted average¹ IFRS Diluted Weighted average² Underlying/EPRA diluted Weighted average³ Year/Period end4 31 March 2020 (m) 31 March 2021 (m) 934 927 934 927 937 930 932 933 1 For use in IFRS basic earnings per share. 2 For use in IFRS diluted earnings per share. A loss in the current and prior years results in an anti-dilutive effect, therefore no adjustment has been made for the dilutive effect of share options. 3 For use in Underlying/EPRA diluted earnings per share. 4 For use in EPRA NTA, NDV and NRV per share. = 64#65EPRA balance sheet 31 March 2020 i Group JVs & Funds 31 March 2021 Total properties (£m) 1 11,177 6,118 3,022 9,140 Adjusted net debt (£m) (3,854) (2,071) (867) (2,938) Other net liabilities (£m) (121) (103) (49) (152) EPRA Net Tangible Assets (£m) 7,202 3,944 2,106 6,050 Loan to value (LTV)² 34.0% i 32.0% I T Weighted average interest rate 2.5% 2.9% I Interest cover 3.8x | 3.0x I I Weighted average maturity of drawn debt (years) 7.5' 7.6 I 1Included within the total property value of £9,140m (2019/20: £11,177m) are right-of-use assets net of lease liabilities of £8m (2019/20: £20m), which in substance, relate to properties held under leasing agreements. The fair value of right-of-use assets are determined by calculating the present value of net rental cashflows over the term of the lease agreements.. 2On a proportionally consolidated basis including the Group's share of Joint ventures and Funds and excluding non-controlling interests in the Group's subsidiaries 65 59#66EPRA Net Asset Value Metrics IFRS Net Assets EPRA NTA 1 31 March 2020 (£m) EPRA NDV2 31 March 2021 EPRA NRV³ EPRA NTA 1 (£m) EPRA NDV2 EPRA NRV³ 7,147 7,147 7,147 5,983 5,983 5,983 6 6 6 Deferred tax arising on revaluation movements Mark to market on derivatives and related debt 141 adjustments Adjust to fully diluted on exercise of share options Surplus on trading properties Non-controlling interests Deferred tax arising on revaluation movements Mark to market on debt Purchasers' costs Intangibles EPRA Net Assets Per share measure (pence) 1 Net Tangible Assets. 2 Net Disposal Value. 3 Net Reinstatement Value 141 115 115 18 18 18 14 14 14 13 13 13 9 9 6 (112) (112) (112) (59) (59) (59) (9) (1) (301) (268) 659 537 (11) (12) 7,202 6,762 7,872 6,050 5,678 6,599 773 726 845 648 609 707 EPRA NTA is considered to be the most relevant measure for the Group and is now the primary measure of net assets, replacing the previously reported EPRA NAV metric. EPRA NTA assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax. Due to the Group's REIT status, deferred tax is only provided at each balance sheet date on properties outside the REIT regime. As a result deferred taxes are excluded from EPRA NTA for properties within the REIT regime. For properties outside of the REIT regime, deferred tax is included to the extent that it is expected to crystallise, in accordance with the second recommended option per EPRA Best Practice Recommendations. EPRA NDV reflects shareholders' value which would be recoverable under a disposal scenario, with deferred tax and financial instruments recognised at the full extent of their liability. EPRA NRV reflects what would be needed to recreate the Group through the investment markets based on its current capital and financing structure. 66#67Reconciliation of new EPRA net asset valuation metrics to previous metrics EPRA NRV Purchasers' costs EPRA NAV Per share measure EPRA NTA Intangibles EPRA NAV Per share measure EPRA NDV EPRA NNNAV1 Per share measure 1 As the Group's EPRA NDV is the same as the EPRA NNNAV, there are no reconciling items. 