We are investors in UK property and our focus is on actively managing, financing. thrive.

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1 We are investors in UK property and our focus is on actively managing, financing and THE developing BRITISH LAND prime COMPANY PLC commercial Presentation property to Debt Investors to create the September environment 2005 in which 10 modern Cornwall Terrace, Regent s business Park, London NW1 4QP can T +44 (0) F +44 (0) W thrive. Results Presentation Year ended March 2004

2 We are investors in UK property and Section our focus 1 is on actively managing, financing and developing prime commercial property to create the Introduction environment in which modern business can thrive. Results Presentation Year ended March 2004

3 Introduction WHY WE ARE HERE Substantial user of capital markets Recent communication has tended to be transaction specific rather than general update Committed to being at the forefront of market friendly behaviour Important time in British Land s evolution Strong credit story 1

4 Introduction WHAT WE ARE UK quoted property company, largest by assets 13.8bn 1 Market capitalisation 4.7bn 2 Total assets under management 17bn 1 Focused portfolio 58% 1 retail of which 71% 1 out of town 37% 1 offices of which 95% 1 Central London Highest quality assets Prime locations with strong tenants Long leases providing sustainable, assured cash flows Average unexpired lease term to first break of 16 years Low risk profile Balanced asset and liability model 2 1 Year ended 31 March 2005, proforma for the acquisition of Pillar post year end 2 As at 16/9/05

5 Introduction KEY ATTRACTIONS OF UK REAL ESTATE Lease structure Usually between a 10 and 25 year term Regular rent reviews: typically every five years and upward only Tenant has full liability for repairing and insuring High degree of control with landlords tenants have limited break options, conditions for assignments Demand drivers Density and population growth Growing open market economy Supply constraints Land availability Restrictive planning regime Transparent Established legal system, open access to land registry Regulated and established valuation profession 3 36

6 Introduction PROVEN TRACK RECORD Average Annual Growth pa 18% 14% 10% 6% 1 Profits Growth Average Annual Return pa 26% 22% 18% 14% 10% 1 Total Return % 5 YRS 3 YRS 1 YR 6% 5 YRS 3 YRS 1 YR British Land Major Peers Underlying profits excludes exceptional items and profits on asset disposals 2 Total return represents the growth in adjusted, diluted net asset value per share plus dividends per share (underlying in 2004/5) 3 Average of major peers - Land Securities, Hammerson, Liberty International and Slough Estates Number above the bar represents British Land s ranking compared to our major peers Figures based on year end for each Company

7 Introduction STRATEGY: BEDROCK Focus on areas of competitive advantage Bias to high quality assets, long lease profiles, favourable demand/supply characteristics complemented by efficient capital structure Distinctive ability to add value through purchases, disposals and partnerships Excellent integrated risk management skills - blending leasing, development, asset and liability risk into a single attractive and secure growth proposition Focus on superior long-term income/cash flow growth Confident and entrepreneurial 5

8 Introduction STRATEGY: HOW BRITISH LAND IS EVOLVING Pro-active asset management, customer focus and flexibility Disciplined and dispassionate asset review process Outstanding human capital, focused on performance Positioning at the forefront of market friendly behaviour 6

9 Introduction PORTFOLIO POSITIONED FOR GROWTH WITH SECURITY PMA Forecast Total Property Returns 2 Retail Warehouses Shopping Centres Next 5 Years BL Proforma 1 Weighting 31% (including Superstores) 18% Protected against downside prime, low voids, long leases fully underpinning gearing Positioned for fundamental growth 41% 1 Out of Town retail High Street Central London Offices 9% 35% Positioned for cyclical growth 35% 1 Central London offices plus development pipeline leverage Provincial Offices Industrial Average Total Return % pa 2% 1% Strong rental hedge 1.6bn with rental uplift guarantees Attractive new income streams from Funds 7 1 Year ended 31 March 2005, proforma for the acquisition of Pillar post year end 2 Property Market Analysis LLP (PMA)

