Full Year Results Presentation

Total 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

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