FULL YEAR RESULTS PRESENTATION FULL YEAR ENDED 31 MARCH 2014 - - PowerPoint PPT Presentation

@BRITISHLANDPLC

WWW.BRITISHLAND.COM FULL YEAR ENDED 31 MARCH 2014

FULL YEAR RESULTS PRESENTATION

#BLFY2014

RESULTS OVERVIEW

Chris Grigg Chief Executive

2

INTRODUCTION

• Strong full year results

– Our decisions and actions continue to drive performance – Strengthening markets

• In 2010 we set out a clear plan

– Substantial net investors in the market – Take on more risk, mainly through development – Increase exposure to London and South East

• Continued to execute well against that plan

– Delivering 2010 development programme – Replenishing development pipeline – Investing in attractive assets – Improving operating metrics

3

4

FY to 31 March 2014 % Change NAV per Share 688p +15.4% UK Valuation £12.0bn +8.3% Total Property Return 14.2% Underlying Profit Before Tax £297m +8.4% Dividend per Share 27.0p +2.3% Total Accounting Return 20.0%

PERFORMANCE HIGHLIGHTS

• 80

80 160 240 320 400 480 560 640

Asset Management Development Yield Movement Total Valuation

MATERIAL IMPROVEMENT IN VALUATIONS

5

Valuation Drivers

£m

H2 2012/13 H1 2013/14

£22m £90m £309m

TOTAL VALUATION MOVEMENT

£639m

H2 2013/14 H1 2012/13

STRONG OPERATIONAL PERFORMANCE

• Continue to sign lettings/renewals ahead of ERV
• Leasing activity added £24 million of new annual rent

6

FY to 31 March 2014 Retail Office Total Lettings and renewals (000 sq ft) 1,674 632 2,306 Investment lettings/renewals vs ERV +4.9% +8.4% +6.3% Occupancy 98.5% 92.1% 96.1% LFL occupancy +100bps +190bps +130bps

7

EXECUTING SMARTLY AHEAD OF PLAN

Profitable development Timely Investment Reshaping Retail portfolio

• Completed 5 of our 2010 London developments on schedule;

total estimated profits of £636m

• Replenished development pipeline
• 1.1m sq ft of new development potential: recently

committed/near-term pipeline now 2.0m sq ft

• Gross investment of £1.3bn focused on London and South East
• Placing proceeds invested ahead of plan; accretive to

EPS and NAV

• Sale of £391m mature UK retail assets ahead of valuation
• Invested in high quality preferred retail destinations
• 40% of retail portfolio turned over in last four years

1 2 3

KEY RETAIL AND LEISURE HIGHLIGHTS

8

• Continued improvement in our retail returns

– Total returns of 10.7%; further improvement in second half

• Strength of operational metrics

– Occupancy ahead; continued outperformance on rental growth and footfall

• Successful developments – Whiteley and Glasgow Fort

– Trading ahead of expectations

• Continued recycling to reshape our retail portfolio

– £953m gross investment activity in the year (acquisitions, disposals, development)

• 80

80 160 240

Asset Management & Development Yield Movement Total Valuation

STRONGER RETAIL AND LEISURE PERFORMANCE

• Annual total returns of 10.7%; capital returns 4.6%

9

H2 2012/13 H1 2013/14

£(63)m £(35)m £96m £205m

H2 2013/14

Retail Valuation Drivers

£m

TOTAL VALUATION MOVEMENT H1 2012/13

10

STRONG RETAIL ASSET MANAGEMENT

Increased Retail Lettings/Renewals Retail Leasing by Category

34% 16% 13% 16% 12% 9%

1,005 1,384 106 290

FY 2012/13 FY 2013/14 Development Investment Sq ft ‘000s By rent

FASHION GENERAL RETAIL FOOD, BEVERAGE & LEISURE HOMEWARES SUPERSTORES OTHER

BROADER AND HIGHER QUALITY OCCUPIER DEMAND

11

Leveraging existing strong retailer relationships Retailers taking

• ut of town

stores Increasing restaurant and leisure offer Significant demand from home improvement

• perators

12

CONSISTENTLY OUTPERFORMING ON FOOTFALL

• BL footfall flat over full year; improved over H2 +1.2% (outperforming

market by 320 bps)

60 70 80 90 100 110 120 130 140 2010 2011 2012 2013 2014 British Land UK Market

Source: Experian

British Land Footfall compared to Experian Market Benchmark

+1% pa

• -3% pa

12

Index Jan 2010 = 100

British Land Retail Rental Growth vs GDP

13

CONSISTENTLY OUTPERFORMING ON RENTAL GROWTH

• 1.5% ERV growth in the year, outperforming the market by 150 bps

13

80 90 100 110 120 130

Mar 01 Mar 02 Mar 03 Mar 04 Mar 05 Mar 06 Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Mar 12 Mar 13 Mar 14

BL Retail IPD Secondary Retail GDP Index 2001 = 100

UPGRADING OUR RETAIL PORTFOLIO THROUGH DEVELOPMENT – GLASGOW FORT LEISURE EXTENSION

14

46,000 sq ft cinema and restaurant extension Annual footfall up 8% to 12m Catering spend increased more than 50% Average peak retail spend increased to £124 Opened September 2013 Average peak dwell time up to 102 mins Further 112,000 sq ft retail led extension now on site including an 80,000 sq ft M&S anchor store

On

UPGRADING OUR RETAIL PORTFOLIO THROUGH DEVELOPMENT – WHITELEY SHOPPING

15

New 321,000 sq ft shopping destination Annual footfall of 4.7m On site with Phase II 58,000 sq ft cinema and restaurant extension. Increases food & leisure offer to 25% Voted ‘Best mid-sized shopping centre development in Europe’ by ICSC Estimated annual sales of £90m; £5.8m annual rent roll Over 20% valuation uplift

RESHAPING OUR RETAIL PORTFOLIO SELLING MORE MATURE ASSETS

• Taking advantage of market strength to sell more mature assets
• Further £150m currently under offer/on the market

