Investor Presentaiton

STRONGLY IMPROVING OPERATING PERFORMANCE IN BOTH OFFICES AND RETAIL Good first half results, business performing well Continued improvement in Q3 -Like-for-like occupancy +30 bps to 97.1% - Investment lettings/renewals +5.3% Vs ERV (Retail +3.3%, Office +6.8%) HY to 30 September Change UK Valuation £11.2bn +2.8% Capital Returns vs IPD +100bps NAV per Share 623p +4.5% Dividend per Share 13.5p +2.3% 6 month Total Accounting Return 6.8% British Land

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