31 March 2020 31 March 2021 £m £m 7,872 6,599 (659) (537) 7,213 6,062 774p 650p 7,202 6,050 11 12 7,213 6,062 774p 650p 6,762 5,678 6,762 5,678 726p 609p 67 62#68Gross and net debt reconciliation As at 31 March 2021 Group £m JVs & Funds £m Less non- controlling interests Total £m £m 79 (3,183) Gross Debt (principal) (2,291) (971) IFRS adjustments: Issue costs and premia 12 3 15 Fair value hedge adjustments (131) (131) IFRS gross debt (2,410) (968) 79 (3,299) Market value of derivatives 7 (9) (2) Cash 154 104 (10) 248 IFRS net debt (2,249) (873) 69 (3,053) Adjustments: Remove market value of derivatives Remove fair value hedges Adjusted net debt 2 113 (2,938) 80 68#69Loan to value (LTV) As at 31 March 2020 £m Valuation movement Acquisitions Capital spend Disposals Operating Dividend Other cashflow As at 31 March 2021 £m Total properties 11,157 (1,245) Other 131 1 investments LTV assets 11,288 (1,244) Adjusted net 3,854 52 debt 52 Other (12) LTV liabilities 3,842 52 185 (1,040) 23 9,132 5 (109) (2) 26 52 190 (1,149) 21 9,158 230 (1,186) (149) 76 61 2,938 9 (3) 52 230 (1,186) (149) 76 70 2,935 LTV 34.0% 4.2% 0.3% 1.4% (7.8%) (1.3%) 0.7% 0.5% 32.0% On a proportionally consolidated basis including the Group's share of Joint ventures and Funds and excluding non-controlling interests in the Group's subsidiaries. 69 69#70Debt metrics Proportionally Consolidated Loan to value (LTV) Weighted average interest rate Interest cover Weighted average maturity of drawn debt Group Loan to value (LTV) Available undrawn facilities Weighted average interest rate Interest cover Senior unsecured credit rating (Fitch) 31 Mar 2020 34.0% 31 Mar 2021 32.0% 2.5% 2.9% 3.8x 3.0x 7.5yrs 31 Mar 2020 28.9% 7.6yrs 30 Mar 2021 25.1% £1.1bn £1.7bn 1.9% 2.2% 5.8x 4.3x A A 70 70#71Debt maturity £m 1,600 1,400 1,200 1,000 800 600 400 200 Facilities Undrawn (Unsecured) Facilities Drawn (Unsecured) Debenture & Loan Notes (Secured) Sterling Bond (Unsecured) US Private Placements (Unsecured) JVs & Funds - Bank Drawn (Secured) JVS - Securitisations (Secured) 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Financial Year ending 31 March 2035 2036 2037 2038 2039 On a proportionally consolidated basis including the Group's share of joint ventures and funds and excluding non-controlling interests in the Group's subsidiaries. 71#72Debt financing - diverse profile Extended £1.1bn RCFs: - £650m by a further year to 2025 £450m ESG-linked RCF by a further year to 2026 £1.8bn undrawn facilities and cash £100m loan signed with Homes England to fund specified infrastructure works at Canada Water £160.5m seven year loan raised from SMBC new JV with Allianz secured by JV assets (first SONIA based loan) Refinanced a £200m HUT bank loan to December 2023 No requirement to refinance until early 2025 LTV decreased by 200bps to 32.0%2 Weighted average interest rate 2.9%² Weighted average drawn debt term maturity 7.6 years² Fitch affirmed all our credit ratings, including senior unsecured at 'A', with Stable Outlook £4.9bn Debt and facilities (3.2bn drawn) 1 31 March 2021 £1.0bn £0.6bn £0.3bn £1.7bn £0.2bn £0.3bn £0.8bn Facilities Undrawn Facilities Drawn US Private Placements Sterling Bond Debenture JVs Securitisations JVs & Funds Bank Loans Unsecured Secured 1 Proportionally consolidated. HUT's debt shown at our share (£0.3bn) within JVs & Funds Bank Loans. 2 On a proportionally consolidated basis 72#73Portfolio valuation by sector At 31 March 2021 Group JVs & Funds Total Change % 1 £m £m £m H1 H2 FY West End 3,297 167 3,464 (2.5) (0.8) (3.2) I City 317 2,251 2,568 (4.0) (0.7) (4.6) Offices 3,614 2,418 6,032 (3.1) (0.8) (3.8) Retail Parks 831 536 1,367 (13.1) (6.5) (18.6) Shopping Centre 409 487 8961 (18.1) (19.9) (35.7) Superstores 47 47 (0.2) 1.7 0.7 T Department Stores 10 10' (34.3) (32.3) (55.3) High Street 91 1 921 (14.0) (9.8) (22.4) Leisure 162 18 1801 (11.3) (3.3) (14.2) Retail 1,550 1,042 2,592¦ (14.9) (11.4) (24.7) Residential² Canada Water Total Standing Investments Developments 121 121 I (9.1) (1.9) (10.6) 387 387 (6.0) 3.4 (2.5) I 5,672 3,460 9,132 I (7.3) (3.8) (10.8) T 4,559 3,357 1,113 103 7,916 1,216¦ (8.1) (4.5) (12.4) (0.9) 1.9 (0.6) On a proportionally