16

UK Retail asset sales since 1 April 2013 No of Assets Sale Price Retail Parks 8 £167m Foodstores 6 £30m Shopping Centres 2 £183m High Street 1 £11m Total 17 £391m

RESHAPING OUR RETAIL PORTFOLIO RE-INVESTING IN PREFERRED DESTINATIONS

17

£502m of acquisitions Well-located, high quality destinations Increased share in HUT to 60% on an effective NIY

• f 6%

26% equity share in portfolio

• f Sainsbury’s superstores

Reversionary yield of 5.7% Already made a return of

• ver 10%

SouthGate, Bath on a fully let NIY of 5.7%

KEY OFFICE AND RESIDENTIAL HIGHLIGHTS

18

• Successful completion of all our 2010 West End developments

– Including 505,000 sq ft at Regent’s Place

• Well timed acquisitions of Paddington and Shoreditch

– Third major London campus at Paddington – Adds significant development potential

• Achieved important milestones at Clarges

– Obtained planning for an improved scheme; now on-site

• Progressing our long-term vision at Broadgate

– New JV partnership with GIC – Crossrail a game changer – Broadgate Circle

• 80

80 160 240 320 400

Asset Management Development Yield Movement Total Valuation

STRONG OFFICE AND RESIDENTIAL PERFORMANCE

• Annual total returns of 19.4%; capital returns 15.5%

19

H2 2012/13 H1 2013/14

£85m £125m £213m £434m

H2 2013/14

Valuation Drivers

£m

TOTAL VALUATION MOVEMENT H1 2012/13

DEMAND FROM A BROADER RANGE OF OCCUPIERS

• 632,000 sq ft of leasing activity
• Investment lettings/renewals

8.4% ahead of ERV

• Strong demand from TMT

and insurance

• Increasing interest from

financial services - hedge fund and wealth management

20

Office Leasing Activity by Category

36% 15% 18% 16% 6% 9%

By rent

TMT INSURANCE BANKING & FINANCE BUSINESS & PROFESSIONAL OIL & GAS OTHER

• Strengthening letting interest in recent months
• Over 150,000 sq ft leasing activity completed/under offer since year end

including at Leadenhall and 10 Portman Square

• First letting at Marble Arch House; £78.50 psf for a 10 year term

LEASING ACTIVITY ACROSS OUR OFFICE PORTFOLIO

21

Office Leasing Activity FY to 31 March sq ft Completed/under

• ffer since March

Sq ft Broadgate 225,190 79,350 Leadenhall 106,920 13,600 Regent’s Place 196,480 16,320 Portman Village 18,300 34,750 Paddington Central 30,210 4,600 Other 54,900 3,810 Total 632,000 152,430

REGENT’S PLACE – GREAT LETTING SUCCESS

22

15.5% valuation uplift in year Nearly 200,000 sq ft of lettings Increased occupancy to 98.3% New rental high of £71 psf Standing investment ERVs up 11.8% over last 3 years Increasingly reversionary with average office rent of £46 psf Further refurbishment

• pportunities

23

PADDINGTON – GREAT PROGRESS

Campus already increased in value by 11.1% Almost 40% of vacant space let/under offer at rents ahead of ERV Average office rent of £50 psf attractively priced Significant

• pportunities to

develop as major West End campus Transfer our experience from Regent’s Place

HIGHLY PROFITABLE 2010 LONDON DEVELOPMENT PROGRAMME

• £294m of additional profit generated in year; £45m to come
• 73% let/under offer securing £54m pa of rent, 96% residential units

sold/under offer

65 167 297 591 192 192 126 45 Mar 11 Mar 12 Mar 13 Mar 14 Profit Taken Profit to Come

£257m £359m £423m £636m

£m

24

4 KINGDOM STREET 5 KINGDOM STREET CLARGES ESTATE

PROGRESSING OUR NEW LONDON DEVELOPMENTS

• Added 1.1m sq ft of new potential development
• Expect to commit to 4 Kingdom Street later this year
• Progressing 5 Kingdom Street and Shoreditch plans; retain optionality
• Estimated profit of c£375m; of which c£290m to come

25

YALDING HOUSE THE HEMPEL ALDGATE PHASE 1 SHOREDITCH ESTATE

555,000 sq ft

NEAR-TERM PIPELINE RECENTLY COMMITTED

708,000 sq ft

SHOREDITCH ESTATE

BROADGATE – IMPLEMENTING OUR LONG-TERM VISION

26

Corporate Legal

New long-term JV partner with GIC Evolving campus to broaden occupiers and uses Access enhanced by Crossrail in 2018 Development of 5 Broadgate and Broadgate Circle completing shortly Broadgate Circle creates a new food destination for the City Next opportunity will be at 100 Liverpool Street

FINANCIAL REVIEW

Lucinda Bell Finance Director

27

28

HIGHLIGHTS

FY to 31 March 2013 2014 Change Underlying Profit before Tax (£m) 274 297 8.4% Underlying Earnings per Share (p) 30.3 29.4 (3.0)% Dividend per Share (p) 26.4 27.0 2.3% Valuation Performance 1.0% 8.3% EPRA Net Asset Value per Share (p) 596 688 15.4% Total Accounting Return 4.6% 20.0%

DELIVERING ON STRATEGIC OBJECTIVES

Offices & Residential £m Retail £m Total £m Placing investments 532 255 787 Developments - 2010, Recently Committed & Replenishing Pipeline 205 60 265 Retail Recycling*: Acquisitions 473 473 Disposals (391) (391) Europe Retail (147) (147) Net investments 737 250 987

*Sainsbury’s portfolio at NAV, HUT at GAV

29

£m

UNDERLYING PROFIT BRIDGE

274 297 30 8 6 (18) (3)

FY 2013 Placing Investments PC of 2010 Developments Like for Like Prior Year Disposals Other FY 2014

30

31

£m

NET RENTAL INCOME MOVEMENT

562

541 31 13 6 (26) (3)

