British Land Company PLC

Broadgate, London EC2

Value £2.3 billion

Occupiers include:

Alpari (UK) Ltd, Ambac, Ashurst, Baring Investment Services, Calyon, Close Brothers, Deutsche Bank, F&C Management, Framlington Group, Henderson Global Investors, Herbert Smith LLP, ICAP, Legg Mason, Landesbank Baden-Württemburg, Lloyds Banking Group, Mayer Brown LLP, Mitsubishi Securities, Norinchukin Bank, RBS, RBS Sempra, RCM (UK) Ltd, Reed Smith LLP, Société Générale, Sumitomo Trust, Tullet Prebon, UBS, Western Asset Management

• 100% Freehold/virtual freehold interests
• Rent passing £160 million pa
• Average office passing rent £47.50 per sq ft
• Weighted average lease term including breaks 9.0 years, to expiry 11.0 years

Broadgate is the premier City of London office estate, consisting of 16 office buildings, including the recently completed 201 Bishopsgate and Broadgate Tower. The Estate in its entirety comprises 4.8 million sq ft of Grade A office space - a distinctive environment for some of the world's largest corporations and leading professional practices.

The development of Broadgate has taken place in phases, with the most recent building, Broadgate Tower, being completed by us in August 2008. The office buildings, designed by leading architects, are all structurally independent, ranging in size from 81,000 sq ft to 410,000 sq ft and accommodate office floor plates ranging from 828 sq ft to 56,000 sq ft. Each building provides efficient working space of the highest standard. The flexibility built into the design of the buildings readily allows occupiers to change floor layouts, create additional working space or install the latest technology to adapt to changing working needs.

Broadgate has a wide range of retail outlets and excellent public transport facilities. The Estate is served by Liverpool Street station, one of the City's major transport interchanges, which provides mainline train services and four underground lines, as well as a bus station and taxi services.

Within the Estate the buildings are set around four landscaped squares - Broadgate Circle, Exchange Square, Finsbury Avenue Square and Broadgate Plaza, the newest public space adjacent to the Broadgate Tower and 201 Bishopsgate - as well as the Bishopsgate Arcade. Each public space creates a unique working environment for the offices, enhanced by 53 restaurants, pubs, wine bars, shops and health clubs, as well as a five star hotel. In winter the open air ice rink in Broadgate Circle provides a focal point for spectators and skaters alike. In summer, open air events take place in the squares for the entertainment of those who work in and around Broadgate. The Estate is managed by Broadgate Estates, a whollyowned subsidiary of British Land.

1-3 Finsbury Avenue - 480,000 sq ft
Centred around the newly landscaped Finsbury Avenue Square. Part of the UBS campus headquarters at Broadgate together with 1-2 Broadgate, 6 Broadgate and 100 Liverpool Street.

1-3 Broadgate - 392,000 sq ft
Part of the UBS campus and ICAP's London headquarters, the building accommodates state of the art trading platforms. Incorporates Broadgate Circle retail and leisure facilities. 14,000 sq ft (4%) is available to let within the building.

4 Broadgate - 165,000 sq ft
Vacated by Henderson at the end of 2008 following their relocation to 201 Bishopsgate. Since then we have implemented a short term flexible leasing strategy with a view to facilitate refurbishment or redevelopment from late 2010 as and when market conditions improve. To date we have completed short term lets on 55,000 sq ft (34%).

6 Broadgate - 263,000 sq ft
Next to Broadgate Circle. Multi-let to tenants including Ambac, Mitsubishi and UBS with circa 60,000 sq ft (23%) vacant on the ground and first floors. Since the year end we have exchanged agreements to relocate Mitsubishi from their short term lease of 112,000 sq ft in 6 Broadgate to 186,500 sq ft on a new 20.5 year lease in our new development at Ropemaker Place. We expect Mitsubishi to vacate in Q4 2010.

100 Liverpool Street - 383,000 sq ft
Occupied by UBS. Located adjacent to Liverpool Street station and the main entrance to Broadgate.

135 Bishopsgate - 360,000 sq ft
Comprises part of the RBS City campus headquarters with state of the art dealing floors.

155 Bishopsgate - 409,000 sq ft
Multi-let to a number of major financial institutions, including Baring Asset Management, Framlington, Lloyds Banking Group, Norinchukin Bank, Sumitomo and Tullet Prebon. 8,000 sq ft of accommodation (2%) is available to let in the building.

199 Bishopsgate - 146,000 sq ft
Let to RBS as part of their City campus; with 11 floors fronting onto Bishopsgate.

Exchange House - 385,000 sq ft
10-storey building, multi-let to legal and financial institutions including F&C Asset Management, Herbert Smith and Société Générale.

