#1British Land Investor Presentation HY 2021 THE QUEEN'S AWARDS FOR ENTERPRISE: 2016 The Queen's Award for Enterprise British Land was awarded the UK's highest accolade for business success, for economic, social and environmental achievements over five years. POKÉ BEER MENYAJATCHA#2Our priorities for British Land Realising the potential of mixed use Progressing value Tilting our campuses towards areas of growth: Life sciences at Regent's Place Largest mixed use opportunity in London at Canada Water accretive development Progressing opportunities which enhance our campuses Innovative in design & approach at Canada Water Net zero carbon Addressing the challenges in retail Maintaining high occupancy Prioritising security of cash flow over rental tone Alternative uses including logistics and residential Active capital recycling Crystallising value from mature office assets Maintaining balance sheet strength Proactive approach to retail disposals; structuring innovative solutions Introducing third party capital Best in class platform Innovation Partner of choice Unique mixed use campuses Attractive development pipeline Long term commitment to ESG 2#3British Land at a glance £13.7bn Assets under management £10.3bn Of which we own £485m Annualised rent 22.7m sq ft Floor space 95% Occupancy As at 30 September 2020 Canada Water TWO DEAL PORTERS 100 Liverpool Street 1 Triton Square#4A diverse, high quality portfolio Shopping Centres (12%) Retail Parks (15%) 80% London & South East Other Retail (4%) £10.3bn (BL share) London Campuses (53%) Standalone offices (11%) Residential & Canada Water (5%)#5Best in class, fully integrated platform delivering Development Active asset management £1.8bn profit in 10 years Repositioning Paddington Retail delivering in tough markets WWNNVVV • M&S MAS £470m acquisition in 2013 Developed 4 Kingdom Street & invested in public realm Added Storey and improved retail and F&B offer 95% occupancy Operational outperformance: footfall +21% and retailer sales +11% above benchmark in September & October September rent collection 62% LO#6Proven ability to innovate at pace Storey STOREY • . • Early mover in flex space Built business in 18 months Clearly differentiated model Strong occupier base - - Rent collection 97% Rental premium +30% Clarges Broadgate BROADGATE Successful repositioning post GFC Opened up to vibrant local neighbourhoods • • • Opportunistic purchase Built on existing skills to deliver super prime residential ⚫ Tactical decision to pre-sell apartments • Over £200m profits delivered • - - • Modern F&B and retail offering - Attracting FinTech & media occupiers Developed c.2m sq ft of sustainable workspace CO 6#7Strength of our capabilities makes us the partner of choice for institutional capital ☐ NORGES BANK GIC AVIVA M&G USS OXFORD ADIA INVESTMENTS Provides access to new opportunities, enhances returns, mitigates risk and supports investment in our platform 7#8Offices focused on unique London campuses £9.Obn Assets under management £6.7bn Of which we own £214m Annualised rent 7.5m sq ft Floor space 95% Occupancy As at September 2020 Paddington Central 1m sq ft Regent's Place 1.7m sq ft eKings Cross Euston Warren St. Broadgate 4.5m sq ft Whitechapel 8x Regent's Park Tottenham Court Road Farringdon 8NX The City * Liverpool St. West End 0 Paddington Ө Bond St. Canada Water → Surrey Quays → Canada Water 5m sq ft e Canary Wharf 8#9Realising the potential of mixed use Continued focus on mixed use • - Complements our skill set - Opportunities to tilt our offer to areas of growth Replicating the success of Broadgate Opportunities in life sciences at Regent's Place - Benefits from location in the Knowledge Quarter Unique opportunity at Canada Water - Very flexible planning consent Ability to respond to demand through the cycle の CAMDEN TOWN KNOWLEDGE QUARTER MORNINGTON CRESCENT THE FRANCIS CRICK INSTITUTE BRITISH LIBRARY THE ACA KILAN UNIVERSITY KING'S CROSS ST PANCRAS ež e The Alan Turing Institute Regent's Place EUSTON STATION SADL ERSW ELLS wellcome trust e EUSTON SQUARE GOODGE STREET SOAS University of London UCL RUSSELL e SQUARE University of London ual: university of the arts london central saint martins REGENT'S PARK WARREN STREET HOLBORN CHANCERY LANE e ANGEL 9#10Progressing value accretive development • 8m sq ft of development opportunities - - - Focused on our campuses and Canada Water Sourced at low cost Majority are income generating • Commitment to Norton Folgate • - 336,000 sq ft, Shoreditch development, adjacent to Broadgate campus Sustainable approach, embodied carbon low at 540 kg CO₂e per m² Base build energy efficiency at 80 kWheq per m² Further opportunities on our campuses - - Broadgate: 1 Broadgate, 2-3 Finsbury Avenue Paddington: 5 Kingdom Street Norton Folgate#11De-risked development pipeline focused on campuses 100 Liverpool Street 520,000 sq ft PC'd Q3 2020 1 Triton Square 365,000 sq ft Completion Q2 2021 Aldgate Place, Phase 2 143,000 sq ft Recently Completed & Norton Folgate 336,000 sq ft Completion Q3 2023 Committed Developments ERV of £65m 57% pre-let I 2-3 Finsbury Avenue 563,000 sq ft 1 Broadgate 539,000 sq ft Near term pipeline 5 Kingdom Street 438,000 sq ft Eden Walk, Kingston 452,000 sq ft Medium term pipeline excl. Canada Water ° ERV of £27m All schemes consented 11#12Building momentum at Canada Water • Achieved planning permission in May - - - - Expect to draw the headlease by the end of 2020 Commenced enabling works for phase 1 In a position to place build contract in Spring 2021 Successfully overcame Judicial Review Strong interest from prospective partners on the scheme - Will launch a formal process when Covid restrictions are relaxed THE PRINTWORKS TEDI LONDON Arizona State University Kings College London UNSW Sydney Canada Water 12#13Canada Water 53 acre mixed use opportunity in Central London Surrey Quays Station Southwark Park Bermondsey Station Lower Road Redriff Road Jamaica Road Canada Water Station Rotherhithe Station Salter Road Surrey Quays Road இப் Russia Dock Woodlands 13#14Canada Water - Illustrative Scheme Masterplan First detailed plots Secured planning for our 53 acre scheme Total NIA (sq ft) M1 5.0m 0.6m Commercial 2.1m 0.3m (sq ft) A2 A1 B1 D1 D2 F3 F2 B2 D3 D4 F1 B3 D5 Retail & D5 Leisure 0.7m 0.1m (sq ft) B4 New Homes (units) 3,000 265 E2 E1 C1 G1 H2 H3 H1 L2 L1 L3 H4 J8 J4 J3 J7 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 14#15First