FY 2013 Placing Investments PC of 2010 Developments Like for Like Retail Recycling Prior Year Disposals Other FY 2014

Like for like UK Retail 3.0% Offices 0.4% Total 2.2%

UK Like for like

32

£m

FINANCING COSTS

(206) (202) (1) (5) 8 2

FY 2013 Equity Placing PC of 2010 Developments Prior Year Disposals Other FY 2014

33

INCOME STATEMENT

FY to 31 March 2013 2014 Change Net Rental Income (£m) 541 562 3.9% Fees & Other Income (£m) 15 15 Administrative Expenses (£m) (76) (78) Net Finance Costs (£m) (206) (202) Underlying PBT (£m) 274 297 8.4% Operating cost ratio 15.3% 16.2%

34

STRONG VALUATION PERFORMANCE

FY to March 2014 Valuation £bn FY Uplift % ERV Growth % NEY % Weighting % Retail 6.9 4.4 1.5 5.6 53 Offices & Residential 5.1 14.5 47

• Of which Offices

4.9 14.4 5.8 5.2 44 Total 12.0 8.3 3.0 5.5 100

• Of which Standing Investments

10.9 6.6 3.0 5.5

• Of which Development

1.1 20.9

35

VALUATION GROWTH DRIVERS – RETAIL & LEISURE

FY to March 2014 Uplift % ERV Growth % Yield Compression (bps) Valuation £bn H1 H2 FY H1 H2 FY H1 H2 FY

Retail parks 2.8 1.1 2.7 3.7 1.0 0.0 1.0 7 18 25 Superstores 1.3 2.0 0.7 2.8 0.5 0.2 0.7 5 3 9 Shopping centres 1.9 0.3 1.8 2.1 0.0 2.3 2.4 5 6 11 Department stores 0.6 6.5 11.1 18.3 0.1 0.1 0.2 38 58 94 Leisure 0.3 2.0 8.4 10.5 2.0 2.6 4.6 6 65 71 Retail 6.9 1.5 2.9 4.4 0.6 0.9 1.5 8 18 26

36

VALUATION GROWTH DRIVERS – OFFICES & RESIDENTIAL

FY to March 2014 Uplift % ERV Growth % Yield Compression (bps) Valuation £bn H1 H2 FY H1 H2 FY H1 H2 FY

City 2.1 3.6 8.1 11.8 1.2 6.6 7.9 9 30 39 West End 2.7 6.0 10.0 16.6 2.3 2.3 4.6 16 28 41 Provincial 0.1 4.0 6.6 10.9 0.0 0.0 0.0 23 24 47 Offices 4.9 5.0 9.1 14.4 1.7 4.1 5.8 13 29 40 Residential 0.2 2.6 13.2 15.4 Offices & Residential 5.1 4.9 9.3 14.5

596p 688p 27p 36p 29p 29p (27p) (2p)

Mar 13 Developments Offices Retail Underlying Profit Dividends Other Mar 14

NAV (p)

GROWTH IN EPRA NET ASSET VALUE

37

DEBT FINANCING – DIVERSE FUNDING PROFILE

• £1.5bn of new financing

arranged

• £785m revolving credit facility

with maturity of 5 years and an initial margin of 115bps

• £1.9bn of undrawn facilities for

more than 2 years

• No BL financing required for

4 years

£0.6bn £1.0bn £0.7bn £0.4bn £0.9bn £1.6bn

Unsecured bank debt Debentures & Loan Notes US Private Placements Convertible Bonds JV & funds secured debt Securitisations

38

Diverse Debt Profile (31 March 2014)

39

STRENGTH OF DEBT METRICS

Proportionally Consolidated 31 Mar 2013 31 Mar 2014 Loan to Value (LTV) 40% 40% Average Interest Rate 4.6% 4.1% Interest Cover 2.3x 2.5x Average Maturity of Drawn Debt (years) 9.9 8.7 Group 31 Mar 2013 31 Mar 2014 Loan to Value (LTV) 24% 29% Average Interest Rate 4.4% 3.5% Interest Cover 2.8x 3.2x

DEVELOPMENT PROGRAMME – RISK MANAGEMENT

• Current development commitment
• f £1.4bn
• Residential commitment below

£500m limit, as previously set

• Development commitment limits:

– 15% of investment portfolio – 10% on a speculative basis

• Capacity to further replenish

pipeline as 2010 developments complete

Development Commitment

£m

200 400 600 800 1,000 1,200 1,400 Mar 14 Sep 14 Mar 15 Sep 15 Mar 16 Sep 16 Mar 17

Near Term Recently Committed 2010 Committed Developments

40

41

FUTURE INCOME GROWTH

Annualised Gross Rents Cash Flow Basis £m Accounting Basis £m Current Passing Rent 557 584 Expiry of Rent-free Periods 51 Fixed, Minimum Uplifts 13 2010 Non-Completed Developments Pre-let 28 25 Recently Committed Developments Pre-let 7 5 Total Contracted 656 614 Developments – 2010 Committed Developments to let 28 23 Developments – Recently Committed 11 9 Developments – Near-term to let 31 25 Investments – RPI and rent review uplifts 12 12 Investments – Letting of Expiries and Vacancies 21 18 Potential Rent in 5 Years 759 701 Increase 36% 20%

OUTLOOK

Chris Grigg Chief Executive

42

RESHAPING OUR UK PORTFOLIO TO DELIVER LONG-TERM PERFORMANCE

Development 10 Portman Square 5 Broadgate The Leadenhall Building Clarges Mayfair The Hempel 4&5 Kingdom St Marble Arch House 10-30 Brock Street 199 Bishopsgate Whiteley Shopping Shoreditch

Investments & Disposals over last 4 yrs

INVESTMENTS DISPOSALS

£1.6bn £3.0bn

Disposals Ropemaker Place Residential units 18 Food stores 17 Retail Parks including Beehive Centre, St James Dumbarton 2 shopping centres (Bon Accord, Aberdeen and Eastgate, Basildon) 9 leisure assets

