We are real estate investors and create value by actively managing, financing and developing prime commercial property to provide the environment in which modern business can thrive.

Citigroup 2008 Global Property CEO Conference

Stephen Hester, Chief Executive – 3 March 2008

British Land at a Glance

Who We Are

58% Retail 81% Out of Town

� One of the world’s leading REITs– 4th largest Global REIT by assets (£14.6bn) – Equity market capitalisation £5.1bn1

– Total assets under management £18bn

� Market leadership in Office & Retail – Focus on growth sectors – Out of Town Retail and London Offices

� High quality assets (97% in the UK) – Prime locations with strong tenants – High occupancy and long leases

� Pro-active management style – Driven by customer needs

� Attractive upside potential from development & asset management

� Defensive balance sheet and cash flow resilience

40% Offices 98% London

1 As at close 31 January 2008

1

UK Market Fundamentals

UK Real Estate’s Attractions Fundamental Attractions

� Density and population growth drive values – UK 8 times denser than the US – Restrictive planning regime leads to limited availability

of land

� Landlord-friendly lease structure – Typically 10-25 year terms - upward-only with

mark-to-market every 5 years – Tenant fully liable for repairing and insuring costs – High degree of control with landlords – limited break

options and conditions for assignment

� Transparent and accessible markets – Huge depth and variety of participants – Well developed valuation data – Attractive and predictable legal/fiscal framework

� Average Total Property Return 12% pa over last 10 yrs1

Cyclical Attractions � UK real estate prices have adjusted fastest to global

“credit crunch” – Real estate equities and real property down in price more

than other markets … so far – UK market more transparent and more open; thus quicker

to find ‘fair value’ – As a result, attractive returns are now in prospect from this

low risk, high quality asset class

� Occupier markets are still in better health than investment markets discounting

– Central issue is a re-pricing of cap rates

� Still a range of views of where bottom is2, however: – Rational analysis supports ‘correction’ not ‘crisis’ – Gilt yields back down below 4½%; 5 yr swaps 5% – Speed of valuation adjustment augers well for shortened

duration of downcycle – Increased signs of investor interest at these levels.

Sentiment still volatile however

1 Average IPD All Property Total Return (ungeared)

2 For instance, property derivatives market pricing in year-end total returns of -11.8% for 2008

2

UK Market Fundamentals

UK Real Estate’s Fundamental Attractions

UK Population Density Creates Land Scarcity1 Uniquely Favourable UK Lease Structure3

Growth2

- 0.1% Japan Europe

Rent Review Frequency

Rent Review Typical Lease Basis Length (yrs)

UK 5-25 Open market 5 yrs France 9-15 Index Annual Germany 5-10 Index Annual UK + 2.1% Spain 5 CPI Annual Poland 3-7 US/Eurozone CPI Annual

Europe + 1.4% Americas United States 5-10 Fixed/CPI 1, 3 or 5 yrs Brazil 3-5 CPI/Open market Annual

USA + 5.0% Asia Pacific Australia 3-5 Open market/Fixed Annual Japan 2 Open market Renewal

Australia + 5.2% Hong Kong 3-6 Open market Renewal Singapore 3 Open market Renewal

0 50 100 150 200 250 300 350 Fixed 2-5India Open market 2-3China

3 yrs Renewal

Population per km2

UK property market underpinned by high population density and landlord friendly lease structures

1 United Nations Population Division 2 United Nations Population Division – estimated population growth 2005-2010 3 Jones Lang LaSalle

3

UK Market Fundamentals %

IPD

Mon

thly

Tot

al P

rope

rty R

etur

ns

UK Real Estate’s Cyclical Attractions – Underlying Property Market

UK Property Values down 14% since June 20071 Re-pricing of UK Property Yields by c.80bp in last 9 mths 4

3

Retail Warehouses 5.1 +81bp 5.3 +85bp 4.754 +90bp

CBRE Prime3Land

Net Equivalent Yield % (Dec 07)

IPD2British

2

1 Shopping Centres 5.3 +58bp 5.9 +67bp 5.00 +25bp

0 High Street Shops 5.5 +58bp 5.4 +66bp 4.75 +75bp

-1

City Offices 5.6 +80bp 5.8 +90bp 5.25 +100bp-2

West End Offices 5.5 +62bp 5.5 +80bp 4.75 +100bp-3

-4 +78bp5All Property 4.95+ 75bp 5.9+74bp5.4 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007

