Smart Approach in Retail Resilience

Recently 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

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