detailed plots K1 residential Plot A1 - residential & workspace A2 - workspace & leisure 15#16Addressing the challenges in Retail Combination of active asset management and capital recycling Focused on delivering sustainable rents - Accepting lower rents where it makes sense - Keeping our assets full - Delivering security of cash flow MARKS& SPENCER MP Kingston Centre, Milton Keynes now yielding 8.0% • Underpins liquidity in a low interest rate environment • Supports our plan to recycle capital out of retail and into our mixed use business - £456m sales, 6.7% above book Opportunistic approach, carving out individual units from our centres M&S FOODHALL Serpentine Green, Peterborough now yielding 10.6% COSTA M&S HOODHALL 16#17Exploring opportunities in alternative and additional uses • Progressing alternative and additional use opportunities for Retail Alternative use potential, indicative view • - - Focused on what is viable today Option to deliver ourselves or in partnership - Progressing planning underpins value Sq ft (m) 2.5 2.0 2.4m sq ft alternative use potential • - From existing retail space and surrounding land Exploring last mile opportunities on retail parks, given convergence of rents and uses 1.5 1.0 10 0.5 0.0 Existing Potential Surrounding land Residential Offices 17 Existing retail Logistics#18Active capital recycling · • • Active capital recycling to crystallise value and capitalise on opportunities - - £456m retail asset sales in the period Opportunities to realise value from standalone offices Recycling part of proceeds into Norton Folgate Maintaining our strong balance sheet and financial position Active partnerships which capitalise on our reputation תת Canada Water 18#19Offices market outlook • • Occupational markets tough short term Businesses will postpone decisions reflecting macro uncertainty Supply of grey space increasing - Market forecasts for prime rents to fall 5-10%, over 12-18 months Supply of new space constrained • Demand focused on high quality, modern • • and sustainable space Our portfolio should outperform on rents - Campus offer meets the evolving needs of occupiers Investment markets looking through Covid Prime London buildings changing hands within 5% of pre-covid pricing 2m sq ft Q2-3 take up, 65% below average¹ 43% Developments under construction pre let¹ 6.5% vacancy in central London, +210 bps¹ 33% Fall in proposed development to 2023 post Covid¹ £1.2bn Investment deals completed Q3; £4bn under offer² 4% Prime London offices yield¹ 1 CBRE 2 Knight Frank 19#20Retail market outlook Occupational markets will remain challenging - - Rents will continue to fall 10-15% further decline expected Expect to stabilise first on retail parks Investment markets will replicate this pattern - Appetite returning for retail parks with sustainable cash flows Will take longer for liquidity to return for shopping centres PRET A MANGER⭑ Orgame Coffee Natural Food Nugent, Orpington 20 20#21Sustainability Indices Performance GRES B 2020 HY 2020/21 performance +CDP DISCLOSURE INSIGHT ACTION e EPRA SBPR GOLD Global Real Estate Sustainability Benchmark 2020: Green star for 11th year¹ Carbon Disclosure Project 2019: B 2018: A- EPRA Sustainability Reporting Awards 2020: Gold for 9th year MSCI MSCI ESG Ratings 2020: AAA rating FTSE4Good FTSE4Good 2020: 96th percentile TOP 75 EMPLOYER EMPLOYER INDEX -2020 S_CIAL MOBILITY F_UNDATION® Social Mobility Index 2020: Top 75 for the third consecutive year 1 GRESBⓇ and the related logo are trademarks owned by GRESB BV and are used with permission. MSCI disclaimer and details on additional ESG benchmarks are available at: https://www.britishland.com/sustainability/performance/benchmarking Other benchmarks and awards Prime GivX 25 Award Winner 2019- Corporate Responsibility rated by ISS-oekom➤ included in ETHIBEL SUSTAINABILITY INDEX EXCELLENCE Europe THE QUEEN'S AWARDS FOR ENTERPRISE: SUSTAINABLE DEVELOPMENT 2016 21 21#22Financial Results British Land 100 Liverpool Street#23Results Overview 10.5p Underlying earnings per share -34.8% vs Sep 19 693p EPRA Net Tangible Assets per share -10.3% vs Mar 20 £10.3bn Portfolio valuation -7.3% vs March 20 (Retail -14.9%, Offices -3.1%) 35.7% Loan to value Incl: +270bps val'n declines, -80bps capital activity, -50bps retained earnings ₤1.Obn Undrawn facilities and cash No requirement to refinance until 2024 8.4p Dividend per share Fixed at 80% of underlying earnings 23 23#24Underlying earnings per share 16.1p (0.6p) 0.2p (0.2p) 0.2p 16.3p (5.0p) Financing £5m Admin £3m 0.8p (1.0p) 10.5p HY 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 Cost savings Tax charge HY 2021 Recently completed and committed developments will add a further 4.4p to annualised EPS once fully let 24 24#25Net rental income £m 243 (3) Offices +4.0% 1 Retail -10.3% 1 (6) (31) (13) (2) 3 191 Developments and other HY 2021 HY 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 1 Like for like % excludes the impact of surrender premia, provisions for outstanding rent, service charge, deferred rents and tenant incentives 45 25#26September rent collection Rent due between 29 September and 10 November As at 10th November Received Offices Retail¹ 97% 62% 77% Total Rent deferrals Rent forgiven 1% Customer paid monthly 1% 2% 2% Outstanding 2% 35% 21% 100% 100% 100% Total £48m £64m £112m Collection of adjusted billing 2 98% 64% 78% 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. 26#27Rent & service charge receivables Receivable Debtor Provision % provided Balance sheet category balance balance for HY 21 impact Description Trade debtor £48m £12m 25% £12m Less than 90 days 90-190 days Trade debtor £41m £18m 44% £15m Over 190 days Trade debtor £7m £7m 100% Outstanding rent £96m £37m 39% £27m Service charge Trade debtor £22m £7m 32% £5m We take a systematic approach to provisioning based on ageing and credit quality Trade debtors £118m £44m 37% £32m Deferred rents Accrued income £25m £13m 52% £13m Primarily rents deferred from March due over the next five quarters Total £143m £57m 40% £45m Since 1 October, a further £34m of outstanding rents and £12m of service charge has been collected 27#28Income statement 6 months to 30 September H1 2019 H1 2020 Change % Net rental income (£m) 243 191 (21.4%) Fees & other income (£m) 7 6 (14.3%) Administrative expenses (£m) (41) (38) (7.3%) Net finance costs (£m) (57) (52) (8.8%) Underlying Profit (£m) 152 107 (29.6%) Underlying