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Landsec Company in the UK by £14.1Bn Market Capitalisation Combined Portfolio What We Do We Buy, Sell, Develop and Manage Real 24.0M Sq Ft 125 Estate

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Landsec Company in the UK by £14.1Bn Market Capitalisation Combined Portfolio What We Do We Buy, Sell, Develop and Manage Real 24.0M Sq Ft 125 Estate Annual Report 2018 WorldReginfo - c4030887-9d4c-4f8d-b8ec-c16356413f19 Welcome 2018 in numbers Largest listed real estate to Landsec company in the UK by £14.1bn market capitalisation Combined Portfolio What we do We buy, sell, develop and manage real 24.0m sq ft 125 estate. That includes contemporary office, Floor space Assets retail, leisure and residential space in London, and retail and leisure destinations 615 £(251)m across the UK. Employees (Loss)/profit before tax (2017: £112m) Why we do it Our purpose is to provide the right space for our customers and our communities – 1.8% £406m Total business return Revenue profit helping businesses to succeed, the (2017: 1.4%) (2017: £382m) economy to grow and people to thrive. How we create value 4.3% 53.1p Applying our expertise, we provide a Ungeared total property return Adjusted diluted earnings great experience for everyone we rely on, (2017: 3.7%) per share (2017: 48.3p) from our customers to our communities, partners and employees. We believe 153,000 44.2p that’s the best way to create long-term People working across our Dividend up 14.7% workplace, retail and leisure sustainable value for shareholders. We aim destinations to provide dependable dividend income and grow our share price by increasing 1,149 1,403p revenues and asset values. Job opportunities created for Adjusted diluted net assets per share disadvantaged people to date (2017: 1,417p) How we’ve performed We work in markets shaped by big impacts 28.6% £13.2bn and trends that generate opportunities 2 Carbon intensity (kgCO2/m ) Total contribution to the UK and challenges for us. Our clear strategy reduction compared to 2013/14 economy each year from people has put the business in a strong position baseline based at our assets at a time of uncertainty in our markets – see our performance measures opposite. How we report We think about the short- and long-term London Portfolio Retail Portfolio effects of our actions. In this Annual Report pages 26-29 pages 30-33 we’ve further integrated content on We buy, develop, manage and sell We buy, develop, manage and sell our broader social and physical impacts, office, retail, leisure and residential retail, leisure and residential space but we only include what’s material to space in central London. in the best locations. our business. £ 7.8 bn £6.3bn This year we published our first of assets of assets Economic Contribution report – you can read it at landsec.com 6.4m sq ft 17.6 m sq ft portfolio portfolio WorldReginfo - c4030887-9d4c-4f8d-b8ec-c16356413f19 Strategic Report ReportStrategic We use our experience to provide 12 Chief Executive’s statement great experiences for those we rely 14 Our market 16 Our strategy on – our customers, communities, 20 Key performance indicators 22 Our business model partners and employees. 24 Creating sustainable long-term value 26 London Portfolio review Getting this right enables us to 30 Retail Portfolio review 34 Financial review create long-term, sustainable value 42 Physical review 46 Social review for our shareholders. 52 Managing risk 54 Our principal risks and uncertainties 58 Going Concern This year we’ve been busy letting 58 Viability Statement space, delivering new assets, Governance 60 Letter from the Chairman strengthening the portfolio and 62 Board of Directors our balance sheet, enhancing 64 Executive Committee 65 Governance at a glance our team and creating future 66 Leadership 70 Letter from the Chairman of the opportunities. Nomination Committee 72 Effectiveness 76 Letter from the Chairman of the Over the following pages we show Audit Committee our experience in action. We report 78 Accountability 84 Investor Relations on the value our activity has 86 Directors’ Remuneration Report – Chairman’s Annual Statement generated – financially, physically 88 Remuneration at a glance 90 Annual Report on Remuneration and socially. And we share what 102 Summary of Directors’ Remuneration Policy others say about our work. 105 Proposed Remuneration Policy 112 Directors’ Report Everything is experience. Financial statements 116 Statement of Directors’ Responsibilities 117 Independent Auditor’s Report 123 Income statement 123 Statement of comprehensive income 124 Balance sheets 125 Statement of changes in equity Read more 126 Statement of cash flows 127 Notes to the financial statements Our Our Our Additional information market strategy performance 172 Business analysis – Group 177 Business analysis – London page 14 page 16 page 20 178 Business analysis – Retail The opportunities How we’re addressing The results we’ve 179 Sustainability performance and challenges our most significant achieved this year 184 Combined Portfolio analysis presented by our opportunities and financially, physically 186 Lease lengths market environment. challenges. and socially. 