consolidated basis including the group's share of joint ventures and funds 1 Valuation movement during the Year (after taking account of capital expenditure) of properties held at the balance sheet date, including developments (classified by end use), purchases and sales 2 Standalone residential 73#74Valuation movement - Offices Financial Year to 31 March 2021 Valuation £m Change £m Change Yield movement ERV movement %1 Bps2 %2 West End 3,464 (137) (3.2) +13 2.0 City 2,568 (125) (4.6) +2 (1.6) Offices 6,032 (262) (3.8) +9 0.7 1 Valuation movement during the year (after taking account of capital expenditure) of properties held at the balance sheet date, including developments (classified by end use), purchases and sales 2 Excluding committed developments, assets held for development and residential assets 74 74#75Valuation movement - Retail Financial Year to 31 March 2021 Retail Parks Shopping Centre Other Retail Valuation £m Change Change Yield movement ERV movement £m %1 bps² %2 1,367 (340) (18.6) +45 (15.2) 896 (498) (35.7) +143 (20.3) 329 (86) (16.4) +55 (12.7) 2,592 (924) (24.7) +81 (16.8) 1 Valuation movement during the year (after taking account of capital expenditure) of properties held at the balance sheet date, including developments (classified by end use), purchases and sales 2 Excluding committed developments, assets held for development and residential assets 75 75#76Retail Valuation Movements -25% Retail FY21 valuation movement Mar '21 Valuations (£'m) 800 700 600 500 400 300 200 100 Greater than 0% 0 to -10% -10% to -20% ■Shopping Centres ■Retail Parks ■Superstores -20 to -30% ■Leisure -30 to -40% High Street More than -40% ■Dept Stores % Valuation Movement in FY21 76#77Portfolio net yields¹,2 As at 31 March 2021 EPRA EPRA topped net initial up net initial yield yield Overall topped up net initial Net equivalent Net Net ERV yield % yield equivalent yield movement reversionary Growth yield % % 4 % bps West End 3.7 4.4 4.4 4.5 13 5.3 2.0 City 3.0 3.8 3.8 4.4 2 5.0 (1.6) Offices 3.4 4.1 4.1 4.5 9 5.1 0.7 Retail Parks 7.8 8.1 8.2 7.5 45 7.4 (15.2) Shopping Centre 6.8 7.1 7.3 7.6 143 7.0 (20.3) Superstore 5.9 7.3 7.3 5.7 (31) 5.9 0.2 Department Store (0.4) (0.4) (0.4) 9.4 (23) 15.1 (23.5) High Street 4.8 5.0 5.0 6.0 42 6.5 (17.1) Leisure & Other 6.3 6.4 7.0 6.9 90 5.5 (10.3) Retail 7.1 7.5 7.6 7.4 81 7.1 (16.8) Total 4.6 5.2 5.3 5.4 33 5.9 (7.6) On a proportionally consolidated basis including the group's share of joint ventures and funds Canada Water is now excluded from the standing investment analysis as it is valued as a development asset on a residualised basis 1 Including notional purchaser's costs 2 Excluding committed developments, assets held for development and residential assets 3 Including rent contracted from expiry of rent-free periods and fixed uplifts not in lieu of rental growth 4 Including fixed/minimum uplifts (excluded from EPRA definition) 5 As calculated by MSCI 77#78Portfolio weighting As at 31 March 2021 2020 2021 2021 % % £m West End City Offices 37.7 37.9 3,464 23.0 28.1 2,568 60.7 66.0 6,032 Retail Parks 16.5 15.0 1,367 Shopping Centre 13.5 9.8 896 Superstores 0.8 0.5 47 Department Stores 0.3 0.1 10 High Street 1.2 1.0 92 Leisure 2.4 2.0 180 Retail 34.7 28.4 2,592 Residential¹ 1.3 1.3 121 Canada Water 3.3 4.3 387 Total Of which London 100.0 100.0 9,132 71% 77% 6,984 On a proportionally consolidated basis including the group's share of joint ventures and funds 1 Standalone residential 78#79Lease length and occupancy As at 31 March 2021 West End City Offices Retail Parks Shopping Centre Superstores Department Stores High Street Leisure Retail Total Average Lease Length (yrs) Occupancy Rate (%) To Expiry To Break EPRA Occupancy Occupancy" 1,2,3 5.5 4.3 96.3 96.6 8.4 7.2 84.6 90.7 6.7 5.5 91.3 94.1 6.4 4.7 93.3 94.7 5.7 4.4 91.0 93.3 6.3 6.3 96.6 96.6 23.1 22.9 97.0 97.0 3.7 3.1 91.0 93.7 13.0 12.8 