tax charge (9) Underlying earnings per share (p) 16.1 10.5 (34.8%) Dividend per share (p) 15.97 8.40 (47.4%) 28#29Dividend policy Clear & simple policy Maintains strategic flexibility 2021 interim dividend • 80% of Underlying Earnings per Share Based on the most recently completed six-month period Dividend adjusts to reflect the impact of capital activity and trading conditions • REIT compliant 8.4p dividend per share Paid February 2021 29 29#30EPRA Net Tangible Assets 773p (91p) (2p) 2p 11p 693p Mar 20 Valuation performance Underlying Profit Property disposals Other Sep 20 30#31Strength of debt metrics 31 March 2020 £1.3bn Undrawn Facilities and Cash No requirement to refinance until: Loan to value (LTV) 1 Weighted Average Interest Rate¹ Interest Cover¹ Weighted Average Drawn Debt Maturity1 Senior unsecured credit rating (Fitch) 30 September 2020 £1.0bn 2024 2024 34.0% 35.7% 2.5% 2.5% 3.8x 3.1x 7.5yrs 7.8yrs A A Unsecured debt covenants: Net Borrowings not to exceed 175% of Adjusted Capital and Reserves 40% 43% Net Unsecured Borrowings not to exceed 70% of Unencumbered Assets 30% 33% Valuation headroom 45% 42% 1 Proportionally consolidated basis 31#32Operations & markets British Land Broadgate#33Valuation performance Valuation £m Valuation movement Yield movement ERV movement Total 10,315 (7.3%) +17bps -4.9% Offices 6,651 (3.1%) +8bps +0.7% Retail 3,175 (14.9%) +33bps -10.9% Retail Parks 1,506 (13.1%) +26bps -11.6% Shopping Centres 1,248 (18.1%) +41bps -11.9% Residential 135 (9.1%) Canada Water 354 (6.0%) 33#34Offices leasing • Leasing volumes lower, reflecting our high occupancy and a subdued market - - 1 130,000 sq ft offices leasing Includes 65,000 sq ft over one year, 9% ahead of ERV1 95% occupancy on our offices portfolio Developments well let Encouraging pipeline despite uncertainty - Under offer on 313,000 sq ft In negotiations on a further 361,000 sq ft Storey resilient 33,000 sq ft leasing; rental premium 30%+ Encouraging pipeline Occupancy reduced to 78% 1. Excludes temporary deals with terms of less than one year; includes Storey 100 Liverpool St, Broadgate 34 4#35Outlook for London offices Central London market subdued - Take up 65% below long term average in the period Vacancy up 210 bps to 6.5% m sq ft - Second hand space now 74% of supply 10.0 Q3 2020 Central London Development pipeline 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 Supply pipeline constrained - 43% developments are pre-let - 33% contraction in proposed new space delivered to 2023 Demand will increasingly focus on high quality space Responded to c.1 m sq ft RFPS since Covid 8.0 6.0 4.0 2.0 • · 0.0 15 16 17 18 19 999 20 20 Source: CBRE Note: Forecast reflects CBRE's estimate of earliest completions. Central London comprises the City, Docklands, Midtown, Southbank and West End areas. 2 21 22 22 23 4.9m 4.2m 24 24 55 35#36Resilient Offices portfolio • Our portfolio benefits from a diverse mix of high quality office occupiers - - Majority are global technology, financial institutions, professional and corporate Rent collection high at 97% for September quarter Campuses are 82% of our offices portfolio; a unique and compelling offer - - Excellent transport connections Safe and well managed environments Range of space, including Storey - Vibrant local neighbourhoods - High quality retail and F&B still important to occupiers Regent's Place 36#37Retail leasing & outlook • • Pragmatic approach focused on maximising occupancy Accepting lower rents to generate sustainable cash flow 439,000 sq ft retail leasing - - 161,000 sq ft over one year; 11% below previous passing rent¹, 8% below ERV1 Retail parks account for two-thirds of activity Encouraging pipeline of activity - Under offer on 495,000 sq ft; 17% below previous passing rent; 6% below ERV Retail outlook - Market will remain challenging; expect further falls in rent Working with high quality occupiers next D W Waterstones Currys PC World SPORTS DIRECT.COM H GREGGS ALDI WHSmith dfs H&M Sainsbury's Iceland sofology M&S Boots 1. Excludes temporary deals with terms of less than one year EST. 1884 37#38Smart approach and relative resilience in Retail • • • Rent collection ahead of market at 62% for September - - 69% for June quarter; 46%¹ for March quarter Concessions generally in exchange for lease re- gears, lease extensions or new space Rent collected from all of our top 10 customers Leasing structures are appropriate and deliver sustainable cash flows - 25% of our leases currently have an element linked to turnover vs. 22% five years ago Operating through lockdown - All retail assets are open 42% stores are open today, vs 15% in the first lockdown Fort Kinnaird M&S 1Lower due to 28% of rent deferred 38#39BL footfall and sales performance vs benchmark Outperformance for the period to Sept 2020 Retail Parks +22% Portfolio +17% Outperformance for the period Sept 2020 Retail Parks +14% Portfolio +14% Footfall vs benchmark % YoY LFL sales vs benchmark % YoY Jan Feb Mar Apr May Jun Jul Aug Sep Oct Jan Feb Mar Apr May Jun Jul Aug Sep Oct 20% 0% -10% -20% -30% -40% -50% -60% -70% -80% 0% -20% -40% -60% -80% -90% -100% BL portfolio ShopperTrak UK National BL Shopping Centres BL Retail Parks BL portfolio BDO high street sales index BL Shopping Centres BL Retail Parks Footfall Index 39#40Out of town Retail highly attractive today and going forward Relative resilience during Covid - Open air - Supports mission based shopping - Reflected in strong operational fundamentals - Preferred by retailers, including Next and M&S • Well connected and affordable to retailers • - Occupancy cost ratio reducing to more sustainable levels, c. 10-12% Omnichannel compatible Support click & collect, facilitate returns - Act as a logistics hub for retailers • Investor appetite returning Particularly where underpinned by sustainable cash flows WOMEN nex Co Abo next Retail parks where customers can park and walk straight into relatively spacious stores have performed much better" Giltbrook, Nottingham Next, HY2020 40#41Our proactive approach to leasing Kingston Centre, Milton Keynes . . 