Development Acquisitions

Acquisitions Drake Circus Virgin Active HUT units Paddington Central SouthGate, Bath Ealing Broadway SC Eden Walk, Kingston

43

44

REPOSITIONING PORTFOLIO AROUND KEY TRENDS

London as a leading global City Attractive environments Importance of transport infrastructure

• Committed more capital to London and South East: increased

weighting to over 60% of our portfolio

• Increased exposure to West End and up and coming locations
• Focused on creating “Places People Prefer”
• Well managed environments at our Office campuses and

Retail destinations

• Investment around transport hubs
• Over £3.0bn of our properties close to Crossrail stations

1 2 3

Key role of high quality physical retail

• Reshaping our Retail portfolio to focus on best retail locations
• £2.3bn of gross UK investment activity

4

Profitable development

• A fundamental driver of value
• 2010 programme a real success
• Great progress replenishing pipeline; retain optionality

5

MARKET OUTLOOK

• UK at early stages of an economic recovery

– Differential between property bond yields historically wide

• Positive about long-term prospects for London

– Occupational demand picking up and supply remains constrained – Performance to be driven primarily by rental growth – Prime residential pricing slowing but long-term dynamics good

• Retail at an earlier stage in the cycle

– Less yield compression; increased investor interest – Retailers increasingly confident about consumer spending and role of physical space – Retailers looking to take more space, but only in best locations – More positive on rental growth outlook on our schemes

45

OUR PRIORITIES

• Focused on driving rental growth
• Progressing our new development programme
• Continue to reshape our Retail portfolio
• More balanced on acquisitions and disposals

46

SUMMARY

47

APPENDICES

48

BL UK PROPERTY RETURNS VS IPD – 1 YEAR

49

Year ended 31 March 2014 bps

40 240 140 60 80 60

• 50

100 150 200 250 Retail Offices Total Capital Returns Total Returns

BL UK PROPERTY RETURNS VS IPD – 3 YEARS

50

3 years ended 31 March 2014 bps pa

130 480 250 140 340 190

• 100

200 300 400 500 600 Retail Offices Total Capital Returns Total Returns

51

4.3 4.9

£2.1bn Available Facilities

1.0 (0.6) 0.3 (0.3) 0.2

£2.0bn Available Facilities

Mar 13 Net Debt Acquisitions Disposals Development & Capex Operating Cashflow Dividends Mar 14 Net Debt

£bn

EPRA NET DEBT – PROPORTIONALLY CONSOLIDATED

LTV 40% LTV 40%

51

RECONCILIATION OF UNDERLYING PROFIT BEFORE TAX

52

12 months to 31 March (£m) 2013 2014 IFRS Profit before tax 260 1,110 Net valuation movement (includes disposals) (26) (873) Deferred and current taxation of joint ventures & funds (3) 5 Amortisation of intangible assets 1

• Capital financing costs

35 57 Non-recurring items 7

• Less non-controlling interest
• (2)

Underlying Profit Before Tax 274 297 EPRA adjustments (5)

• EPRA Earnings Before Tax

269 297

GROSS RENTAL INCOME1 – SECTORAL

53 Table shows UK total, excluding assets held in Europe

1 Gross rental income will differ from annualised rents due to accounting adjustments for fixed & minimum contracted rental uplifts and lease incentives 2 Stand-alone residential

(Accounting Basis) £m 12 months to 31 March 2014 Annualised as at 31 March 2014 Total Total Retail parks 150 159 Superstores 72 71 Shopping centres 115 103 Department stores 33 33 Leisure 29 29 Retail 399 395 City 89 87 West End 84 93 Provincial 6 6 All Offices 179 186 Residential2 3 3 All Offices & Residential 182 189 Total 581 584

OPERATING COSTS METRIC

54

12 mths to 31 March (£m) 2013 2014 Property outgoings 13 21 Administrative expenses 72 72 Share of joint ventures and funds expenses 17 20 Less: Performance & management fees (from joint ventures & funds) (10) (10) Other fees and commission (5) (5) Ground rent costs (1) (2) EPRA Costs (including direct vacancy costs) (A) 86 96 Direct vacancy costs (14) (13) EPRA Costs (excluding direct vacancy costs) (B) 72 83 Gross Rental Income less ground rent costs 294 330 Share of joint ventures and funds (GRI less ground rent costs) 273 265 Total Gross Rental Income inc. share of joint ventures and funds (C) 567 595 EPRA Cost Ratio (including direct vacancy costs) (A/C) 15.3% 16.2% EPRA Cost Ratio (excluding direct vacancy costs) (B/C) 12.8% 13.9%

RECONCILIATION OF EPRA NAV & NNNAV

55

As at 31 Mar 13 31 Mar 14 £m Pence £m Pence Balance Sheet (IFRS) Net Assets 5,687 568 7,117 697 Deferred tax arising on revaluation movements 14 6 Mark to market on effective cash flow hedges and related debt adjustments 198 173 Adjust to fully diluted on exercise of share options 58 39 Surplus on trading properties 10 63 Less non-controlling interests

• (371)

EPRA NAV 5,967 596 7,027 688 Deferred tax arising on revaluation movements (14) (6) Mark to market of debt and derivatives (431) (321) EPRA NNNAV 5,522 552 6,700 656

EPRA BALANCE SHEET (PROPORTIONAL CONSOLIDATION)

56

£m Mar 13 Group JVs & Funds Mar 14 Total properties 10,499 7,194 4,846 12,040 Net debt (4,266) (2,877) (2,013) (4,890) Other net assets (liabilities) (4) 76 (199) (123) EPRA Net Assets 6,229 4,393 2,634 7,027 Loan to Value (LTV)1 40% 29% 40% Average interest rate 4.6% 3.5% 4.1% Interest cover 2.3x 3.2x 2.5x Average maturity of drawn debt (years) 9.9 8.2 8.7

1 Group LTV based on Group Properties and net investment in JV & Funds, and Group net debt

200 400 600 800 1,000 1,200

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038

£m

DEBT MATURITY – GROUP

57

Year to 31 March

British Land facilities proforma for the new £785m revolving credit facility

Debentures & Loan Notes Private Placements Convertible Bonds BL Drawn Facilities BL Undrawn Facilities