94.0 94.0 6.5 5.1 92.5 94.1 6.6 5.3 91.8 94.1 Canada Water is now excluded from the standing investment analysis as it is valued as a development asset on a residualised basis 1 Space allocated to Storey is shown as occupied where there is a Storey tenant in place otherwise it is shown as vacant. Total occupancy would rise from 94.1% to 95.4% if Storey space were assumed to be fully let. 2 Including accommodation under offer or subject to asset management 3 Where occupiers have entered administration or CVA but are still liable for rates, these are treated as occupied. If units in administration are treated as vacant, then the occupancy rate for Retail would reduce from 94.1% to 90.6%, and total occupancy would reduce from 94.1% to 92.4% 19 79#80Annualised rent & estimated rental value (ERV) ERVI As at 31 March 2021 Annualised Rents (Valuation Basis) £m¹ I 1 I £m I Average Rent (£psf) Group JVs & Funds Total Total¦ Contracted² ERV West End³ 108 7 115' 1651 59.9 69.0 City³ 7 71 78 124 54.5 55.2 Offices³ 115 78 193 2891 57.6 62.5 I Retail Parks 74 50 1241 114 i 22.2 19.6 Shopping Centre 42 43 85 88 24.1 24.1 I I I Superstores 3 31 31 17.8 14.4 ! ! Department Stores 1 2 ¦ 0.7 3.1 I High Street 5 Leisure 12 1 51 131 7 11.5 14.5 I 11¦ 17.3 14.6 Retail 137 94 231 1 2251 20.6 19.3 Residential4 Total 1 253 1 ¦ 1 ¦ 12.7 11.4 172 425 1 515' 28.1 30.6 On a proportionally consolidated basis including the group's share of joint ventures and funds, excluding committed, near term and assets held for development Canada Water is now excluded from the standing investment analysis as it is valued as a development asset on a residualised basis 1 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 uplift 2 Annualised rent, plus rent subject to rent free 3 £psf metrics shown for office space only 4 Standalone residential 80 80#81Rent subject to open market rent review For the year to 31 March As at 31 March 2021 2022 2023 2024 2025 2026 1 2022-24 2022-26 I I £m £m £m £m £m i £m £m West End City 7 22 4 15 11 33 49 1 16 8 271 17 52 Offices 7 23 20 23 28 50 101 + I Retail Parks 11 6 7 6 Shopping Centre 6 8 3 3 2 670 26 39 17 22 Superstores 1 1 2 2 Department Stores High Street Leisure Retail Residential Total 1 1 17 18 10 11 8 45 64 1 - 1 1 25 41 30 34 36 I 96 166 On a proportionally consolidated basis including the group's share of joint ventures and funds excluding committed, near term and assets held for development 81#82Rent subject to lease break or expiry For the year to 31 March As at 31 March 2021 2022 2023 2024 2025 2026 1 2022-24 2022-26 I I £m £m £m £m £m i £m £m West End City 29 24 12 9 12 65 86 7 4 13 4 161 24 44 Offices 36 28 25 13 28¦ 89 130 Retail Parks 17 15 24 12 14 I 56 82 Shopping Centre 16 15 10 10 8 131 41 62 I Superstores 2 2 2 Department Stores . High Street 2 1 Leisure Retail Residential 1 4 5 11 1 35 33 35 21 28 i 103 152 I - - - - Total % of contracted rent 71 61 60 34 56 ¦ 192 282 14.8 12.8 12.8 7.2 11.8 I 40.4 59.4 On a proportionally consolidated basis including the group's share of joint ventures and funds excluding committed, near term and assets held for development Canada Water is now excluded from the standing investment analysis as it is valued as a development asset on a residualised basis 82 88#83Contracted rental increases (cash flow basis) For the year to 31 March 2022 2023 2024 2025 As at 31 March 2021 £m £m £m £m 2026 1 £m i 2022-24 2022-26 £m £m Expiry of rent free periods 30 11 50 50 Fixed uplifts (EPRA basis) 1 Fixed & minimum uplifts 1 1 I 1 1 2 + I 2 2 Total 31 10 12 1 53 19 54 On a proportionally consolidated basis including the group's share of joint ventures and funds excluding committed, near term and assets held for development 83 83#84Total Property Return (as calculated by MSCI) 12 months to 31 March 2021 % Offices Retail Total British Land MSCI British Land MSCI British Land MSCI T T Capital Return - ERV Growth (3.6) (4.5) (24.7) (12.9) (10.8) (3.2) I I I 0.7 (1.0) i (16.8) (9.0) (7.6) (2.8) I I 9 bps 3.0 - Yield Movement¹ Income Return I I Total Property Return (0.8) (0.8) (19.1) (8.1) (7.0) 1.2 20 bps 81 bps 30 bps ! 