Investor Presentaiton

8 CONTINUED RETAIL POLARISATION Retail ERV Growth Retail Occupancy Indexed March 2010 = 100 % 105 100 95 95 90 85 97.4 94.7 98.0 95.3 88.9 88.3 Mar Sep Mar Sep Mar Sep Mar Sep Mar 13 Sep 13 10 10 11 -BL All Retail 11 IPD All Retail 12 12 13 13 IPD Secondary BL All Retail IPD All Retail IPD Secondary British Land

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