£m

DEBT MATURITY – JOINT VENTURES AND FUNDS1

58

1 At British Land share

200 400 600 800 1,000 1,200 2015 2016 2017 2018 2019 2020-2024 2025-2037 Year to 31 March

JV – Bank drawn Funds – Bank drawn JV & Funds – Bank undrawn JV - Securitisations

GROSS AND NET DEBT RECONCILIATION

59

As at 31 March 2014 £m Gross Debt (principal value) 5,198 IFRS adjustments: Issue costs and premia (15) Fair value hedges 62 Other Items 39 Gross debt (IFRS basis) 5,284 Market value of derivatives 103 Cash & liquid investments (325) Net debt (IFRS basis) 5,062 EPRA adjustments: Remove market value of derivatives (103) Remove fair value hedges (62) Other EPRA adjustments (7) Net debt (EPRA basis) 4,890

INVESTMENT ACTIVITY RECONCILIATION

60

Office/Resi Retail Total Net investments per Delivering on Strategic Objectives Slide 737 250 987 Placing investment completed in FY13 (40) (226) (266) Development capex (167) (60) (227) Residential sales (142)

• (142)

Other net investment (29)

• (29)

Net acquisitions/disposals - Press Release 359 (36) 323

INVESTMENT ACTIVITY

Net Spend £m FY14 Net Rent £m Annualised Net Rent £m Placing investments 787 31 40 Retail Recycling1: Acquisitions 473 7 22 Disposals (391) (7) (26) Europe Retail (147) (3) (9) Net investments 722 28 27

61

1 Including HUT units at GAV and interest in Superstore Portfolio

NUMBER OF SHARES

62

Number of shares (m) Mar 13 Mar 14 Basic Weighted Average 895 999 Period End 986 1,008 Diluted Weighted Average 901 1,004 Period End 1,001 1,021

MAJOR PROPERTY HOLDINGS

As at 31 March 2014 (excl. developments under construction) BL Share % Sq ft 000’s Rent £m pa1 Occupancy Rate %2 Lease Length yrs3 1 Broadgate, London EC2 50 3,963 177 96.8 7.2 2 Regent's Place, London NW1 100 1,589 70 98.3 9.4 3 Meadowhall Shopping Centre, Sheffield 50 1,448 81 98.0 8.1 4 Sainsbury's Superstores 52 2,864 68 100.0 15.1 5 Tesco Superstores 51 2,808 63 100.0 14.7 6 Paddington Central 100 608 23 94.2 10.1 7 Teesside Shopping Park, Stockton-on-Tees 100 422 15 98.6 7.0 8 Drake Circus Shopping Centre, Plymouth 100 414 16 99.2 6.3 9 Debenhams, Oxford Street 100 363 11 100.0 25.0 10 10 Portman Square, W14 100 134 5 68.2 12.0

1 Annualised contracted rent including 100% of Joint Ventures & Funds 2 Includes accommodation under offer or subject to asset management 3 Weighted average to first break 4 Development reached practical completion in April 2013

63

TOP 20 CUSTOMERS & CUSTOMER SPLIT BY INDUSTRY

64

As at 31 March 2014 % of Total Contracted Rent

Tesco plc 7.7 Sainsbury Group 6.0 Debenhams 5.8 UBS AG 3.2 Home Retail Group 2.7 Kingfisher (B&Q) 2.7 HM Government 2.5 Next plc 2.4 Virgin Active 2.0 Arcadia Group 2.0 Spirit Group 1.6 Alliance Boots 1.6 Herbert Smith 1.4 DSG International 1.3 Marks & Spencer Plc 1.3 Royal Bank of Scotland Plc 1.2 Hutchison Whampoa 1.1 Aegis Group 1.1 House of Fraser 1.0 New Look 1.0

Customer Split by Industry Contracted Rent (%)

20% 19% 16% 14% 13% 8% 7% 2% 1%

General Retail Fashion & Beauty Supermarket Banks & Financial services Professional & Corporate Food / Leisure DIY Government Other Business

PORTFOLIO WEIGHTING

65

As at 31 March 2013 % 2014 (Current) % 2014 (Current) £m 2014 (Pro forma)¹ Retail parks 24.5 23.1 2,767 21.5 Superstores 12.6 11.1 1,321 10.1 Shopping centres 17.6 15.6 1,862 14.4 Department stores 4.6 4.7 564 4.3 Leisure 3.0 2.8 338 2.6 Retail 62.3 57.3 6,852 52.9 City 17.1 17.1 2,038 16.9 West End 18.4 22.7 2,720 25.3 Provincial 0.8 0.8 96 1.7 All Offices 36.3 40.6 4,854 43.9 Residential2 1.4 2.1 245 3.2 All Offices & Residential 37.7 42.7 5,099 47.1 Total 100.0 100.0 11,951 100.0

Table shows UK total, excluding assets held in Europe

1 Pro forma for developments at estimated end value (as determined by the Group’s external valuers) 2 Stand-alone residential

PORTFOLIO VALUATION BY SECTOR

66

Total1 Change %2 As at 31 March 2014 £m H1 H2 FY Retail parks 2,767 1.1 2.7 3.7 Superstores 1,321 2.0 0.7 2.8 Shopping centres 1,862 0.3 1.8 2.1 Department stores 564 6.5 11.1 18.3 Leisure 338 2.0 8.4 10.5 Retail3 6,852 1.5 2.9 4.4 City 2,038 3.6 8.1 11.8 West End 2,720 6.0 10.0 16.6 Provincial 96 4.0 6.6 10.9 All Offices3 4,854 5.0 9.1 14.4 Residential4 245 2.6 13.2 15.4 All Offices & Residential 5,099 4.9 9.3 14.5 Total 11,951 2.8 5.5 8.3 Standing Investments 10,827 2.1% 4.4% 6.6% Developments 1,124 8.9% 16.9% 20.9%