Sharp correction in UK property values and thus quicker to find fair value

1 IPD Monthly Index 2 Based on IPD Quarterly Index (net nominal yields) 3 CBRE January 2007 Prime Yields: Open A1 Shopping Parks 4.85%; Shopping Centres 5.25%; High Street Shops 5.00%;

City Offices 5.50%; West End Offices 5.00% 4 Open A1 Shopping Parks 5 Average as do not disclose All Property

4

UK Market Fundamentals

UK Real Estate’s Cyclical Attractions – Stock Market

UK Real Estate Sector at Wide Discounts to both UK REIT Shares Prices down 42% Peak to Trough in 20071

NAV and Triple NAV1 40

UK30

20 Europe

10

% 0 US

-10

Australia -20

-30 Japan

-40

-50 Singapore

-60 -50 -40 -30 -20 -10 0 10 20 30 401989 1991 1993 1995 1997 1999 2001 2003 2005 2007

Discount to NAV Discount to NNNAV Share price performance 2007 - peak to trough %

UK share prices too gloomy in implied view of prospects 1 DataStream

5

UK Occupier Market Outlook

Occupier markets in Better Health than Investment Markets Discounting Retailer Margins Resilient1Retail 14% London Offices

Num

ber '

000s

A

vera

ge O

pera

ting

Mar

gin� Outward yield shift seems to be slowing

� Plenty of money out there, but sentiment still mixed

� Going forward expect occupational market to be increasingly important in setting investment values

� Investment market now seeing renewed 12%

10% activity – yields responding to market 8% conditions 6%

� City vacancy rate 4.2%3 (Grade A 2.6%3)4%

with very little ‘grey’ space 2% � Demand weakened but unlikely to be 0%

� Retail sales robust in 2007 and retailer 01/02 02/03 03/04 04/05 05/06 06/07 long-term structural change margins healthy, but competitive Fashion Other High Street Bulky goods – Enquiry levels remain robust environment with polarised retailer London F&BS Employment2 – Employment growth expected to performance 1200 400 resume from 2009

� Internet spending an issue, particularly for In Town and secondary locations

� BL portfolio still seeing rental growth

1100 350 � Supply will increase due to development

Num

ber '

000s

1000 300 900 pipeline (particularly in City), but medium

800 250 700

term supply outlook likely to improve as viability of potential schemes diminishes 200BL Leadership in Open A1 Out 600

of Town retail positioned to 150 500 BL Prime Portfolio fully let – 1993 1996 1999 2002 2005 2008 2011

capture customer demand Financial (LHS) developments well spreadBusiness Services (RHS)

1 PMA 2 CEBR (January 2008) 3 Jones Lang LaSalle

6

UK Market Fundamentals

Fundamentals Count Eventually

� Real economy growing, employment high, corporates healthy, inflation corralled – i.e. customers still growing

� Relative value in property still rational to perceive

Return Prospects – Indexed Gilts1 Return Prospects – Property (at NAV)1 Return Prospects - UK Equities1

Yield4 1.0% Market Equivalent Yield2 5.9% Dividend Yield6 3.1%

7.7%Asset Total (as at 31 Dec 07)

1.8%Market Rental Growth3

9.1%Total (as at 31 Dec 07)

6.0%Dividend Growth7

4.5%Total (as at 31 Dec 07)

3.5%Growth Prospects5

+ gearing, development & + +asset management -- expenses & depreciation

?Company Total (i.e. Equity)

Fair value already becoming apparent

1 This is not a forecast and is for illustrative purposes only, with 5 As implied from 20 year Inflation Swap Rate no change in required returns assumed (no yield shift) 6 FTSE 100 Dividend Yield

2 IPD Quarterly Index All Property Net Nominal Equivalent Yield 7 Morgan Stanley long-term dividend growth forecast 3 PMA January forecast average ERV growth pa (next 5 years) 4 20 year Indexed Gilt

7

Strategy & Positioning

British Land’s Activist Strategy

Focused on Delivering Outperformance �

�

�

Building the business around customer needs and so capturing superior, cash flow driven “total return” arising from high occupancy and rental growth

Seeking to “add-value” at each level of the business

– Sector and market selection – Asset selection and creation – Asset management – Balance sheet management – Deal-doing