10 Introduction STRONG GROWTH IN CASH RENTS Annualised net rents Net reversions 1 Committed developments Increase Total Development prospects March 2005 m Of which contracted m Reversions include rent reviews, expiry of rent free periods, lease break/expiry and letting of vacant space at ERV over next 5 years (as determined by independent valuers). Excluding voids the reversion is 77m Figures based on latest reported year end 31 March 2005

11 Introduction AN EFFICIENT CAPITAL STRUCTURE Principal objectives: Group financed over the long-term with debt supported by recurring, committed income Group maintains a prudent financial position by active management of financial risks, including interest rate, liquidity and counterparty risks Group s cost of capital minimised Significant committed undrawn facilities are available to meet current and future business requirements 7.0bn 1 of Committed Finance 0.8bn Undrawn Drawn Bank Facilities Undrawn Bank Facilities Securitisations (Fixed Rate Bonds) Securitisations (Floating Rate Bonds) Debentures US Private Placements 9 1 Group Figures based on latest reported year end 31 March 2005

12 We are investors in UK property and Section our focus 2 is on actively managing, financing and developing prime commercial property to create the Low environment Risk Profile in which modern business can thrive. Results Presentation Year ended March 2004

13 BALANCED ASSET & LIABILITY MODEL Low risk asset strategy Low risk finance profile 10

14 Low Risk Profile ASSETS Highest quality portfolio Positioned in two sectors with critical mass and strong defensive characteristics Longest rental income profile Strong and diverse tenants Low development / voids 11

15 Low Risk Profile HIGHEST QUALITY PORTFOLIO Retail Warehouses 20% Superstores 11% Shopping Centres 18% High Street 9% Broadgate 21% Plantation Place 4% Regent s Place 4% Developments 2% 12 Year ended 31 March 2005, proforma for the acquisition of Pillar post year end

16 Low Risk Profile POSITIONED IN TWO SECTORS 58% Retail: 37% Offices: 71% Out of Town 95% Central London Retail Warehouses 20% Superstores 11% Out of Town Shopping Centres 10% In Town Shopping Centres 8% 13.8bn High Street 9% Development Other 2% 5% Central London 33% Provincial 2% with critical mass and strong defensive characteristics 13 Year ended 31 March 2005, proforma for the acquisition of Pillar post year end

17 Low Risk Profile LONG LEASES & LOW VACANCY Total Portfolio Average lease term to first break, years Vacancy rate % 3.1 City Offices West End Offices Retail Warehouses Superstores Shopping Centres High Street Figures based on latest reported year end 31 March 2005 (and prior year comparatives)

18 Low Risk Profile LONGEST RENTAL INCOME PROFILE m Assuming No Rental Value Growth 98% 81% Development programme (committed and prospective) Reversionary income (not contracted) Renewal of leases on expiry or break Annualised net rents plus contracted reversions % of today s income contracted 15 This graph provides a snapshot of committed income and estimated income based on ERV at 31 March 2005, and is not a forecast. The main assumptions underlying the graph are outlined in the Appendix

19 Low Risk Profile STRONG AND DIVERSE TENANTS Top 10 Retail Tenants 1. J Sainsbury 2. Tesco 3. Debenhams 4. Great Universal Stores 5. House of Fraser 6. Dixons Group 7. Bhs/Arcadia Group 8. Next 9. Somerfield 10. Boots Top 10 Office Tenants 1. UBS 2. Lehman Brothers 3. Accenture 4. EBRD 5. Herbert Smith 6. Royal Bank of Scotland 7. HM Government 8. Henderson Global Investors 9. Calyon 10. Deutsche Bank 29% of total rent and 51% of retail rents 21% of total rent and 55% of office rents 16 Figures based on latest reported year end 31 March 2005

20 Low Risk Profile CONTROLLED DEVELOPMENT Projects Sector Completion date 1 Sq ft 000 Cost 2 m % Let by rent Income contracted m Completed projects Plantation Place City Office Q % 26.6 Plantation Place South City Office Q % Exchange Square City Office Q % 3.2 Thatcham Distribution Q ,123-72% 29.9 Committed projects 51 Lime Street City Office Q4 2006/Q % 21.0 York House West End Office Q Daventry (Plot E4 & C1) Distribution Q2/ , % 2.5 Blythe Valley (Plot A1) Business Park Q , % 23.5 Total 2, % Anticipated practical completion of construction 2 Estimated costs of construction excluding land and interest costs Based on Group and 50% share of JVs (except areas which are at 100%) Figures based on latest reported year end 31 March 2005