33 bps 1 bps I 3.81 7.3 I 5.5 I 4.2 4.5 1 Net equivalent yield movement = 84#85De-risked development pipeline focused on campuses 1 Triton Square 365,000 sq ft Completion Q2 20211 1 Broadgate 546,000 sq ft Completion Q2 2025 100 Liverpool Street 520,000 sq ft PC'd Q3 2020 Norton Folgate 336,000 sq ft Completion Q3 2023 Recently Completed & Committed Developments 1 Completed post year end in May 2021 ERV of £85m 50% pre-let I Canada Water, Phase 1 Plots A1, A2 and K1 -582,000 sq ft I Aldgate Place, Phase 2 136,000 sq ft 5 Kingdom Street 438,000 sq ft Near term pipeline ° ERV of £54m • All schemes consented 2-3 Finsbury Avenue 704,000 sq ft Eden Walk, Kingston 452,000 sq ft Medium term pipeline excl. Canada Water, future phases 85#86Recently Completed & Committed developments As at 31 March 2021 Sector BL Sq PC Share ft Calendar Current Value Cost to Come ERV Let Year % '000 £m £m 1 £m £m 100 Liverpool Street Office 50 520 Q3 2020 403 19.4 15.5 Total Completed in the Year 520 403 19.4 15.5 1 Triton Square4 Office 100 365 Q2 2021 443 32 22.8 21.9 Norton Folgate Office 100 336 Q3 2023 120 229 22.2 1 Broadgate Office 50 546 Q2 2025 94 227 20.1 5.0 Total Committed 1,247 657 488 65.1 26.9 Other Capital Expenditure³ 34 On a proportionally consolidated basis including the group's share of joint ventures and funds (except area which is shown at 100%) 1 From 1 April 2021. Cost to come excludes notional interest as interest is capitalised individually on each development at our capitalisation rate 2 Estimated headline rental value net of rent payable under head leases (excluding tenant incentives) 3 Capex committed and underway within our investment portfolio relating to leasing and asset management 4 Completed post year end in May 2021 86 98#87Near term development pipeline Near Term Pipeline As at Sector BL Sq ft 31 March 2021 Share Earliest Start on Current Cost to ERV Let & Value Come Site Under Offer Planning Status % '000 Calendar Year £m £m¹ 2 £m £m 5 Kingdom Street Office 100 438 Q2 2022 117 344 30.1 Consented Aldgate Place, Phase 2 Residential 100 136 Q3 2021 28 99 6.5 Consented Canada Water - Plot A13 Mixed Use 100 272 Q3 2021 30 218 6.7 Consented Canada Water - Plot A23 Mixed Use 100 248 Q3 2021 16 120 10.4 Consented Canada Water Plot K13 Residential 100 62 Q3 2021 25 Consented Total Near Term 1,156 191 806 53.7 Other Capital Expenditure 97 On a proportionally consolidated basis including the group's share of joint ventures and funds (except area which is shown at 100%) 1 From 1 April 2021. Cost to complete excludes notional interest as interest is capitalised individually on each development at our capitalisation rate 2 Estimated headline rental value net of rent payable under head leases (excluding tenant incentives) 3 The London Borough of Southwark has confirmed they will not be investing in Phase 1. The BL ownership share will change over time as costs are incurred and is expected to be c.98-99% by PC. 4 Forecast capital commitments within our investment portfolio over the next 12 months relating to leasing and asset enhancement 87 88#88Medium term development pipeline As at 31 March 2021 Medium term Pipeline Sector BL Share Sq ft Planning status % '000 2-3 Finsbury Avenue Office 50 704 Consented Eden Walk Retail & Residential Mixed Use 50 452 Consented Ealing 10-40 The Broadway Ealing International House Gateway Building Mixed Use 100 303 Pre-submission Office 100 165 Pre-submission Leisure 100 105 Consented Euston Tower Office 100 620 Pre-submission Canada Water - Future phases¹ Mixed Use 100 4,498 Consented Total Medium Term 6,847 1 The London Borough of Southwark has the right to invest in up to 20% of