50,000 sq ft space returned across three units - Space substantially reconfigured Re-let during the pandemic to high quality occupiers: discount retailer, supermarket and gym Ranging between 15-20 year terms, in line with ERV Now fully let, including under offers Giltbrook, Nottingham • 28,000 sq ft space returned - Reconfigured units and signed two high quality furniture retailers All on a 10 year term, in line with ERV 60,000 sq ft Marks and Spencer opened, July 2020 • Now fully let, including under offers TESCO extra Clinks 32 MH03 AUU 41#42Appendices ITALIAN TO GO COCOMAMA COCO DI MAMA HOT STUFF BEHIND THE COUNTER Dries ITALIAN TO GO DIMANA ITALIAN TO GO#43Storey roll out DE Crossrail STOREY STOREY 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 DE Bond St. DE DE Paddington DE DE Liverpool St. Tottenham Court Rd STOREY Fitzrovia STOREY Haggerston Whitechapel International House 6 Orsman Road 19 Wells Street QE Woolwich 43#44Building out Storey Operational Stats • c.30% premium to traditional lettings • Stabilised portfolio 78% let or under offer 26 months average lease length Good progress since 2017 launch Select and plan space Technology . 325,000 sq ft operational Open on all 3 campuses · Further 50,000 sq ft identified How British Land supports Storey's operating platform Fit out and Furnish Channel and pricing strategy Create Space Account management Market & Lease STOREY Proposition & Operating Model Operate Personalise & Deliver Storey and Personalisation FM services Marketing & leasing Leasing and Asset Management Development Technology installation Finance and Legal Customer onboarding Group Technology HR and Other Support Services 44#45June rent collection and deferrals Rent due between 24 June and 28 September As at 10th November Received Rent deferrals Rent forgiven Offices Retail¹ Total 98% 69% 81% 1% 4% 2% 6% 4% Customer paid monthly Outstanding 1% 21% 13% 100% 100% 100% Total £57m £80m £137m Collection of adjusted billing 2 99% 77% 86% 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. 45#46March rent collection and deferrals Rent due between 2 March and 23 June As at 10th November Offices Retail¹ Total Received 98% 46% 68% Rent deferrals 1% 28% 17% Rent forgiven 1% 12% 7% Customer paid monthly Outstanding Total Collection of adjusted billing 2 14% 8% 100% 100% 100% £58m £77m £135m 100% 77% 89% 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. 46#47BL footfall performance vs benchmark Jan-10 = 100 120.00 100.00 80.00 60.00 40.00 20.00 Mar-10 Sep-10 0000 +1700bps Outperformance for 6m to Sep 2020 m глили Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 British Land UK Market (ShopperTrak UK National Index) 47#48Major retail property holdings As at 30 September 2020 BL Share Sq ft Rent (100%) Occupancy Lease Length % 000's £m pa 1.4 Rate %2 2,4 yrs 3,4 1 2 Meadowhall, Sheffield 50 1,500 77 95.3 4.5 Ealing Broadway 100 540 14 91.0 3.4 3 Glasgow Fort 78 510 19 97.8 5.5 4 Drake's Circus, Plymouth 100 1,190 16 90.9 5.7 5 Teesside, Stockton 100 569 15 96.2 3.4 6 Kingston Centre, Milton Keynes 100 380 7 99.6 6.9 7 Serpentine Green, Peterborough 100 337 8 98.6 6.5 8 Speke, New Mersey 68 502 13 93.8 5.2 9 Fort Kinnaird, Edinburgh 39 560 17 92.7 4.6 10 Giltbrook, Nottingham 100 198 6 100.0 5.8 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 48#49Broadgate Campus 81% of Broadgate completed and committed developments pre-let SNOWDEN STREET WILSON STREET EARL STREET SUN STREET 18 FINSBURY AVENUE ELDON STREET ←の MOORGATE 2 PINDAR STREET APPOLD STREET 5 SUN STREET PASSAGE LIVERPOOL STREET STATION ze STATION CONCOURSE CROSSRAIL XE LIVERPOOL STREET 11 WORSHIP STREET (12) 13 PRIMROSE STREET 10 (14) 16 15 BISHOPSGATE SHOREDITCH HIGH STREET BLOSSOM STREET SHOREDITCH BLOSSOM STREET 1 1 Broadgate 3 2 3 Broadgate 1 Finsbury Avenue 4 2 & 3 Finsbury Avenue 5 5 Broadgate FOLGATE STREET 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 ARTILLERY LANE MIDDLESEX STREET 17 135 Bishopsgate 18 Appold Studios (BL Ownership 100%) British Land ownership (50%) British Land Ownership (development 50%) Non-British Land ownership DE Crossrail [Elizabeth Line) 49#50Paddington Central Campus HARROW ROAD I (10 A404 WESTBOURNE BRIDGE 0 ROYAL OAK ORSETT TERRACE WESTWAY A40 9 KINGDOM STREET 2 8 WESTWAY A40 SHELDON SQUARE 12 5 BISHOP'S BRIDGE ROAD GRAND UNION CANAL 11 6 PADDINGTON 0 PADDINGTON (11) 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 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 11 Retail Canal Boats 12 The Gateway Building British Land ownership British Land ownership (development) Non-British Land ownership BE Crossrail (Elizabeth Line) 50#51Regent's Place Campus REGENT'S PARK 0 GREAT PORTLAND STREET OSNABURGH STRE (2) LONGFORD STREET 15 5 4 BROCK STREET DRUMMOND STREET 8 (1) 20 Triton Street 21 Osnaburgh Street 3 1-8 Longford Street 4 UKPN Substation 51 Triton Square 610 Brock Street 7 20 Brock Street 8 15-31 Hampstead Road 9 30 Brock Street EUSTON (10) Euston Tower (11) 2 Triton Square (12) 338 Euston Road STATION TRITON STREET TRITON SQUARE REGENT'S PLACE PLAZA 10 14 13 (12) 11 EUSTON ROAD WARREN STREET 13) 350 Euston Road EUSTON SQUARE (14) 10 Triton Street (15) 184-192 Drummond St British Land ownership British Land ownership (development) Residential Non-British Land ownership 51#52Top 20 occupiers & occupier split by industry Retail Top Occupiers Offices Top Occupiers Occupier Split by Industry (%) As at 30 September 2020 % of As at % of Retail 30 September 2020 Office Rent Rent Other 9% Tesco1 7.8 Facebook 7.4 Home & DIY 4% Fashion & Beauty 18% Next 5.0 Government 6.2 Grocery & Walgreens (Boots) 4.0 Dentsu Aegis² 4.3 Convenience 6% M&S Plc 3.5 Visa 3.9 J Sainsbury 3.0 Herbert Smith Freehills 3.1 Dixons Carphone 2.8 TP ICAP PIC 3.0 Banks & Financial Professional & JD Sports 2.4 Gazprom 2.5 Corporate 10% services 15% Frasers Grp 2.4 Microsoft Corp 2.4 TJX (TK Maxx) 2.4 SMBC 2.2 Asda Group 1.9 Vodafone 2.0 Arcadia Grp 1.8 Deutsche Bank 1.9 Food / Leisure 11% Virgin 1.8 Henderson 1.6 TGI Fridays 1.6 Reed Smith 1.6 General Retail 14% TMT 13% Hutchison Whampoa Ltd 1.6 The Interpublic Group (McCann) 1.5 H&M 1.5 Mayer Brown 1.4 DFS Furniture 1.5 Bank of Montreal 1.4 Primark 1.3 Ctrip.com (Skyscanner) 1.3 Homebase 1.3 Mimecast Ltd 1.2 Pets at Home 1.2 Capula Mgmnt 1.2 River Island 1.2 Credit Agricole 1.2 1 Includes £3.4m at Surrey Quays Shopping Centre 2 Taking into account their pre-let of 310,000 sq ft at 1 Triton Square, % contracted rent would rise to 8.7%. 