21 Low Risk Profile FINANCE Long average debt term with a spread of maturities Matching of income with debt profile High level of committed undrawn lines underpins liquidity and flexibility Controlled exposure to interest rate (and currency) fluctuations Prudent financial ratios 18

22 Low Risk Profile LONG AVERAGE DEBT MATURITY 14 YEARS m Year ended 31 March Securitised Debt Debentures US Private Placements Bank debt - drawn Bank debt - undrawn 19 Figures based on latest reported year end 31 March 2005 with a spread of maturities

23 Low Risk Profile MATCHING OF INCOME AND DEBT PROFILE Years % Weighted average debt maturity (lhs) Weighted average interest rate (rhs) Year ended 31 March Weighted average lease length to expiry (lhs) 20

24 Low Risk Profile LIQUIDITY AND MANAGED INTEREST RATE EXPOSURE m % Year ended 31 March % of debt at fixed or capped rates (rhs) Drawn bank facilities (lhs) Cash and available undrawn committed bank facilities (lhs) 0 21

25 Low Risk Profile PRUDENT FINANCIAL RATIOS Group: Interest rate profile Weighted average interest rate of 6.0% 1 90% of debt at fixed or capped rates, 87% in 5 years Maturity profile Weighted average debt maturity of 14.3 years 1 59% of debt due after 10 years with spread of maturities Cash and undrawn facilities 969m Target loan to value ratio of 45% - 55% Group Total properties & investments Net debt Loan to value ratio Interest cover 2 Cash and undrawn facilities 12,056m 6,041m 50% 1.6x 969m 22 1 Including share of JVs weighted average interest rate 6.0%, weighted average maturity 13.5 years 2 Net rents/net interest Figures based on latest reported year end 31 March 2005

26 We are investors in UK property and Section our focus 3 is on actively managing, financing and developing prime commercial property to create Secured/Unsecured the environment Debt in which modern business can thrive. Results Presentation Year ended March 2004

27 Secured/Unsecured Debt OVERVIEW Mix of securitisations, public and private debt issues and bank borrowing in order to spread maturities, mitigate refinancing risk and reduce borrowing costs Securitisations used to raise long-term, low cost debt leveraging cash flows generated from specific assets Debentures are secured against specific assets and provide long-term finance with no amortisation US private placements broaden the finance pool by providing access to US investors Unsecured, committed bank facilities provide valuable operational flexibility Group: Securitisations - Broadgate - Meadowhall - Sainsbury s portfolio Debentures and loans US Private Placements Bank Facilities -Drawn - Undrawn m 3,545 2, ,437 1, Figures based on latest reported year end 31 March 2005

28 Secured/Unsecured Debt FINANCING APPROACH Secured debt: Utilises tenant strength / diversity to provide rated bonds Principally non-recourse Supports a higher LTV than Group average Unsecured creditors benefit from: Higher leverage in secured debt resulting in lower gearing of unencumbered assets Surplus cash flow from secured debt upstreamed to Group. Cash flows are: Recurring Stable Diverse 24 Unsecured debt to unencumbered asset cover covenant that excludes secured/ non-recourse assets and joint ventures

29 Secured Debt KEY FEATURES FOR LENDERS Securitisations are based on rated cashflows from specific assets Long term debentures and securitisations match liabilities with long term rental income Strong sponsor, repeat issuer Market leading transparency and disclosure 25

30 Unsecured Debt KEY FEATURES FOR LENDERS Standard terms and conditions providing a level playing field Overall Group borrowings covenant Unsecured debt to unencumbered asset cover covenant Also benefit from the surplus value and free cash flow from secured/non-recourse assets and joint ventures Covenants apply continuously and can be calculated from accounts 26 46