Concentrating on markets where we have or can build competitive advantage

8

Active Asset Management

Extra Performance from Activist Portfolio and Asset Management � Over £11bn of capital recycling since March 2005 to refine sector and market mix to best capture

trends in customer demand and rental growth and recycling capital within selected markets to further improve growth prospects

� Over 1.3m sq ft of retail lettings and 0.7m sq ft of office lettings in last 9 months, ahead of ERV, capturing value and reducing risk

� Like for like ERV Growth 5.0% ahead of Market (IPD) 3.4% over last 9 months – Led by offices 9.9% (IPD 7.1%) and retail warehouses 2.7% (IPD 1.1%) YTD

£1.2bn of profits over cost realised on sales since March 2005

New high rents agreed at Broadgate – average ERV up 17% in 2007

HUT ERV growth of 2.8% in 2007, ahead of IPD (1.5%)

9

Portfolio Positioning

Portfolio Composition PMA Forecast Market ERV Growth pa2

58% Retail1 40% Offices1

81% Out of Town 98% London

Retail Warehouses

Superstores

Offices (39%) Shopping Centres

Retail Warehouses

(22%)

Meadowhall (10%) In Town

Shopping Centres

Department

(4%) Stores

(5%) High

Street Europe

Central London

Provincial Offices (1%) Other (2%)

(3%)

High Street

London Offices

Provincial

Superstores (13%)

Industrial

All Property

(1%) 0 1 2 3 4 5 Forecast ERV Growth % pa (next 10 years)

Plus ‘Mark to Market’ rental growth potential (“reversion”) of £125m

1 Proforma for committed developments and assets contracted (classified by end use) at external valuers’ estimated end value 2 PMA Winter 2007 forecasts

10

58% Retail – 81% Out of Town

£12.0bn1 – Leadership in Retail (BL Share £8.6bn2)

British Land Retail Assets2

Retail Warehouses £3.18bn (37%)

Superstores £1.96bn (23%)

Meadowhall £1.50bn (17%)

Europe £0.41bn (5%)

In Town Shopping Centres £0.61bn (7%)

Department Stores £0.81bn (9%)

High Street Shops £0.19bn (2%)

In Town Retail £1.6bn (19%)

Out of Town

� Positioned to reflect customer demand

– 81% of retail assets located Out of Town

- 85%+ with Open A1 use3

� Value added strengths – Positive rental outlook for

chosen sub-sectors – Out of Town rent £20 psf4

- ERV £23 psf4

– Active asset management focused on customer demand

� Defensive prime portfolio – High occupancy of 99%5

– Average lease 16 years – 5.2% equivalent yield – 15% reversionary – 13% subject to fixed uplifts

Retail £7.0bn (81%)

1 Properties owned and managed 2 Proforma for committed developments and purchases contracted (classified by end use) at external valuers’ estimated end value 3 Including Open Restricted 4 Average of retail warehouses and superstores 5 Underlying retail occupancy rate including asset management initiatives and units under offer

11

City Offices £4.75bn (79%)

40% Offices – 98% London

£6.0bn1 – Leadership in London Offices British Land Office Assets1 � Principal focus on London

– 5.9m sq ft of prime London office investments

– 3.4m sq ft developments – £185m investment in ‘Songbird’,

representing 10.8% of Canary Wharf

London Offices

£5.9bn (98%) � Defensive prime portfolio – High occupancy of 99%2

– Average lease 10 years – 5.6% equivalent yield – 12% reversionary3

� Value added strengthsWest End Offices £1.17bn (19%) – £43 psf average London rent4

Provincial Offices £0.10bn (2%) - Headline ERV now £50 psf – Customer focused development – Continuing intensification of

asset management and focus on customer demand

1 Proforma for committed developments at external valuers’ estimated end value at completion 2 Underlying office occupancy rate including asset management initiatives and units under offer 3 Excluding rent free periods 4 Average contracted passing rent (post expiry of rent free periods) 12

Balance Sheet

BL Prepared for a More Testing Environment - Assets

� Customer appeal of British Land portfolio gives: – Exceptional defensive attributes (long leases, high occupancy) – Better growth prospects (higher reversion, less exposure to void space, higher development upside

plus future ERV growth)