50.0 51.3 52#53Capital Activity Since 1 April 2020 Purchases Offices £m Retail £m Sales¹ (456) Development Spend 57 2 Capital Spend 21 18 Net Investment 78 (436) Residential Canada Water Total £m £m £m (456) 11 70 39 11 (347) Gross Investment 78 476 11 565 On a proportionally consolidated basis including the Group's share of joint ventures and funds Includes Tescos sales of £149m and part sale of Beaumont Leys for £63m, which exchanged and completed post period end 53 33#54Capital Activity Net Spend 1 £m 1,600 1,200 800 400 £3.3bn Gross investment activity since April 2018 (£502m) (£739m) (£753m) £121m £(347)m (400) (800) (1,200) (1,600) (2,000) FY17 Sales FY18 Capital Investment FY19 1 Previous periods have been restated to exclude transactions exchanged in the period that have now completed FY20 HY21 Purchases Net Spend 54#55Sales Since 1 April 2020 Sector Price Price (100%) £m (BL Share) £m Annual Passing Rent £m¹ Completed Portfolio of Sainsbury's stores² Retail 102 102 Tesco, Brislington Retail 42 42 3 B&Qs, Various Retail 100 100 8 00 Tescos, Milton Keynes & Peterborough³ Retail 149 149 9 Beaumont Leys (part-sale)³ Retail 63 63 LO 5 Total 1 BL share of annualised rent topped up for rent frees 2 3 The portfolio was the indirect ownership (25.5%) of the reversionary interest of 26 Sainsbury's stores. Exchanged and completed post period end. 456 456 25 25 55#56Clarges Residential Unit Sales Completed in FY18 Completed in FY19 Completed in FY20 Total Completed Units remaining (under offer) Total Number of units 2 £m 24 24 23 335 8 86 33 445 1 3 34 448 56#57Illustrative future income profile breakdown (cash basis) For the year to 31 March 2021 2022 2023 2024 2025 Total Accounting Basis As at 30 September 2020 £m £m £m £m £m £m Current Passing Rent 485 480 Contracted uplifts4 12 Pre-lets of Committed Developments¹ 22 24 14 6 1 57 22 22 19 Contracted rent 564 499 Letting of completed developments 6 Lease Expiries - Development pipeline (3) (1) (1) Letting of Committed Developments1 - speculative 1 Letting of Near Term Developments¹ - 7 6 5 (5) (5) 23 24 18 - 20 27 22 RPI Linked Leases² Reversion³ Vacancies 1 1 1 1 4 4 1 33 11 (1) (2) (3) 6 CO 6 33 27 659 576 Letting of Medium Term Developments (excl. Canada Water & Eden Walk) 81 64 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 2.5% per annum 3 Includes reversion on expiries and open market rent reviews within 5 years 4 Includes £2m agreement for lease rents 57#58Gross rental income¹ Accounting Basis £m 6 months to 30 September 2020 Annualised as at 30 September 2020 Group JVs & Funds Total Group JVs & Funds Total West End City 77 1 78 140 2 142 8 39 39 47 6 68 74 Offices 85 40 125 146 70 216 T Retail Parks 46 27 731 76 52 128 Shopping Centre 27 24 51 54 44 98 Superstores 2 1 3 ¦ 3 1 4 I Department Stores 1 2 2 High Street 2 2 6 6 I I Leisure 7 7: 14 1 15 Retail 85 52 137 ¦ 155 98 253 I Residential² Canada Water Total 2 4 2 ¦ 4 I 1 1 7 7 I 176 92 268¦ 309 168 477 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 58#59Underlying Profit Bridge £m 152 (2) 2 (6) (44) 152 HY 2020 Net divestment Developments Excl. impact of capital activity Like for like incl. CVAS and admins Provisions for trade debtors and deferred rent (2) 7 107 Tenant incentive provisions Cost savings HY 2021 59#60Administrative expenses 6 months to 30 September 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. 2019 2020 £m £m 26 18 (1) 3 19 20 44 41 (3) (3) 41 38 60#61CVAs and Administrations Data since April 2017 Contracted Number Annualised contracted rent lost by Quarter (£m) rent reduction £m % split of of Stores Units 14 Number of units in c.3,000 ■CVA - stores closing ■CVA - reduced rents Admins - stores closing portfolio 12 ■Admins - reduced rent Stores under 296 CVA/admins 10 Administrations 19.2 120 Unaffected 4 3% Reduced 6.5 21 18% Rents 9 Closures 12.7 95 79% 4 CVAS 20.5 176 Unaffected 70 40% 2 Reduced 15.4 80 45% Rents Closures 5.1 26 15% Total FY18 Total FY19 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Total Rent Impact 39.7 6.8% of total group contracted rent has been lost due to CVAS and Administrations since Apr 2017 49 61#62Operating costs metric 6 months to 30 September Property operating expenses Administrative expenses Net fees and other income Ground rent costs and operating expenses de facto included in rents EPRA Costs (including direct vacancy costs) Gross rental income Ground rent costs and operating expenses de facto included in rents Gross Rental Income (EPRA basis) EPRA Cost Ratio (including direct vacancy costs) Impairment of tenant debtors, tenant incentives and accrued income Adjusted EPRA Cost ratio (including direct vacancy costs and excluding impairment of tenant debtors, tenant incentives and accrued income) 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. 2019 2020 £m £m 32 76 41 39 (7) (6) (8) (10) 58 99 275 268 (8) (12) 267 256 21.7% 38.7% 4 47 20.2% 20.3% 62#63Reconciliation of Underlying Profit 6 months to 30 September 2019 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 £m £m (404) (730) 576 875 (21) (19) 43 11 (43) (36) 1 6 152 107 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. 63#64Number of shares As at IFRS Basic Weighted average¹ IFRS Diluted Weighted average² Underlying/EPRA diluted Weighted average³ Year/Period end4 1 For use in IFRS basic earnings per share. 31 Mar 2020 (m) 30 Sep 2020 (m) 934 927 934 927 937 930 932 933 2 For use in IFRS diluted earnings per share. A loss in the current and prior periods 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 NAV per share and EPRA NNNAV per share. 64#65EPRA balance sheet 31 March 2020 ! Group JVs & Funds 30 Sept 2020 Total properties (£m) 11,177 7,262 3,066 10,328 Adjusted net debt (£m) (3,854) (2,837) (859) (3,696) Other net liabilities (£m) (121) (141) (26) (167) EPRA Net Tangible Assets (£m) 7,202 4,284 2,181 6,465 Loan to value (LTV)1 34.0% 35.7% Weighted average interest rate 2.5% 2.5% Interest cover 3.8x Weighted average maturity of drawn debt (years) 7.5 1 Proportionally consolidated LTV is based on Group Properties and share of Joint ventures & Funds, and proportionally consolidated net debt. 3.1x 7.8 65#66EPRA Net Asset Value Metrics IFRS Net Assets Deferred tax arising on revaluation movements Mark to market on derivatives and related debt 141 EPRA NTA 1 31 March 2020 EPRA NDV2 EPRA NRV³ 30 September 2020 EPRA NTA 1 EPRA NDV2 EPRA NRV 3 7,147 7,147 7,147 6,373 6,373 6,373 6 6 6 6 6 6 141 148 148 adjustments Adjust to fully diluted on exercise of share 18 18 18 16 16 16 options Surplus on trading properties 13 13 13 12 12 12 Non-controlling interests (112) (112) (112) (78) (78) (78) Deferred tax arising on revaluation movements (9) (8) Mark to market on debt (301) (318) I Purchasers' costs 659 605 Intangibles NAV (11) (12) 7,202 6,762 7,872 6,465 6,003 7,082 Per share measure (pence) 1 Net Tangible Assets. 