the completed development. The BL ownership share will change over time depending on the level of contributions made, but will be no less than 80% 88 88#89Estimated future development spend and capitalised interest As at 31 March 2021 PC Calendar Year Cost to Come £m (excluding notional interest) - 6 months breakdown Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Total 100 Liverpool Street Q3 2020 Total Completed 1 Triton Square¹ Q2 2021 32 32 Norton Folgate Q3 2023 31 58 60 37 31 12 229 1 Broadgate Q2 2025 9 17 29 35 56 35 25 14 220 Total Committed 72 75 89 72 87 47 25 14 481 Aldgate Place, Phase 2 2024 5 16 25 24 19 9 1 99 5 Kingdom Street 2025 4 4 42 54 66 62 54 45 331 Canada Water - Plot A1 2023 13 18 30 45 55 40 17 218 Canada Water - Plot A2 2024 3 12 20 30 35 15 5 120 Canada Water - Plot K1 2024 2 6 8 7 2 25 Total Near Term 27 56 125 160 177 126 77 45 793 Indicative Interest Capitalised on above at attributable rates 1 Completed post year end in May 2021 3 4 8 9 8 8 6 6 89#90Canada Water - Illustrative Scheme Masterplan First detailed plots Secured planning for our 53 acre scheme A1 Total NIA (sq ft) 5.0m 0.6m M1 Commercial (sq ft) 2.1m 0.3m A2 B1 D1 D2 B2 D3 3 D4 Retail & B3 D5 D5 Leisure 0.6m 0.1m (sq ft) B4 New Homes (units) 3,000 265 E2 E1 €1 F1 F2 H1 L2 H2 H3 L1 F3 L3 H4 18 14 J3 12 G1 Buildings highlighted above reflect indicative First Major Scheme, totaling 1.9m sq ft Note: The figures above are indicative and are likely to change as development plans evolve K1 90 00#91Canada Water: key milestones and timeline Acquisition of 50% of Surrey Quays shopping centre 23 acres Conditional agreement to acquire Printworks 14.5 acres Remaining 50% of Surrey Quays shopping centre acquired 23 acres MDA signed with Southwark Council Planning application submitted Surrey Quays leisure park acquired 8.5 acres Resolution to grant planning Outline masterplan Detailed first phase 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Secured planning permission and headlease drawn down Place main build contract, start on site 91#92Central London development pipeline Q1 2021 m sq ft 12.0 10.0 8.0 6.0 4.0 Completed U/C Pre-let Pipeline Pre-let U/C Speculative Potential Speculative 10 year average new and under-construction take-up 10 year average development completions 0.0 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Source: CBRE 2.0 Note: Forecast reflects CBRE's estimate of earliest completions. Central London comprises the City, Docklands, Midtown, Southbank and West End areas 242 23 25 25 24 24 4.8m 4.4m 92 92#93Vacancy Central London West End & City Vacancy Rates 18 16 2006 West End West End 10 year average City City 10 year average 14 12 10 8 6 4 2 0 1985 1990 1995 2000 2005 2010 2015 Q1 2021 Source: CBRE (historic) 93 93#94Developments - Net Zero Carbon D Net Zero Carbon - Completed and Committed developments Net Zero Developments Embodied emissions % of total embodied emissions Embodied carbon intensity of the development pipeline offset Embodied carbon intensity kg CO2e per sqm GIA kg CO2e per sqm (A1-A5) Completed 400 Completed 100 Liverpool Street St Anne's B Committed C 1 Triton Square Norton Folgate 1 Broadgate Committed 660 100% 389 Near term 670 763 Medium term 650 Embodied Portfolio Average 640 448 540 901 A Offsets purchased with the retirement of all credits due by 31st October 2021. B Practical Completion in March 2021. As part of the 1 Triton Square development project, the offsets will be purchased in FY22 following Triton Square's practical completion. C The embodied emissions are offset after the project achieves the practical completion. D Includes all developments where our plans are sufficiently advanced. 