186 Development pipeline 187 Development pipeline and trading property development schemes 188 Alternative performance measures 189 Five year summary 190 Acquisitions, disposals and capital expenditure 191 Analysis of capital expenditure 192 Subsidiaries, joint ventures and associates 195 Shareholder information 198 Key contacts and advisers 199 Glossary Visit our website: landsec.com IBC Cautionary statement Landsec Annual Report 2018 01 WorldReginfo - c4030887-9d4c-4f8d-b8ec-c16356413f19 20 Eastbourne Terrace Transformed. We’ve turned this outdated 1950s block near Paddington station into a contemporary development The extent and with small-format creative spaces well matched to local demand. quality of this clever The British Council for Offices refurbishment means (BCO) Awards named it ‘Best 20 Eastbourne Terrace Refurbished/Recycled Workplace’ this year. The 17-storey building has evolved into a is now fully let. modern and relaxing workplace.” The British Council for Offices Awards commentary Nova Completed. Nova is the largest and most complex single development project we have undertaken in London. Completed in 2017, we’ve created a mixed use space that’s becoming the heart of a transformed Victoria. The combination of modern offices and contemporary food experiences enables resident businesses to keep attracting great talent. The scheme is 97% let. 02 Landsec Annual Report 2018 WorldReginfo - c4030887-9d4c-4f8d-b8ec-c16356413f19 20 Fenchurch St. ReportStrategic Sold. Having started construction when market confidence and construction activity were low, we completed the Walkie Talkie building in favourable market conditions in 2014. It quickly became a celebrated part of the London skyline but we’ve always said no asset is sacred. We sold in July 2017, crystallising a return of 25.9% per annum since we started development and setting a record price for a UK office building. To read more go to London Portfolio review on pages 26-29 Capital Returned. Following the sale of 20 Fenchurch Street, we returned £475m to shareholders through a capital payment and accompanied this with a share consolidation. Given that our shares were trading at a discount, this enabled investors to capture value from our successful development programme. Landsec Annual Report 2018 03 WorldReginfo - c4030887-9d4c-4f8d-b8ec-c16356413f19 Westgate Oxford Launched. For years, brands and shoppers had told us there was strong but unmet demand for a new retail experience in Oxford. In October 2017, in partnership with The Crown Estate, we opened Westgate Oxford. This 800,000 sq ft destination has transformed the retail offer in the city, bringing nearly 70 new retailers to Oxford and combining it with leisure, casual and fine dining, and incorporating two public spaces. To see the latest news from Westgate Oxford go to westgateoxford.co.uk 04 Landsec Annual Report 2018 WorldReginfo - c4030887-9d4c-4f8d-b8ec-c16356413f19 Strategic ReportStrategic We’re working with Landsec to make Westgate the perfect place to spend a day and night.” Julie Blake Job Head of Branch, John Lewis Oxford opportunities Created. Westgate Oxford generated 566 jobs during construction and an estimated 3,400 retail jobs since opening. We’ve also worked closely with social enterprise Aspire Oxford to create job opportunities for the wider community in construction and customer service, helping ex-offenders, long-term unemployed and ex-homeless people get back into work. Our Community Employment activities at Westgate have pushed us even closer to our target of getting 1,200 disadvantaged people into work by 2020. Sustainable retail Delivered. Sustainability was built into Westgate Oxford from the beginning. We set 45 ambitious targets for the development, embedding sustainability in every decision, from boosting UK jobs through innovative offsite manufacturing techniques to local sourcing of materials and creating a low carbon heating and cooling system. It’s now one of the most sustainable retail destinations in the country. Landsec Annual Report 2018 05 WorldReginfo - c4030887-9d4c-4f8d-b8ec-c16356413f19 Our brand Experienced. During the year, we launched an exciting, immersive training programme for our employees designed to enhance our customer- led culture. This is an important investment in our brand, ensuring that our ‘Everything is experience’ philosophy is transformed into action across the business. To read more go to Social review on pages 46-51 06 Landsec Annual Report 2018 WorldReginfo - c4030887-9d4c-4f8d-b8ec-c16356413f19 Strategic ReportStrategic White Rose Solar-powered. We’ve installed the largest solar PV system on a UK retail destination at our White Rose centre in Leeds. Roughly the size of 17 tennis courts,
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