Occupancy rate, % Lease length, yrs1

BL IPD BL IPD

Retail Warehouses 98.8 95.6 13.8 12.8

Shopping Centres 96.0 93.1 12.9 8.1

City Offices 98.9 92.3 12.8 9.2

West End Offices 94.7 93.4 12.6 6.7

All Property 98.1 93.2 15.6 9.3

Security of Income & Potential Growth3

British Land -2% 8% 12% 4%

IPD -3% 4% 8% 8%

-5 0 5 10 15 20 25 %

2Over-renting Rent frees Rent reviews Vacancies Plus £147m potential rent from committed developments

1 To expiry (comparable to IPD) 2 IPD include signed agreements for lease in vacancies 3 Income analysis for British Land vs IPD showing security of income and growth potential - contracted increases from expiry of

rent frees, rent reviews, ERV on vacant space less over-renting 13

25

30

50

55

Balance Sheet

BL Prepared for a More Testing Environment – Liabilities

� Gearing reduced from 59% to 43% LTV before market decline (currently 49%). Average interest rate lowered to 5.28%, interest cover improved to 1.8x and £2bn of available facilities

Leverage & Interest Cover Available Facilities & Interest Rate 60 1.9 2,500 9

1.8

1.7

1.6 45

8

7

6 1,500

5

1995/6 1997/8 1999/0 2001/2 2003/4 2005/6 Dec-07 1995/6 1997/8 1999/0 2001/2 2003/4 2005/6 Dec-07

Inte

rest

Cov

er (t

imes

) C

ash

& U

ndra

wn

Faci

lities

(£m

)

2,000

Ave

rage

Inte

rest

Rat

e (%

)

LTV

(%)

1.5 40

1.4 35

1.3

4 1,000

3

21.2

11.1

020 1.0 0

LTV (LHS) Cash and undrawn facilities (LHS) Interest cover (RHS) Average interest rate (RHS)

500

14

Summary

British Land

Defensive Portfolio with Good Upside Potential

‘Defensive’ Strengths

� Exceptional cash flow resilience – Average lease length 14 years – Occupancy rate 99%1

– Prime property in prime locations

� Balance sheet strong – Interest cost 100% fixed rate – Lowest cost of capital (5.28%) – £2bn committed undrawn facilities – Gearing reduced from 59% to 43% LTV

before market decline

‘Value Added’ Strengths

� Customer driven growth – Outperformance on rental growth – Overweight strong customer markets – Sector balancing to optimise cross-cycle

performance

� Development pipeline

� Active asset management

� £6.7bn asset sales since March 2005 to weed out underperformers

� Deal-doing capacity when merited

1 Underlying occupancy rate including asset management initiatives and units under offer

15

Appendix

British Land at a Glance

Financial Overview Net asset value per share1 (p) � Balance sheet strength

– Sector leading income resilience -14 yr average

lease length, 99%3 occupancy

– Gearing 49% LTV. Debt 100% fixed at 5.28%, 12.6 yr

average life - £2bn more committed and available

� Activist strategy delivering results on customer side of the business

– Underlying rental value (ERV) growth of 5.0% Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Dec 2007

147

867

149

975

181

1128

228

1486

257

1682

9mth

s 2

1514

01

(IPD 3.4%) over last 9 months to drive future

rental income growth Underlying profit before tax2 (£m)– Mark to market rental growth potential of 20%4

– £2.5m sales YTD at 1.8% above valuation, aimed at

improving growth and managing gearing

– Over 1.3m sq ft of retail lettings and 0.7m sq ft of office lettings, capturing value and reducing risk

� Increased cash for shareholders – 2007/8 dividends expected at 35p (YTD 26.25p)

– up over 100% pre-REITs payout – £250m share buyback programme (£139m to date) Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Dec 2007

1 EPRA (European Public Real Estate Association) basis 2 Underlying pre-tax profit and EPS excludes gains on property revaluations and disposals, intangible asset movements, refinancing charges

and £30m capital element of the Songbird dividend 3 Underlying occupancy rate including asset management initiatives and units under offer 4 Includes rent reviews and lease break/expiry and letting of vacant space at current ERV (as determined by external valuers) within 5 years,

plus expiry of rent free periods

16

British Land at a Glance

Long Leases & High Occupancy

99.3

Occupancy Rate %1Average lease term to first break, years

As at 31 Dec 2007

14.2Total Portfolio

Retail Warehouses 12.4 99.3

Superstores 19.7 100.0

Shopping Centres 12.2 98.6

Department Stores 29.1 100.0

High Street 10.7 98.4

99.315.8All Retail

City 10.3 99.4

West End 10.1 99.8

Provincial 17.2 96.9

99.510.3All Offices

1 Underlying occupancy rate including asset management initiatives and units under offer

17

Portfolio Reshaping

Over £11bn of Capital Recycling since March 2005

(265) -35(300) Residential

45449642(237) European Out of Town Retail

(1,664)

