Investor Presentaiton

A PLATFORM FOR FUTURE INCOME GROWTH 48 Cash Flow Basis Accounting Basis Annualised Gross Rents Current Passing Rent Expiry of Rent-free Periods Fixed, Minimum Uplifts 2010 Non-Completed Developments Pre-let £m £m 5495 571 5731 13 28 24 Recently Committed Developments Pre-let 4 4 Total Contracted 651 601 Developments - 2010 Committed Developments to let² 29 23 Developments - Recently Committed/Near-term to let² 46 39 Investments - RPI, Letting of Vacancies etc. 2,3,4 30 28 Potential Rent in 5 Years Increase 756 691 38% 21% Table shows UK total, excluding assets held in Europe. 1 Rent includes £27m of completed 2010 Programme Developments on a cash flow basis, £23m on an accounting basis 2 Valuers estimate of non-contracted rents 3 Illustrative impact based on RPI of 2.5% pa 4 Includes RPI, open market rent reviews, re-letting of expiries and the letting of non-development vacant space 5 Gross rents plus, where rent reviews are outstanding, any increase to ERV (as determined by the Group's external valuers), less any ground rents payable under head leases British Land

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