2 Net Disposal Value. 3 Net Reinstatement Value 773 726 845 693 643 759 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 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 30 September 2020 £m £m 7,872 7,082 (659) (605) 7,213 6,477 774p 694p 7,202 6,465 11 12 7,213 6,477 774p 694p 6,762 6,003 6,762 6,003 726p 643p 67#68Gross and net debt reconciliation As at 30 Sept 2020 Group £m JVs & Funds £m Less non- controlling Total £m interests £m (3,128) (971) 113 (3,986) Gross Debt (principal) IFRS adjustments: Issue costs and premia 11 2 13 Fair value hedge adjustments (198) (198) IFRS gross debt (3,315) (969) 113 (4,171) Market value of derivatives 40 (9) 31 Cash IFRS net debt 196 108 (8) 296 (3,079) (870) 105 (3,844) Adjustments: Remove market value of derivatives Remove fair value hedges Adjusted net debt (29) 177 (3,696) 68#69Loan to value (LTV) As at 31 March 2020 £m Valuation movement Acquisitions Capital Disposals spend Operating cashflow Other As at 30 Sept 2020 £m 13 10,315 Total properties 11,157 (842) Other 131 1 investments LTV assets 11,288 (841) Adjusted net 3,854 debt Other (12) LTV liabilities 3,842 119 (132) 2 (109) 121 (241) 124 (250) (62) (1) 24 12 10,339 50 30 3,696 6 (6) 124 (250) (62) 36 3,690 LTV 34.0% 2.7% 0.7% (1.5%) (0.5%) 0.3% 35.7% 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. 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% 30 Sept 2020 35.7% 2.5% 2.5% 3.8x 3.1x 7.5yrs 31 Mar 2020 28.9% 7.8yrs 30 Sept 2020 30.2% £1.1bn £0.8bn 1.9% 1.9% 5.8x 4.6x A A 70#71Debt maturity £m 1,200 1,000 800 600 400 200 Bank RCFs Undrawn (Unsecured) Bank RCFs Drawn (Unsecured) Debenture & Loan Notes (Secured) Sterling Bond (Unsecured) US Private Placements (Unsecured) Funds - Bank Drawn (Secured) JVS - Securitisations (Secured) 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Financial Year ending 31 March 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 £650m of committed bank facilities by 1 year to 2025 • No requirement to refinance until 2024 . LTV increased by 170bps to 35.7%² £4.0bn Drawn Debt¹ (30 September 2020) £0.3bn - Valuation declines +270bps £1.0bn Capital activity -80bps - Retained earnings -50bps • Weighted average interest rate low at 2.5%2 • Weighted average drawn debt term maturity 7.8 years2 £0.6bn £0.3bn • £350m convertible bond repaid at maturity using RCFs. • Fitch affirmed all our credit ratings, including our senior unsecured at 'A', with Stable Outlook · Refinanced a HUT bank loan to December 2023 1 Proportionally consolidated. HUT's debt shown at our share (£0.3bn) within Funds. 2 On a proportionally consolidated basis Bank RCFs Drawn £1.0bn £0.8bn US Private Placements Sterling Bond Debenture & loan notes JVs Securitisations Funds Loans Unsecured Secured 72#73Portfolio valuation by sector As at 30 September 2020 Group JVs & Funds Total Change %1 £m £m £m % £m West End City Offices 4,071 45 4,116 (2.5) (105) 297 2,238 2,535 (4.0) (106) I 4,368 2,283 6,651 J I (3.1) (211) + I Retail Parks 898 608 1,506 (13.1) (243) Shopping Centre 634 614 1,248 I (18.1) (276) I Superstores 46 46 (0.2) T Department Stores 22 22 I (34.3) (11) I High Street 116 116 (14.0) (19) I Leisure 218 19 237 (11.3) (30) I Retail 1,934 1,241 3,175 J (14.9) (579) I . Residential² Canada Water Total Standing Investments Developments 135 135 I (9.1) (14) 354 354 (6.0) (23) ப 6,791 3,524 10,315 (7.3) (827) 6,010 3,512 9,522 (8.1) (816) J T 781 12 793¦ (0.9) (11) On a proportionally consolidated basis including the group's share of joint ventures and funds 1 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 sales 2 Standalone residential 73#74Valuation movement - Offices 6 months to 30 Sep 2020 West End City Offices Valuation £m Change Change Yield movement ERV movement £m % 1 Bps2 %2 4,116 (105) (2.5) +11 2.2 2,535 (106) (4.0) +3 (1.7) 6,651 (211) (3.1) +8 0.7 Campuses represent 82% of the Offices portfolio 1 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 sales 2 Excluding committed developments, assets held for development and residential assets 74#75Valuation movement - Retail 6 months to 30 Sep 2020 Retail Parks Shopping Centre Total Other Retail Valuation £m Change £m Change Yield movement ERV movement %1 Bps2 %2 1,506 (243) (13.1) +26 (11.6) 1,248 (276) (18.1) +41 (11.9) 2,754 (519) (15.4) +33 (11.7) 421 (60) (11.6) +37 (4.2) 3,175 (579) (14.9) +33 (10.9) Shopping Centre and Retail Parks represent 87% of the Retail portfolio 1 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 sales 2 Excluding committed developments, assets held for development and residential assets 75#76Retail Valuation Movements Sep '20 Valuations (£'m) 1,400 -14.9% Retail HY21 valuation movement 1,200 1,000 800 600 400 200 Greater than 0% 0% to -5% Shopping Centres ■Retail Parks -10 to -15% -15 to -20% -5 to -10% Superstores Leisure % Valuation Movement in HY21 -20 to -25% More than -25% High Street ■Dept Stores 76#77Portfolio net yields¹,2 As at 30 September 2020 EPRA EPRA topped net initial yield up net initial yield 3 % % Overall topped up Net net initial yield % equivalent yield % Net equivalent Net reversionary yield movement yield % ERV Growth % 5 bps West End 3.5 4.1 4.2 4.4 11 5.0 2.2 City 2.9 3.8 3.8 4.5 3 5.2 (1.7) Offices 3.3 4.0 4.0 4.4 8 5.1 0.7 Retail Parks 7.6 7.8 7.9 7.3 26 7.2 (11.6) Shopping Centre 6.4 6.5 6.7 6.8 41 6.8 (11.9) Superstore 7.9 7.9 7.9 5.8 (12) 6.0 0.2 Department Store 8.3 8.3 8.3 9.4 (4) 12.1 (7.2) High Street 4.3 4.5 4.5 5.7 27 6.1 (9.2) Leisure & Other 5.7 5.8 6.4 6.3 57 5.5 (1.2) Retail 6.9 7.0 7.2 6.9 33 6.9 (10.9) Canada Water 3.3 3.2 3.2 4.0 3 4.0 (3.9) Total 4.5 5.0 5.1 5.3 17 5.7 (4.9) On a proportionally consolidated basis including the group's share of joint ventures and funds 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 30 September 2020 West End City Offices Retail Parks Shopping Centre Superstores Department Stores High Street Leisure Retail Residential¹ Canada Water Total Of which London On a proportionally consolidated basis including the group's share of joint ventures and funds 1 Standalone residential 2019 2020 2020 % % £m 34.7 39.9 4,116 20.2 24.6 2,535 54.9 64.5 6,651 19.5 14.6 1,506 16.0 12.1 1,248 1.1 0.5 46 0.5 0.2 22 1.3 1.1 116 2.5 2.3 237 40.9 