Table shows UK total, excluding assets held in Europe. Total portfolio valuation including Europe of £12.0bn at year end, +8.0% valuation movement

1 Including Group’s share of properties in joint ventures and funds 2 Valuation movement during the period (after taking account of capital expenditure) of properties held at the balance sheet date,

including developments (classified by end use), purchases and sales

3 Including committed developments 4 Stand-alone residential

PORTFOLIO NET YIELDS1

67

As at 31 March 2014 (excl. developments) EPRA Net Initial Yield % EPRA Topped- Up Net Initial Yield %2 Overall Topped- Up Net Initial Yield%3 Net Reversionary Yield % Net Equivalent Yield %

Retail parks 5.3 5.6 5.7 5.6 5.7 Superstores 4.9 5.1 5.1 5.0 5.1 Shopping centres 5.3 5.4 5.4 5.6 5.5 Department stores 5.0 5.0 7.1 4.0 5.4 Leisure 7.1 7.1 8.9 5.6 7.7 Retail 5.3 5.5 5.8 5.4 5.6 City 5.5 5.8 5.9 6.2 5.3 West End 2.9 4.3 4.4 5.3 5.1 Provincial 6.9 6.9 6.9 5.6 6.1 All Offices 4.0 4.9 5.0 5.6 5.2 Total 4.8 5.3 5.5 5.5 5.5

Table shows UK total, excluding assets held in Europe

1 Including notional purchaser's costs 2 Including rent contracted from expiry of rent-free periods and fixed uplifts not in lieu of rental growth 3 Including fixed/minimum uplifts (excluded from EPRA definition)

LEASE LENGTH AND OCCUPANCY

68

As at 31 March 2014 (excl. developments) Average Lease Length (yrs) Occupancy Rate (%) To Expiry To Break Occupancy Occupancy (underlying)1

Retail parks 9.1 8.2 96.8 98.3 Superstores 15.0 14.8 100.0 100.0 Shopping centres 9.1 8.1 95.6 97.3 Department stores 26.6 23.3 100.0 100.0 Leisure 20.7 20.7 100.0 100.0 Retail 12.3 11.3 97.4 98.5 City 9.1 7.3 96.8 96.9 West End 11.2 9.4 85.7 88.4 Provincial 8.3 8.0 100.0 100.0 All Offices 10.2 8.4 90.5 92.1 Total 11.5 10.3 94.8 96.1

Table shows UK total, excluding assets held in Europe

1 Including accommodation under offer or subject to asset management

ANNUALISED RENT & ESTIMATED RENTAL VALUE (ERV)

69

As at 31 March 2014 (excl. Developments) Annualised Rents (Valuation Basis) £m1 ERV £m Average Rent (£psf)2 Total Total Contracted ERV

Retail parks 157 165 24.5 24.6 Superstores 68 70 21.8 21.6 Shopping centres 104 112 30.2 31.9 Department stores 30 24 13.6 10.9 Leisure 25 21 14.1 11.6 Retail 384 392 22.7 22.4 City 88 98 47.5 48.7 West End 76 137 48.4 52.0 Provincial 6 5 27.1 21.9 All Offices 170 240 46.9 49.2 Residential3 3

• All Offices & Residential

173 240 Total 557 632 26.6 27.7

Table shows UK total, excluding assets held in Europe

1 Gross rents plus, where rent reviews are outstanding, any increases to ERV (as determined by the Group’s external valuers), less any ground rents payable under

head leases, excludes contracted rent subject to rent free and future uplift

2 Office average rent £psf is based on office space only 3 Stand-alone residential

RENT SUBJECT TO OPEN MARKET RENT REVIEW

70

12 months to 31 March (£m) 2015 2016 2017 2018 2019 2015-17 2015-19 Retail parks 19 18 16 22 25 53 100 Superstores 15 20 5 4 8 40 52 Shopping centres 9 14 14 15 10 37 62 Department stores 2 5

• 7

7 Leisure

• Retail

45 57 35 41 43 137 221 City 11 14 2 15 14 27 56 West End 6 17 13 13 20 36 69 Provincial

• 6
• 6

6 Offices 17 37 15 28 34 69 131 Total 62 94 50 69 77 206 352 Potential Uplift at Current ERV 2 2

• 4

4

Table shows UK total, excluding assets held in Europe

RENT SUBJECT TO LEASE BREAK OR EXPIRY

71

12 months to 31 March (£m) 2015 2016 2017 2018 2019 2015-17 2015-19 Retail parks 7 8 6 12 13 21 46 Superstores

• Shopping centres

8 7 9 9 5 24 38 Department stores

• 1
• 1

Leisure

• -

Retail 15 15 15 22 18 45 85 City 1 1 19 4 17 21 42 West End 1 4 7 8 10 12 30 Provincial

• All Offices

2 5 26 12 27 33 72 Total 17 20 41 34 45 78 157 % of Contracted Rent 2.7% 3.1% 6.5% 5.4% 7.3% 12.4% 25.1% Potential Uplift at Current ERV 2 2 4 (2) 1 7 6

Table shows UK total, excluding assets held in Europe

ERV RESETTING TO MARKET

72

12 months to 31 March (£m) 2015 2016 2017 2018 2019 2015-17 2015-19

ERV Expiring – existing portfolio1 19 21 45 33 46 85 164 Speculative developments – City 11

• 11

11 Speculative developments – West End

• 2

6

• 8

8 Speculative developments – Retail 1 1

• 2

2 Total Rent Resetting to Market 31 24 51 33 46 106 185 ERV of current vacancies2,3 33 33 Vacant & Income Expiring 139 218

1 Rent is based on ERV, reflecting current valuation 2 Including space under offer of £7m and space in asset management of £1m 3 Including £18m of vacant space at recently completed developments

CONTRACTED RENTAL INCREASES (CASH FLOW BASIS)

