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Investor Presentaiton

UK PORTFOLIO NET YIELDS1 As at 30 September 2013 (excl. developments) EPRA Net Initial Yield % 2 EPRA Topped- Overall Topped- Up Net Initial Up Net Initial Yield %² Yield%3 Net Net Reversionary Yield % Equivalent Yield % Retail parks 5.5 5.7 5.8 5.8 5.9 Superstores 5.1 5.1 5.1 5.1 5.1 Shopping centres 5.4 5.7 5.7 5.8 5.8 Department stores 5.4 5.4 7.8 4.5 6.0 Leisure 7.6 7.6 8.8 6.0 8.4 UK Retail 5.5 5.6 5.9 5.6 5.8 City 5.3 6.1 6.1 6.0 5.6 West End 3.0 4.8 4.9 5.6 5.4 Provincial 7.1 7.1 7.1 5.7 6.3 All Offices 4.0 5.3 5.4 5.8 5.5 UK Total 5.0 5.5 5.8 5.7 5.7 Table shows UK total, excluding assets held in Europe. 2 Including rent contracted from expiry of rent-free periods and fixed uplifts not in lieu of growth 3 1 Including notional purchaser's costs Including fixed/minimum uplifts (excluded from EPRA definition) 26 British Land
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