30.8 3,175 1.2 1.3 135 3.0 3.4 354 100.0 100.0 10,315 65% 74% 7,664 78#79Lease length and occupancy As at 30 September 2020 Average Lease Length (yrs) Occupancy Rate (%) To Expiry To Break EPRA Occupancy Occupancy 1,2,3 West End City Offices 6.0 4.6 96.3 96.4 8.6 7.2 82.3 92.2 7.0 5.6 90.6 94.7 Retail Parks 6.4 5.0 93.8 96.1 Shopping Centre 6.1 4.8 93.0 94.3 Superstores 7.0 6.8 100.0 100.0 Department Stores 15.3 7.7 98.1 98.1 High Street 4.7 3.9 92.9 93.6 Leisure 14.0 13.7 96.2 96.9 Retail 6.8 5.4 93.7 95.5 Canada Water 4.7 4.6 98.1 98.6 Total 6.8 5.5 92.1 95.1 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 95.1% to 96.2% 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. Reflecting units currently occupied but expected to become vacant, then the occupancy rate for Retail would reduce from 95.5% to 92.7%, and total occupancy would reduce from 95.1% to 93.7% 79#80Annualised rent & estimated rental value (ERV) As at 30 September 2020 Annualised Rents (Valuation Basis) £m¹ ERV I £m I Average Rent (£psf) Group JVs & Funds Total Total Contracted² ERV I West End³ 134 3 137 195 62.9 71.5 ! City³ 7 70 77 135¦ 53.8 58.6 | I Offices³ 141 73 214 330 59.2 65.9 | J I Retail Parks 79 55 134 120 23.6 21.0 Shopping Centre | I 55 46 101 102 26.6 26.4 I I + I Superstores 4 4 | 3 ¦ 18.9 14.4 I I Department Stores 3 3 i 4! 2.9 4.2 | I High Street 6 6! 8! 12.7 16.8 Leisure 14 1 15 ¦ 15¦ 17.1 16.1 I Retail 161 102 263 252 I 22.1 20.9 I Residential4 Canada Water5 Total 1 1 3 i 9.4 34.5 I I I 7 7 ! 9 ! 16.7 19.7 T I T 310 175 485 594¦ 29.6 32.9 On a proportionally consolidated basis including the group's share of joint ventures and funds, excluding committed, near term and assets held for development 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 5 Reflects standing investment only 80#81Rent subject to open market rent review For the year to 31 March As at 30 September 2020 I 2021 2022 2023 2024 2025 2021-23 2021-25 I I I £m £m £m £m £m £m £m I West End City 1 8 23 7 15 32 54 9 1 1 15 11 11 37 Offices 10 9 24 22 26 43 91 Retail Parks 8 10 13 6 CO 6 31 43 Shopping Centre 3 6 12 7 4 21 32 Superstores 1 1 I 1 2 | Department Stores I High Street Leisure Retail Residential Canada Water¹ Total I 1 1 1 1 1 1 2 I 11 17 27 14 11 55 80 1 | - 1 - 21 27 51 36 37 99 172 On a proportionally consolidated basis including the group's share of joint ventures and funds excluding committed, near term and assets held for development 1 Reflects standing investment only 81#82Rent subject to lease break or expiry For the year to 31 March As at 30 September 2020 I 2021 2022 2023 2024 2025 2021-23 2021-25 I I £m £m £m £m £m £m £m West End City 8 30 25 14 15 63 92 5 6 3 14 14 35 Offices 13 36 28 28 21 77 126 Retail Parks 12 13 14 23 12 39 74 Shopping Centre 10 15 14 10 8¦ 39 57 Superstores 2 2 2 Department Stores 1 1 2 High Street 1 2 1 1 4 5 Leisure - -I Retail Residential Canada Water¹ Total % of contracted rent 23 31 31 34 21 - - 85 140 I 1 1 1 2 3 5 37 68 60 64 42 165 271 6.8 12.3 11.2 11.7 7.6 30.3 49.6 On a proportionally consolidated basis including the group's share of joint ventures and funds excluding committed, near term and assets held for development 1 Reflects standing investment only 82#83Contracted rental increases (cash flow basis) For the year to 31 March As at 30 September 2020 Expiry of rent free periods Fixed uplifts (EPRA basis) Fixed & minimum uplifts Total 2021 2022 2023 2024 2025¦ 2021-23 2021-25 £m £m £m £m £m £m £m I 24 11 5 44 49 1 1 1 2 1 2 3 4 9 25 14 6 1 48 55 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#84Total Property Return (as calculated by MSCI) 1 6 months to 30 September 2020 Offices Retail Total % Capital Return - ERV Growth - Yield Movement¹ British Land MSCI British Land MSCI British Land MSCI I (3.0) (2.4) (15.0) (8.4) (7.3) (3.7) I I 0.7 (0.5) (10.9) (5.4) (4.9) (2.0) I T T I 8 bps 9 bps I 33 bps 26 bps 17 bps 11 bps I I Income Return 1.4 1.8 i 3.2 2.6 I 1.9 I 2.2 Total Property Return (1.6) (0.6) (12.2) (6.0) (5.5) (1.6) I I I Net equivalent yield movement 84#85Recently Completed & Committed developments As at 30 September 2020 Sector BL Sq PC Share ft Calendar Current Value Cost to ERV Let Come Year % '000 1 £m £m £m² £m 100 Liverpool Street Office 50 520 Q3 2020 400 19.3 15.5 Total Completed in the Year 520 400 19.3 15.5 1 Triton Square³ Office 100 365 Q2 2021 426 38 22.6 21.8 Norton Folgate Office 100 336 Q3 2023 99 252 23.4 701 525 290 46.0 21.8 Total Committed Other Capital Expenditure4 47 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 October 2020. 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 ERV let & under offer of £21.8m represents space taken by Dentsu Aegis. As part of this letting, Dentsu Aegis have an option to return their existing space at 10 Triton Street in 2021. If this option is exercised, there is an adjustment to the rent free period in respect of the letting at 1 Triton Square to compensate British Land 4 Capex committed and underway within our investment portfolio relating to leasing and asset management 85#86Near term development pipeline Let & Under Planning Status As at Sector BL Sq ft 30 September 2020 Share Earliest Start on Current Cost to ERV Value Come Site Offer % '000 Calendar £m £m 1 ₤m² £m Year Near Term Pipeline 1 Broadgate Office 50 539 Q2 2021 91 224 20.0 Consented Aldgate Place, Phase 2 Residential 100 143 Q3 2021 30 94 7.0 Consented Total Near Term 682 121 318 27.0 Other Capital Expenditure³ 70 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 October 2020. 