(275)

(1,315)

(271)

(1,044)

191

(968)

705

Net Investment1

£m

26133(434) Other

Development Spend

£m

Acquisitions

£m

Disposals

£m

March 2005 to December 2007

1215(1,184) In Town Retail

713,419(3,299) All Retail

627659(2,330) London Offices

2240(333) Provincial Offices

649699(2,663) All Offices

7464,286(6,696) Total

212,562(1,878) Out of Town Retail

� Improving growth prospects – Sharpen sectoral focus – Recycling capital within ‘advantaged’

sectors

� Retail activity – Dominant position in Out of Town retail – Repositioning In Town portfolio

� Office activity – Focus on London’s service industries – Sale of “mature” assets and recycling

capital into development

� Disposals from weaker rental growth markets: high street, provincial offices and industrial

� £2.5bn (gross) disposals since March 2007, overall 1.8% above March valuation

1 Net property investment – 1 April 2005 to 31 December 2007

18

UK Occupier Markets

Retail 6% Retail Sales (Value) Positive1

5%

4%

3%

2%

1%

0%

1997 1999 2001 2003 2005 2007 2009 2011

Gro

wth

pa

(%)

Gro

wth

pa

Out of Town Share Increasing1 60%

50% 50% 42%

40% 32%

30% 26%

20% 15% 19%

10% 5% 11% 0%

1997 1999 2001 2003 2005 2007 2009 2011 Neighbourhood Town Centre Out-of-town Non-store

Retailer Margins Resilient2 14% 12% 10% 8% 6% 4% 2% 0%

01/02 02/03 03/04 04/05 05/06 06/07 Fashion Other High Street Bulky goods

Rental Growth Favours Out of Town2

Retail Parks

Superstores

Solus Units

Big Shopping Centres

Secondary Shopping Centres

High Street Shops Average

0 1 2 3 4 ERV Growth % pa (next 5 years)

1 Verdict 2 PMA Winter 2007 forecasts

19

European Retail

Leveraging Expertise in European Out of Town Retail � Assets now owned or managed total €1.4bn1 Retail Parks under-represented in Europe2

20 – Attractive capital value, gross initial yield to BL of

15c.6.3%3 and low average ERV of £10 psf

France Germany UK Spain Italy NL Portugal

– Largest owner of out of town retail parks in Eurozone m s

q m

10

– PREF half year total return at June 2007 of 5.7%. 5

18.2% IRR since inception 0

� Logical extension of UK market leadership Retail Parks Other Retail Warehouses Shopping Centres

– Export UK intellectual capital and ‘know how’ BL European Out-of-Town Retail - PREF and Direct � Attractive supply/demand dynamics, similar to the

UK, however much less mature

– Under-provision of ‘out of town’ shopping in many Spain Eurozone markets - PREF 179 320 128.0 3,068 5.3

- British Land 207 640 320.0 3,089 4.8 – Good value compared with ‘in town’ shopping Portugal (PREF) 103 181 72.4 1,755 5.4

– Competition strengthening but not as strong as UK France (PREF) Italy (PREF)

69 48

132 136

52.8 54.4

1,926 2,831

5.8 6.1

Average Capital

Value € psm ‘000 €m €m

Average

Sq m Value BL Share Initial Yield

%

5.2 2,497 627.61,409 606Total €

1 Estimated end capital value when complete (including assets contracted)

2 PMA, BulweinGesa, Codata, Cushman & Wakefield

3 British Land hedges its European assets by borrowing in Euros. At current interest rates this increases the yield to BL by c.1.1% 20

UK Occupier Markets

London Offices F&BS Output expected to outperform UK GDP1 City Office rents still Affordable3