Broadwalk House - 302,000 sq ft
At the northern entrance to the Broadgate Estate and adjacent to the new 201 Bishopsgate and The Broadgate Tower. Principal occupiers include Ashurst and Calyon.

1 Appold Street - 189,000 sq ft
Let to Deutsche Bank on seven floors, with a Holmes Place health club at basement level. The building has dual aspect onto Exchange Square and Appold Street.

10 Exchange Square - 161,000 sq ft
Completed in 2004 overlooking Exchange Square. Multi-let to tenants including Close Brothers, Herbert Smith, Legg Mason and Western Asset Management.

201 Bishopsgate - 419,000 sq ft
Practical completion to shell and core was achieved in April 2008. The offices are 88% let to Alpari, Henderson, Landesbank Baden- Württemburg and Mayer Brown with only 49,000 sq ft remaining to let.

The Broadgate Tower - 400,000 sq ft
The most recently completed building on the Estate with practical completion in August 2008. The offices are 48% let to Reed Smith and Regus with a further 63,000 sq ft (16%) placed under offer since the year end.

Regent's Place, London NW1

Value £529 million

Tenants include:

Atos Origin, Balfour Beatty, British Telecom, Capital One, Elexon, General Medical Council, HM Government, Hachette Livre UK, JP Morgan Chase Bank, Regus

• Freehold
• 100% owned
• Rent passing £39 million pa
• Average office contracted rent £39.90 per sq ft
• Weighted average lease term including breaks 9.8 years, to expiry 12.6 years

Located on the Marylebone Road/Euston Road corridor, one of London's main road arteries, Regent's Place occupies a prominent position at the north of the West End, with significant transport links - four underground stations are within walking distance and Euston Station, Kings Cross and St Pancras are also nearby. The estate comprises a distinctive and striking mix of buildings, providing offices and public spaces with a range of facilities including a crèche, health and fitness club, supermarket, coffee and sandwich outlets and wine bar.

Two further phases of development will double the size of the estate from 1 million sq ft to 2 million sq ft. Phase 1, at Osnaburgh Street, is under construction and nearing completion to include two office buildings totalling 365,000 sq ft, plus 151 residential units. Completion is due Q3 2009.

Phase 2 (North East Quadrant) Hampstead Road, was recently granted planning permission for 380,000 sq ft of offices/commercial and 171 residential units.

Euston Tower
This West End landmark 36-storey building provides 330,000 sq ft of offices let to HM Government on a recently restructured lease until 2022, with ground floor retail units.

2-3 Triton Square
A long leasehold interest in this major headquarters building of 200,000 sq ft was exchanged for sale in March 2009 to the former occupational tenant, Abbey National Plc for £115 million. The sale completed in April 2009.

1, 4 & 7 Triton Square
A six-storey building of 217,000 sq ft providing a mix of office, retail and leisure space.

The offices of 185,600 sq ft are let to Atos Origin, JP Morgan and London & Capital on leases with expiries between 2017 and 2022. Triton Square Mall provides a pedestrian through route with a nursery/crèche and a Virgin Active gym. It also houses the Regent's Place Estate Management Office for Broadgate Estates Limited, providing an on-site dedicated team dealing with security and day-to-day management. This facility is currently undergoing a £1 million enhancement and extension programme in readiness for completion of the future development phases.

Triton Square is an important public space, hosting a variety of entertainment events during the year and featuring important and diverse artwork.

350 Euston Road
This striking building of 121,000 sq ft has a full glass wall frontage and a prominent position. The offices are let to Balfour Beatty, Capital One Bank, Elexon, the General Medical Council and Networking People Limited for terms generally in excess of eight years unexpired.

338 Euston Road
This 17-storey building provides 111,000 sq ft of offices. The major tenant is Hachette Livre UK, occupying 59,100 sq ft on eight floors. The other tenants are 25 Associates, British Telecom, Grant Thornton, Merck Sharp & Dohme and Regus. The building has recently undergone a £12 million refurbishment of the entrance hall, lift lobbies, toilets and 20,000 sq ft of offices, of which 12,700 sq ft has already been let at an average of £60 per sq ft.

Further London offices:

York House, W1
York House was completed in early 2007 and provides over 90,000 sq ft of office space, with adaptable and efficient floor plates, on the imposing island site close to Marble Arch in the West End. The development also includes 11,000 sq ft of retail space and 22 residential units. British Land occupies some 40,000 sq ft of the offices as its head office, and the remainder of the building is fully let to tenants including Bunzl, GIC, HSBC, Hurley Palmer Flatt, Moor Park Capital and Patisserie Valerie.

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