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 Forecast capital commitments within our investment portfolio over the next 12 months relating to leasing and asset enhancement 86#87Medium term development pipeline As at 30 September 2020 Sector BL Share Sq ft Planning status % '000 Medium term Pipeline 5 Kingdom Street Office 100 438 Consented 2-3 Finsbury Avenue Office 50 563 Consented Eden Walk Retail & Residential Mixed Use 50 452 Consented - Ealing 10-40 The Broadway Mixed Use 100 303 Pre-submission Gateway Building Leisure 100 105 Consented Canada Water - Plot A11 Mixed Use 100 272 Consented Canada Water - Plot A21 Mixed Use Consented 100 246 Canada Water - Plot K11 Mixed Use Consented 100 62 Canada Water - Remaining plots¹ Mixed Use 100 4,494 Consented Total Medium Term 6,935 1 On drawdown of the Master Development Agreement, ownership reduces to 80% with LBS owning 20%. LBS ownership will adjust over time depending on level of investment by Southwark 87#88Estimated future development spend and capitalised interest As at 30 September 2020 PC Calendar Year Cost to Come £m (excluding notional interest) - 6 months breakdown Mar- Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Total 21 100 Liverpool Street Q3 2020 Total Completed 1 Triton Square Q2 2021 20 18 38 Norton Folgate Q3 2023 48 53 33 67 44 21 19 252 Total Committed 68 71 67 44 21 19 290 1 Broadgate 2025 3 22 19 29 29 35 36 33 25 202 Aldgate Place, Phase 2 2023 4 4 15 26 25 14 4 2 94 Total Near Term 7 26 34 55 60 50 37 27 296 Indicative Interest Capitalised on above at attributable rates 3 4 5 CO 6 3 2 2 88#89Canada 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 Earliest possible start on site 89#90Vacancy Central London West End & City Vacancy Rates 20 20 18 16 14 12 10 8 6 4 2 West End West End 10 year average City City 10 year average 0 1985 1990 1995 2000 2005 2010 2015 Q3 2020 Source: CBRE (historic) 5.2% 3.2% 90#91Our 2030 Sustainability Strategy Net Zero Carbon by 2030 . • 50% less embodied carbon emissions at our developments, to below 500kg CO₂e per m² 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 • • Impactful education and employment partnerships at each place Responsible business Champion of responsible employment Promoting diversity and inclusion, everywhere • Mandating prompt payment • Integrating wellbeing, everywhere • Active against modern slavery Championing UN SDGs Environmental leadership • Targeting a 5 star rating in GRESB in 2022 O 8 DECENT WORK AND ECONOMIC GROWTH 12 RESPONSIBLE CONSUMPTION AND PRODUCTION 17 PARTNERSHIPS FOR THE GOALS M QO .......... 91#92Disclaimer The information contained in this presentation has been extracted largely from the Half Year Results Announcement for the year ending on 30 September 2020. 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. Such statements reflect current views, intentions, expectations, forecasts and beliefs of British Land concerning, among other things, our markets, activities, projections, strategy, plans, initiatives, objectives, performance, financial condition, liquidity, growth and prospects, as well as assumptions about future events, and appear in a number of places throughout this presentation. Such 'forward-looking' statements can sometimes, but not always, be identified by their reference to a date or point in the future, the future tense, or the use of 'forward-looking' terminology, including terms such as 'believes', 'considers', 'estimates', 'anticipates', 'expects', 'forecasts', 'intends', 'continues', 'potential', 'due', 'potential', 'possible', 'plans', 'seeks', 'projects', 'budget', 'goal', 'guidance', 'trends', future', 'outlook', 'schedule', 'budget', 'target', 'aim', 'may', 'likely to', 'will', 'would', 'could', 'should' or similar expressions or in each case their negative or other variations or comparable terminology. By their nature, forward-looking statements involve inherent known and unknown risks, assumptions and uncertainties because they relate to future events and circumstances and depend on circumstances which may or may not occur and may be beyond our ability to control, predict or estimate. There can be no assurance that such statements will prove to be accurate. Forward-looking statements are not guarantees of future performance and hence may prove to be erroneous. Actual outcomes and results may differ materially from any outcomes or results expressed in or implied by such forward-looking statements. Forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Even if results and the development of the industry in which British Land operates are consistent with the forward-looking statements contained in the presentation, those results or developments may not be indicative of results or developments in subsequent periods. Any forward-looking statements made by or on behalf of British Land speak only as of the date they are made. Other than in accordance with our legal and regulatory obligations (including under the UK Financial Conduct Authority's Listing Rules and the Disclosure Guidance and Transparency Rules, the EU Market Abuse Regulation and the requirements of the Financial Conduct Authority and the London Stock Exchange), British Land does not intend or undertake any obligation to update or revise publicly forward-looking statements to reflect any changes in British Land's expectations with regard thereto or any changes in events, conditions, circumstances or other information on which any such statement is based (regardless of whether those forward-looking statements are affected as a result). Important factors that could cause actual results, performance, developments or achievements of British Land to differ materially from any outcomes or results expressed in or implied by such forward-looking statements include (among other things) business, economic and regulatory changes, as well as those risks which are set out in the """Effective Risk Management" section of British Land's latest annual report and accounts (which can be found at www.britishland.com) (as updated or supplemented by the "Risk Management and Principal Risks" and the "Forward-looking statements" sections of the Full Year Results Announcement) Information contained in this presentation relating to British Land or its share price or the yield on its shares are not guarantees of, and should not be relied upon as an indicator of, future performance. Nothing in this presentation should be construed as a profit forecast or profit estimate, or be taken as implying that the earnings of British Land for the current year or future years will necessarily match or exceed the historical or published earnings of British Land. This presentation is published solely for information purposes, and is not to be reproduced or distributed, in whole or in part, by any person other than British Land. The information, statements and opinions contained in this presentation do not constitute or form part of an offer or invitation to sell or issue, or the solicitation of an offer to subscribe for or buy, or any recommendation or advice in respect of, any security or financial instrument, 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 this presentation in any jurisdiction in contravention of applicable law. 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