6 80

70

2001 2003 2005 2007 2009 2011

5

Gro

wth

pa

(%) 60

1 10 00

1980 1983 1986 1989 1992 1995 1998 2001 2004 2007

F&BS Output UK GDP Nominal Real

Ren

t (£

psf) 4 50

403

302 20

F&BS Employment growth expected to resume from 20092 Early signs that future development in City will be 1,200 delayed/held back4400

61,100 350

2007 2008 2009 2010 2011 2012 N

umbe

r ('0

00)

Num

ber (

'000

) 5 1,000 300 900

milli

on s

q ft 4

800 3 250

700 2 200 600 1

150 500 01993 1996 1999 2002 2005 2008 2011

Financial (LHS) Business Services (RHS) Q3 Forecast Q2 Forecast 1 PMA 2 CEBR (January 2008) 3 Jones Lang LaSalle 4 CBRE 21

Development

Value Creation from Development � A key differentiator

– Over 12m sq ft of potential developments; of which 5m sq ft committed

� Excellent progress to date – 537,000 sq ft of lettings since March 2007 – 201 Bishopsgate nearing completion and Broadgate

Tower on course for delivery in Q3 2008 – Construction well underway at Ropemaker to

complete Q2 2009 – Osnaburgh construction commenced for delivery

Q3 2009 – Leadenhall piling and foundation works progressing

concurrently with ongoing demolition to enable completion in early 2011

� Developments well spaced – Office and retail developments with completions in

2007 & 2008 – 74% pre-let, sold or under offer – Maximum unlet space delivered in any two year

period equivalent to 3.3% of BL total portfolio

75% Let

36% Let

2008 (0.8m sq ft)

2011 (0.6m sq ft)

2009 (1.1m sq ft)

2.5m sq ft of committed London Office Developments 201 Bishopsgate Ropemaker Regent’s Place The Leadenhall & The Broadgate (593,000 sq ft) – Osnaburgh Building

(612,000 sq ft) Tower Street (820,000 sq ft) (490,000 sq ft)

22

Development Programme

Prospective Unbooked Development Profits

£mDevelopments – As at 30 Sept 2007 Illustrative sensitivity of potential development surpluses6 to yield shift and rental growth (£m)

September 2007 Valuation1 1,397 Average valuation yield %

Costs to Complete2 1,987

Tenant Incentives 351

Estimated Current Headline Rent 236

Development Yield3 6.3%

Estimated End Value4 4,412

Valuers’ Estimated Future Profit 6775 692

494

297

100

+50bp

1,617

1,378

1,138

899

-50bp

£236m

685

272

1,123893+5%

896677478

891

+25bp

1,350

669

-25bp

1,110+10%

461

5.21%

-5%

£m

Est

imat

ed h

eadl

ine

rent

£m

pa

1 £1,052m of the valuation is cost and £345m is profit booked to date 5 Of which London Office development prospective returns represent 2 Including notional interest £579m, based on average valuation yield of 5.12% and ERV of £185m pa 3 Yield on current valuation plus costs to complete, notional interest to PC 6 Estimated remaining valuation surpluses on committed and prospective

and tenant incentives developments (excluding residential, Euston & Canada Water), based on 23 4 Net of purchasers’ costs and including developments (or parts) to be sold external valuers September 2007 assumptions (sensitised for movements

in yields & headline rents)

Development Programme

5m sq ft of Committed Projects

Pre-let £m

Sept 2007 Value £m

Rent £m2

Sq ft ‘000

Costs to Complete £m

Notional Interest £m1

Sales £m4

PCAs at 30 Sept 2007

London Offices:

201 Bishopsgate Q1 2008 420 235 51 5 20.3 15.2 -

The Broadgate Tower Q3 2008 400 276 73 7 22.0 8.3 -

Ropemaker Q2 2009 593 209 189 25 32.0 - -

Osnaburgh Street5 Q3 2009 490 101 225 18 21.5 - 52

The Leadenhall Building Q1 2011 612 138 357 36 38.2 - -

Total London Offices 2,642 1,057 904 91 140.3 27.8 52

Zaragoza6 Q4 2007/ Q4 2010 2,159 87 99 8 9.6 1.17 227

Giltbrook Retail Park Q2 2008 199 20 35 4 3.8 - 1

24.61,066 75147.431031,0294,873Total

1 From 1 October 2007 to PC 7 Including space under offer, over 85% of the Retail Park has now been 2 Current estimated headline rent (before tenant incentives) pre-let/pre-sold or under offer 3 Prospective SIC 15 rent (after tenant incentives) is £138.8m 4 Parts of developments expected to be sold, no rent allocated 5 Includes residential (110,000 sq ft) expected to be sold 6 Joint Venture (Eurofond Investments Zaragoza) – BL Share 50%

