The British Land Company PLC

Operating and Financial Review

Introduction

Annual Report & Accounts 2007

Our strategy aims to capture superior total return through the high occupancy and rental growth which results from successfully building our business around customer needs.

This Operating and Financial Review ('OFR') sets out what British Land has achieved in the year under review. It shows how our actions fit the strategies we have laid out. It shows the business and financial results of those actions. We seek to highlight positioning for the future, risks in our business and how we are managing them as well as giving Key Performance Indicators ('KPI') to judge progress.

Importantly we show also the way our business is shaped by and responding to the needs of our customers and the wider needs of society in relation to the built environment of which we represent an important part.

























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