73

12 months to 31 March (£m) 2015 2016 2017 2018 2019 2015-17 2015-19

Expiry of rent free periods – Standing portfolio 33 10 8 - - 51 51 Expiry of rent free periods – Development pre-lets 3 3 21 5 3 27 35 Fixed uplifts (EPRA basis)

• 1
• 1

1 2 Fixed & minimum uplifts in lieu

• f rental growth

1 2 5 1 2 8 11 Total 37 16 34 6 6 87 99

2010 DEVELOPMENT PROGRAMME

74

As at 31 March 2014 Sector BL Share Sq ft PC Calendar Current Value Cost to Complete ERV Pre-let Resi End Value % '000 Year £m £m1,6 £m2 £m £m3 10 - 30 Brock Street, Regent’s Place4 Mixed Use 100 505 Completed 402 3 20.5 19.1 118 10 Portman Square Offices 100 134 Completed 183 4 9.8 4.9

• Marble Arch House5

Mixed Use 100 87 Completed 70 4 4.4

• 19

39 Victoria Street Offices 100 93 Completed 82 3 5.4

• 199 Bishopsgate

Offices 50 144 Completed 60 1 3.5 2.0

• Whiteley Shopping, Fareham

Retail 50 321 Completed 55

• 2.6 2.4
• Bedford Street

Residential 100 24 Completed 34 1

• 28

Glasgow Fort (Leisure) Retail 59 46 Completed 11 3 0.7 0.7

• The Leadenhall Building

Offices 50 605 2014 265 29 18.9 9.0

• 5 Broadgate

Offices 50 710 2015 251 63 19.2 19.2

• Total 2010 Programme:

2,669 1,413 111 85.0 57.3 165

Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%)

1 From 1 April 2014 to practical completion (PC) 2 Estimated headline rental value net of rent payable under head leases (excluding tenant incentives) 3 Residential development of which £143m completed or exchanged and a further £16m under offer 4 Includes 126,000 sq ft of residential of which £102m has now sold and completed 5 Includes 10,000 sq ft of residential of which £17m has now sold and completed during the year 6 Cost to complete excludes notional interest as interest is capitalised individually on each development at our capitalisation rate

RECENTLY COMMITTED DEVELOPMENT PROGRAMME

75

As at 31 March 2014 Sector BL Share Sq ft PC Calendar Current Value Cost to Complete ERV Pre-let Resi End Value % '000 Year £m £m1,4 £m2 £m £m3 Milton Keynes, Kingston Centre Retail 50 21 Completed 5

• 0.3 0.3
• Old Market, Hereford6

Retail 100 305 2014 66 15 4.8 3.9

• Craven Hill Gardens

Residential 100 25 2014 47 4

• 58

Fort Kinnaird, Edinburgh Retail 29 55 2014 3 3 0.4 0.3

• Broadgate Circle

Offices 50 45 2014 10 8 1.2

• Broughton Park, Chester

Retail 59 54 2014 3 6 0.6 0.6

• Whiteley Leisure, Fareham

Retail 50 58 2014 1 6 0.6 0.4

• Meadowhall Surrounding Land

Retail 50 22 2015 1 3 0.4 0.4

• Glasgow Fort, M&S & Retail Terrace

Retail 59 112 2015 1 20 1.6 0.7

• Deepdale, Preston

Retail 29 71 2015 1 4 0.4 0.4

• Yalding House

Offices 100 29 2015 11 12 1.5

• The Hempel

Residential 100 40 2016 44 26

• 92

Aldgate Place, Phase 15 Residential 50 221 2016 16 45

• 65

Clarges Mayfair7 Mixed Use 100 195 2017 213 183 5.7

• 449

Total Recently Committed: 1,253 422 335 17.5 7.0 664 Total Committed under construction: 2,547 933 427 55.3 34.9 664

Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%)

1 From 1 April 2014 to practical completion (PC) 2 Estimated headline rental value net of rent payable under head leases (excluding tenant incentives) 3 Residential development of which £5m completed or exchanged 4 Cost to complete excludes notional interest as interest is capitalised individually on each development at our capitalisation rate 5 Residential end value excludes hotel site, receipts of £6 million (BL share) estimated 6 Completed post year end 7 Includes 104,000 sq ft of residential

NEAR-TERM AND PROSPECTIVE DEVELOPMENTS

76

As at 31 March 2014 BL Share Sq ft Total Cost Status % '000 £m1 Near-term Pipeline Blossom Street, Shoreditch Mixed Use 100 322 164 Pre-submission 5 Kingdom Street2 Offices 100 240 162 Consented 4 Kingdom Street Offices 100 147 99 Consented Glasgow Fort (Restaurant & Car Park) Retail 59 10 5 Consented Total Near-term 719 430 Medium-term Pipeline 100 Liverpool Street Offices 50 512 Pre-submission Power Court, Luton Retail 100 149 Pre-submission Aldgate Place, Phase 2 Residential 50 145 Consented Drake Circus Leisure Retail 100 105 Pre-submission Fort Kinnaird, Edinburgh (Debenhams) Retail 29 30 Pre-submission Glasgow Fort (Additional Retail Unit) Retail 59 30 Consented Lancaster Retail 100 300 Pre-submission Eden Walk Shopping Centre, Kingston Mixed Use 50 500 - 600 Pre-submission Surrey Quays Mixed Use 100 1,500 - 2,000 Pre-submission Harmsworth Quays Mixed Use 100 1,000 - 1,500 Pre-submission Total Medium-term 4,271 - 5,371

1 Total cost including site value 2 210,000 sq ft of which is consented

RESIDENTIAL DEVELOPMENT PROGRAMME

As at 31 March 2014 Sq Ft '000 No. Market Units PC Date/ Status BL Share % Mar 14 Value £m Cost To come1 £m Total £m Sales Exchanged £m

Mixed-use: The Triton Building2 126 94 Completed 100% 22 1 23 102 Marble Arch House 11 10 Completed 100% 5 1 6 17 Clarges Mayfair3 104 36 Jul-17 100% 169 151 320

