www.britishland.com

PADDINGTON CENTRAL 5 JULY 2013

Disclaimer This presentation may contain certain “forward-looking” statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of British Land speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. British Land does not undertake to update forward-looking statements to reflect any changes in British Land’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

This presentation is made only to investment professionals as defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ('the FP Order'). The content of this presentation has not been approved by a person authorised under the Financial Services and Markets Act 2000 (“FSMA”). Accordingly, this presentation may only be communicated in the UK with the benefit of an exemption set out in the FP Order. An investment professional includes: (i) a person who is authorised or exempt under FSMA; and (ii) a person who invests, or can reasonably be expected to invest, on a professional basis for the purposes of a business carried on by him; and (iii) a government, local authority (whether in the United Kingdom or elsewhere) or an international organisation; and (iv) any director, officer, executive or employee of any such person when acting in that capacity.

This presentation is published solely for information purposes. This presentation does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any security, nor a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this presentation in any jurisdiction in contravention of applicable law. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein.

The distribution of this presentation in jurisdictions other than the UK may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the UK should inform themselves about, and observe, any applicable requirements. This presentation has been prepared for the purpose of complying with English law and the City Code and the information disclosed may not be the same as that which would have been disclosed if this presentation had been prepared in accordance with the laws of jurisdictions outside the UK.

All opinions expressed in this presentation are subject to change without notice and may differ from opinions expressed elsewhere.

By viewing the presentation and/or accepting or accessing this document you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that:

(i) you have read and agree to comply with the contents of this notice; and (ii) you are an investment professional as defined in the FP Order.

2

Highlights

• Acquisition of major West-End, office-led estate

• Strong Property Fundamentals – attractive mix of modern well-let buildings and development sites – significant upside from asset management – estate will benefit from improving transport infrastructure

• 100 % in line with strategy – increases London weighting of business – shifts office business “further West” – exploits our scale and knowledge of large London estates – adds to development pipeline

• Financially attractive – initial yield of 5.3% rises to 6.2% when fully let (excludes development) – development opportunities with double digit IRRs (unlevered)

3

Delivering Future Growth – Focus on London and the South East

Continue to move West Transport inter-changes London residential

Up and coming areas Estates and mixed use schemes Development

Ealing Broadway

Clarges

Eden Walk

Surrey Quays & Harmsworth

Quays

Aldgate

Recent acquisitions

BL assets/concentration

Paddington Central

Paddington Central

4

Paddington Location

5

1

2

3

1. Paddington Central 2. Paddington Station 3. Paddington Basin

Paddington Central – Estate

6

Key:

200 residential units sold on long leases;

retail at ground floor

88,000 sq ft retail (16 units) around Sheldon Square

Development sites (355,000 sq ft) + Crossrail box below (80,000 sq ft)

Multi-let offices 268,000 sq ft

Multi-let offices 143,000 sq ft

206 room 4-star hotel (111,000 sq ft)

BL ownership

New Hammersmith & City line station and access to Crossrail

Non BL ownership

FIVE KINGDOM STREET

FOUR KINGDOM STREET

ONE KINGDOM STREET

ONE SHELDON SQUARE

Non BL ownership

SHELDON SQUARE RETAIL

3 KINGDOM STREET

Paddington Central – Existing Properties

7

3 SHELDON SQUARE

2 KINGDOM STREET

Paddington Central – Key Occupiers

• Top 8 tenants represent c.80% of the income

Occupier Building Area sq ft

Contracted rent pa £m

Unexpired lease term

Astra Zeneca 2 Kingdom Street 76,778 3.4 12 yrs

Nokia 2 Kingdom Street 60,791 3.4 9 yrs

Rio Tinto 2 Kingdom Street 26,177 1.5 13 yrs

Statoil 2 Kingdom Street 26,483 1.5 14 yrs

Accor 3 Kingdom Street 111,414 2.2 18 yrs

Cerner 3 Sheldon Square 28,010 1.2 9 yrs

Kingfisher 3 Sheldon Square 55,158 2.7 9 yrs

Prudential 3 Sheldon Square 25,255 1.5 9 yrs

Total Estate 610,000 21.9 10.7 yrs

8

Paddington Central – Crossrail

• Paddington will be one of only three Crossrail stations in London’s West End and will provide direct access to City and Docklands

• New access point to Crossrail will be opposite the entrance to Paddington Central, off Bishop’s Bridge Road

• As part of these works, reconstruction of Hammersmith & City line station with new public square fronting canal (see image below). We have initial plans to improve pedestrian entrance to Paddington Central by linking it to the new square

9

Approximate Crossrail journey times from Paddington to Key Central London stations

Bond Street 2 minutes

Tottenham Court Road 4 minutes

Farringdon 7 minutes

Liverpool Street 9 minutes

Canary Wharf 16 minutes

Paddington Central – Development Sites

10

• 145,200 sq ft of offices (as consented)

• 9 floors • Proposed start: end 2015

• 210,000 sq ft of offices (as consented) • 14 floors • Plan to redesign scheme and add

additional floor space • Proposed start: end 2014

• Situated below existing Crossrail deck at ground level

• 80,000 sq ft • 8 metre clear slab • Possession by 2018 • Potential for retail, leisure, storage or parking

4 KINGDOM STREET “CROSSRAIL BOX” 5 KINGDOM STREET

Financial Impact

11

Impact FY 14 Annualised

Net rent £16m £21m Underlying profit1 £9m £12m EPS1 0.9p 1.2p

Overall Placing EPS Accretion 0.4p 0.7p

• Investment of equity placing proceeds accretive to earnings in current financial year

• Pro forma LTV at 43% (from 46% pre placing)

1: Assumes 2% financing cost

Appendices

Asset Overview

13

Property Sq ft Occupants

Contracted rent pa

£m WALL

yrs

2 Kingdom St 268,000 AstraZeneca, Nokia, Statoil 10.9 11.2

3 Kingdom St 111,000 Novotel1 2.2 18.0

3 Sheldon Sq 143,000 Kingfisher, Prudential, Cerner 7.3 7.8

Sheldon Sq Retail 88,000 Nuffield Health, Sainsbury 1.5 12.0

Total 610,000 21.9 10.7

Property Sq ft Likely start on site

Estimated capex2

£m

4 Kingdom St 145,200 End 2015 71

5 Kingdom St 210,000+ End 2014 109

Crossrail Box 80,000 Reverts to BL by 2018 -

Total 435,200+ 180

Investment Properties - £400m

Development Properties - £70m

1 Rents are subject to annual RPI linked uplifts 2 Excludes notional interest

• Pro forma LTV at 43% - compares to 46% pre-placing

Equity Placing – Acquisition Spend

14

Acquisition spend

£m 2014

EPS Annualised

EPS

Ealing Broadway shopping centre 143 0.8p 0.8p

Surrey Quays JV buy-out 48 0.2p 0.2p

Other acquisitions 75 0.1p 0.1p

Impact as at 1 April 2013 266 1.1p 1.1p

Acquisitions since year end 22 0.1p 0.1p

Paddington Central1 470 0.9p 1.2p

Impact as at 4 July 2013 758 2.1p 2.4p

1: Assumes 2% financing cost