24

London Office Market Outlook

London Office Market – Agents’ Rental Growth Forecasts

Agents’ Consensus City British Land Agents’ Consensus Fringe West British Land Rental Growth Forecasts Rent Reviews End Rental Growth Forecasts Rent Reviews

Sq ft for

Review

‘000

Headline

Average

Increase

Headline

Average

Rent £psf1

Current

Rent

£psf

As at 31 Dec 2007

Sq ft for

Review

‘000

Headline

Average

Increase

Headline

Average

Rent £psf1

Current

Rent

£psf

As at 31 Dec 2007

49.5414

44.93802

544

1,049

52.4

668 43.5

42.2

2007 57.52007 65.6

2008 60.9 5.9%2008 66.1 0.8%

2009 62.8 3.1%2009 66.3 0.3%

2010 65.0 3.6%2010 69.4 4.6%

2011 67.9 4.4%2011 72.2 4.0%

41.0532

23

89

90

103

29.5

31.0

36.7

32.2

1 Prime headline rents 2 Rent reviews outstanding in 2007

25

Portfolio Statistics

Yield Profile

As at 31 Dec 2007 Initial Initial Yield adding Reversionary Net Equivalent

Yield1 % back rent frees1 % Yield2 % Yield3 %

Retail Warehouses 4.6 4.9 5.4 5.1

Superstores 5.1 5.1 5.5 5.1

Shopping Centres 4.7 5.2 5.5 5.3

Department Stores 5.1 5.2 5.9 5.8

High Street 5.4 5.6 5.9 5.5

All Retail 4.8 5.1 5.5 5.2

City 4.5 5.5 6.0 5.6

West End 4.5 4.9 5.7 5.5

Provincial 5.6 5.6 6.1 5.9

All Offices 4.5 5.4 5.9 5.6

Other 5.6 5.6 6.7 6.6

Total 4.7 5.2 5.7 5.4

1 Gross initial yield to British Land (without notional purchaser’s costs) 2 Gross reversionary yield to British Land (without notional purchaser’s costs) 3 After purchaser’s costs

26

Portfolio Statistics

Annualised Net Rents and ERV Analysis

258-258196-196All Offices

2632323221Other

Estimated rental value £m2Annualised net rents £m1

518

2

42

152

301

10

35

88

72

96

Group £m

103

-

-

-

101

-

7

16

28

50

JVs & Trusts

£m

621

2

42

152

402

10

42

104

100

146

Total £m

746

2

54

202

462

11

48

122

105

176

Total £m

121

-

-

-

118

-

8

19

28

63

JVs & Trusts

£m

625

2

54

202

344

11

40

103

77

113

Group £m

Superstores

Retail Warehouses

Department stores

All Retail

City

West End

Provincial

Total

High Street

Shopping Centres

As at 30 Sept 2007

1 Net rental income under IFRS differs from annualised net rents which are cash based, due to accounting items such as spreading lease incentives and contracted future rental uplifts, as well as direct property costs and disposals in the year

2 Includes rent reviews and lease break/expiry and letting of vacant space at current ERV (as determined by external valuers) within 5 years, plus expiry of rent free periods 27

Disclaimer

The information contained in this presentation has been extracted largely from the Third Quarter Results Announcement for the three months ended 31 December 2007. General property market data has been extracted from Jones Lang LaSalle, PMA, Verdict, CBRE, CEBR and other agents’ reports (please note that their definitions may differ slightly).

This presentation may contain certain “forward-looking” statements. By their nature, forward-looking statements involve risk and uncertainty because theyrelate 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 norepresentation 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 published solely for information purposes. This presentation does not constitute an offer to sell or the solicitation of an offer to subscribefor 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 toin this presentation in any jurisdiction in contravention of applicable law. In particular, the information presented here is not an offer for sale within the UnitedStates of any ordinary shares or any other security of British Land. Securities of British Land, including any offering of ordinary shares, may not be offered or sold in the United States absent registration under U.S. securities laws or unless exempt from registration under such laws. No representation or warranty,either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein.

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