94 56#95Our 2030 Sustainability Strategy Net Zero Carbon by 2030 50% less embodied carbon emissions at our developments, to below 500kg CO₂e per sqm by 2030 • 100% of developments delivered • after April 2020 to be net zero embodied carbon 75% reduction in operational carbon intensity across our portfolio by 2030 •Transition vehicle financing the retrofitting of our standing portfolio from an internal carbon levy of £60 per tonne on our developments Place based approach Place-based approach to social contribution • Using our Local Charter to focus on key issues ⚫Partnering with local stakeholders • Delivering placed based initiatives on key social issues at priority assets Responsible business • Champion of responsible employment • Promoting diversity and inclusion, everywhere • Responsible procurement Environmental leadership • Maintaining GRESB 5 star rating from 2022 Championing UN SDGs 8 DECENT WORK AND ECONOMIC GROWTH 12 RESPONSIBLE CONSUMPTION AND PRODUCTION 17 PARTNERSHIPS FOR THE GOALS QO 95#96Sustainability Indices Performance FY 2021 performance e Other benchmarks and awards GRES B ✰✰✰✰✰ 2020 Global Real Estate Sustainability Benchmark1 2020: 5-star (Standing Investment and Development) CDP DISCLOSURE INSIGHT ACTION Carbon Disclosure Project 2020: A- 2019: B EPRA SBPR GOLD EPRA Sustainability Reporting Awards 2020: Gold for 9th year GivX 25 Award Winner 2019- SUSTAINALYTICS a Morningstar company included in ETHIBEL SUSTAINABILITY INDEX EXCELLENCE Europe MSCI FTSE4Good FTSE4Good MSCI ESG Ratings² 2020: AAA rating 2020: 96th percentile TOP 75 EMPLOYER S_CIAL MOBILITY EMPLOYER INDEX _2020 F_UNDATION® Social Mobility Index 2020: Top 75 for the third consecutive year Corporate Responsibility rated by Prime ISS-oekom➤ 1 GRESBⓇ and the related logo are trademarks owned by GRESB BV and are used with permission. 2 MSCI disclaimer and details on additional ESG benchmarks are available at: https://www.britishland.com/sustainability/performance/benchmarking 96#97Disclaimer The information contained in this presentation has been extracted largely from the Full Year Results Announcement for the year ending on 31 March 2021. For the purpose of this document, references to "presentation" shall be deemed to include this document, the oral briefing provided by British Land on this document, the question-and-answer session that follows the oral briefing, and any materials distributed in connection with this document or the oral briefing through The Regulatory News Service. This document is incomplete without reference to, and should be viewed solely in conjunction with, the wider presentation. All statements of opinion and/or belief contained in this presentation and all views expressed represent British Land's own current assessment and interpretation of information available to them as at the date of this presentation. Please note that this presentation may contain or incorporate by reference certain 'forward-looking' statements. These forward-looking statements include all matters that are not historical fact. 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Certain other information has been extracted from unpublished sources prepared by other parties which have been made available to British Land. British Land has not carried out an independent investigation to verify the accuracy and completeness of such third party information. No responsibility is accepted by British Land or any of associates, directors, officers, employees or advisers for the accuracy or completeness of such information. The distribution of this presentation in jurisdictions other than the UK may be restricted by law and regulation and therefore any persons who are subject to the laws of any jurisdiction other than the UK should inform themselves about, and observe, any applicable requirements. All opinions expressed in this presentation are subject to change without notice and may differ from opinions expressed elsewhere. This presentation has been presented in £, £ms and £bns. Certain totals and change movements are impacted by the effect of rounding. 97