• Mixed use

241 140 196 153 349 119 Resi-led: Bedford Street4 24 17 Completed 100% 34 1 35 24 Craven Hill Gardens 25 15 Aug-14 100% 47 4 51 5 The Hempel 40 19 Jan-16 100% 44 26 70

• Aldgate Place Phase 1

221 154 Jun-16 50% 16 45 61

• Resi-led

310 205 141 76 217 29 Aldgate Place Phase 2 145 Consented 50% Harmsworth Quays 1,000-1,500 Pre-submission 100% Medium term prospective 1,145 – 1,645 Total Committed Residential 551 345 337 229 566 148

Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%)

1 From 1 April 2014 to practical completion (PC) 2 Includes 51,000 sq ft of affordable housing (68 units) 3 Includes 9,500 sq ft of affordable housing (11 units) 4 Includes 10,000 sq ft of retail space

77

ESTIMATED FUTURE DEVELOPMENT SPEND AND CAPITALISED INTEREST

78 PC Prelet ERV Cost to complete £m (excluding notional interest) As at 31 March 2014 Calendar Year £m Sep 14 Mar 15 Sep 15 Mar 16 Sep 16 Mar 17

The Leadenhall Building 2014 9.0 33 15 4 11 5 Broadgate 2015 19.2 13 18 Total 2010 Programme: 28.2 46 33 4 11

• Old Market, Hereford

2014 3.9 14 1 Craven Hill Gardens 2014 - 3 Fort Kinnaird, Edinburgh 2014 0.3 3 Broadgate Circle 2014 - 7 1 Broughton Park, Chester 2014 0.6 5 1 Whiteley Leisure, Fareham 2014 0.4 5 2 Meadowhall Surrounding Land 2015 0.4 3 Glasgow Fort, M&S & Retail Terrace 2015 0.7 5 9 5 Deepdale, Preston 2015 0.4 2 1 Yalding House 2015 - 5 4 2 1 The Hempel 2016 - 8 8 6 2 1 Aldgate Place, Phase 2016 - 9 9 12 11 5 Clarges Mayfair 2017 - 12 22 27 32 35 29 Total Recently Committed: 6.7 81 58 52 46 41 29 Total Committed: 34.9 127 90 56 57 41 29 Total Near-term 5 15 59 82 94 50 Indicative Interest Capitalised on above at attributable rates1 8 8 6 8 9 11

1 Financing costs are capitalised on qualifying expenditure for committed and near term developments; the rate is at 3% for

Leadenhall and 4% for all other developments

ESTIMATED FUTURE DEVELOPMENT RENTAL INCOME (ACCOUNTING BASIS)

79

PC Gross Rental Income (Accounting Basis)1 As at 31 March 2014 Calendar Year Mar 15 Mar 16 Mar 17 Mar 18 Mar 19

5 Broadgate Q1 2015 Contracted

• 15

18 18 18 The Leadenhall Building Q2 2014 Contracted 5 7 7 7 7 Non-contracted - 8 8 8 8 Broadgate Circle Q4 2014 Non-contracted - 1 1 1 1 Clarges Estate Q2 2017 Non-contracted -

• 3

5 Yalding House Q2 2015 Non-contracted

• 1

1 1 Total Offices Contracted 5 22 25 25 25 Non-contracted - 9 10 13 15 Old Market, Hereford Q2 2014 Contracted 3 3 3 3 3 Non-contracted 1 1 1 1 1 Other Retail Developments Contracted - 2 2 2 2 Non-contracted

• 1

1 1 1 Total Retail Contracted 3 5 5 5 5 Non-contracted 1 2 2 2 2 Total Committed Contracted 8 27 30 30 30 Non-contracted 1 11 12 15 17 Recently Completed Developments (letting of vacant space) 199 Bishopsgate Q3 2012 Non-contracted - 1 1 1 1 10 Portman Square Q2 2013 Non-contracted 1 4 4 4 4 10 - 30 Brock Street Q3 2013 Non-contracted - 1 1 1 1 Marble Arch House Q4 2013 Non-contracted - 4 4 4 4 39 Victoria Street Q1 2014 Non-contracted - 4 4 4 4 Total Recently Completed Non-contracted 1 14 14 14 14

1 Pre-lets plus valuers estimates of non-contracted rent

80

Yield gap %

UK PROPERTY MARKET – YIELD GAP VS 10 YEAR GILTS

(5) (3) (1) 1 3 5 2 4 6 8 10 12 1990 1992 1993 1994 1995 1996 1997 1999 2000 2001 2002 2003 2004 2006 2007 2008 2009 2010 2011 2012 UK 10 Year Gilt Yield IPD All Property Net Initial Yield

%

Central London Development Completions

LONDON OFFICE MARKET DEVELOPMENT COMPLETIONS

81

m sq ft

Source: CBRE

0.0 2.0 4.0 6.0 8.0 10.0 12.0 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17

Completed Under construction Demolition Planning granted 10 yr average Grade A take-up 10 yr average take up

• 20

40 60 80 100 120 140 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 West End City

Rental Growth Driven by Imbalance Between Supply and Demand

LONDON OFFICE MARKET RENTAL OUTLOOK

82 Source: CBRE (historic) and Average Agents' Consensus (including PMA)

Actual Forecast

Prime London Office Rents

£ psf

LONDON RESIDENTIAL MARKET

83

Residential Annual Price Growth in Prime Central London Residential new unit sales in Prime Central London

200 400 600 800 1000 1200 1400 1600 1800 2010 2011 2012 2013 Q1 2014

Source: Molior (Westminster, Camden, Kensington & Chelsea and City of London)

0% 2% 4% 6% 8% 10% 12% 14% 2012 2012 2012 2013 2013 2013 2014

Source: Knight Frank

Annualised

REGENT’S PLACE CAMPUS

84

85

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

• wnership

PADDINGTON CENTRAL CAMPUS

BROADGATE CAMPUS

86

DISCLAIMER

The information contained in this presentation has been extracted largely from the Full Year Results Announcement for the year ended 31 March 2014. 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

• r 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

• ut 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.

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