31 Unsecured Debt FINANCIAL COVENANTS CONSISTENTLY MAINTAINED Year ended 31 March Net Borrowings not to exceed 175% of Adjusted Capital and Reserves 92% 91% 103% 102% 106% Net Unsecured Borrowings not to exceed 70% of Unencumbered Assets 45% 23% 45% 47% 42%* * with additional surplus value in: secured/non-recourse assets 2.7bn; JVs 0.8bn = 23% 27

32 Unsecured Debt CASH FLOW AND INTEREST COVER Net rents Surplus cash flows from secured/ non recourse debt Group m Unsecured/unencumbered m Net interest (317) (79) Net rents/net Interest 1.6x 2.6x 28 Figures based on latest reported year end 31 March 2005

33 Secured/Unsecured Debt RECENT FINANCINGS Secured 2,080m securitisation refinancing Broadgate in March at average rate of 5.05% for 20 yrs 1bn securitisation refinancing Hercules Unit Trust (HUT) in Sept for 7 yrs at LIBOR + 25bp Unsecured 790m unsecured revolving committed bank facility in July at LIBOR bp for an initial term of 5 yrs Launched at 500m, oversubscribed Option to extend to 7 yrs Sterling or Euro drawings 25 banks 1bn bilaterals agreed in the last year 29

34 We are investors in UK property and Section our focus 4 is on actively managing, financing and developing prime commercial property to create the environment Summary in which modern business can thrive. Results Presentation Year ended March 2004

35 Summary THE CREDIT CASE FOR BRITISH LAND Balanced high-quality portfolio 58% 1 retail, 37% 1 offices Long leases 16 years to first break (weighted average) Low tenant default risk Only 2.1% rated as high risk (IPD) Low vacancy 3.5% Limited development exposure 98% investment, 2% development Locked in interest costs 90% of net debt at fixed / capped rates Long-term financing 14 years weighted average debt maturity Liquidity and flexibility 1bn cash and committed undrawn bank facilities 30 1 Proforma for the acquisition of Pillar post year end Figures based on latest reported year end to 31 March 2005

36 We are investors in UK property and our focus is on actively managing, financing and developing prime commercial property to create the environment Appendix in which modern business can thrive. Results Presentation Year ended March 2004

37 RENTAL INCOME PROFILE ASSUMPTIONS Annualised net rents of 625.6m at 31 March 2005 are shown to decrease on the first to occur of lease expiry or tenant s break. Annualised net rents are increased for the contracted reversions of 66.9m receivable over the next 5 years Renewal of leases on expiry or break. Leases are assumed to renew on the date of expiry/break at the present annualised net rent* Reversionary income (5 years) of 103.5m is based upon estimated rental values (ERV) by our external valuers at 31 March Reversions have been reduced for the contracted reversions of 66.9m as the rent is received over the next five years* Development programme committed and prospective when completed and let has an estimated rent at 31 March 2005 of 182.4m*, assumed to be realised evenly over the next 7 years * No rental value growth is assumed The graph provides a snapshot of committed income and estimated income based on ERV at 31 March 2005, including our share of joint ventures. Upward only rent reviews across the portfolio protect rental income from falling below passing rent (prior to expiry/break). In addition, no account is taken of future acquisitions, disposals, expenditures or other events. Rental income will be affected by such transactions and future opportunities; the graph is not a forecast. Annualised net rents are gross rents plus, where rent reviews are outstanding, any increases to estimated rental value (as determined by the Group s external valuers), less any ground rents payable under head leases

38 The information contained in this presentation has been extracted largely from the Annual Report for the year ended 31 March General property market data has been extracted from Jones Lang LaSalle, PMA, Verdict and other agents reports (please note that their definitions may differ slightly). Figures include our share of joint ventures, unless otherwise stated. Adjusted diluted net asset value includes the external valuation surplus on development and trading properties and excludes the capital allowances effects of FRS 19. Adjusted earnings per share similarly excludes the capital allowances effects of FRS 19. 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 2001 ('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 under FSMA; and (ii) a person who invests, or can reasonably be expected to invest, on a professional basis; 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. 32

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