News Release

Sports Direct Scores at Gallagher Retail Park in Cheltenham 3rd July 2015

The Gibraltar Limited Partnership (which is 50% owned by the Hercules Unit Trust (HUT) and 50% owned by The Crown Estate) is pleased to announce that Sports Direct, the UK’s number one sports retailer, has signed up at Gallagher Retail Park in Cheltenham.

Sports Direct has taken a 10,000 sq ft store on a 10-year lease, located in the former Dreams unit.

The park underwent a £2.5m upgrade last year which included the refurbishment of terraces across the asset, as well as landscaping and car park reconfiguration works to further enhance the attraction of the park.

Duncan Reader, Asset Manager for British Land, said: “Sports Direct joins a great line up of stores at Gallagher Retail Park and complements the existing mix of retailers to further improve the offer for consumers. The upgrade we delivered last year has helped to enhance the shopping experience and was part of our wider investment programme designed to ensure that our assets continue to exceed the expectations of our retailers and consumers.”

Gallagher Retail Park is home to a 27,000 sq ft Whole Foods Market, its first store on a retail park. The scheme is anchored by Next, which is home to one of the first Patisserie Valerie cafes located within a Next store. Arcadia also has a 25,000 sq ft Outfit store bringing the , , , , , Oasis and Warehouse brands to the park.

Gibraltar Limited Partnership is a joint venture between Hercules Unit Trust (HUT) and The Crown Estate. HUT is advised by British Land and managed by Schroders. HUT was represented by Wilkinson Williams and Harvey Spack Field.

British Land

Investor Relations Sally Jones, British Land 020 7467 2942

Media Pip Wood, British Land 020 7467 2838 Charlotte Whitley, British Land 020 7467 2933

Naomi Galt, FTI Consulting 020 3727 1182 Gordon Simpson, Finsbury Group 020 7251 3801

British Land, York House, 45 Seymour Street, W1H 7LX +44 (0)20 7486 4466 britishland.com

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Notes to Editors

Hercules Unit Trust Hercules Unit Trust (HUT) is a Jersey-based closed-ended property unit trust with a fixed life which has been extended to 2020, and is subject to further extension with unit holder consent. HUT’s primary investment focus is major retail warehouse or shopping park properties in the and, in particular, those properties that offer a critical mass of retailing and, where possible, have the benefit of Open A1 planning consent.

HUT is the UK’s largest specialist retail warehouse property unit trust with a portfolio of £1.6 billion. As at 31 December 2014, the Trust owned and managed 16 retail and shopping parks, including Glasgow Fort Shopping Park in Glasgow and 50% of Shopping Park in Edinburgh, providing around 4.4 million sq ft of retail park space. Key tenants include Next, Boots, Arcadia, Marks & Spencer, Walmart, New Look, The John David Group Plc, Home Retail Group and TK Maxx.

British Land is Property Adviser to HUT and Schroder Real Estate Managers (Jersey) Limited is the Manager.

Schroder Real Estate Schroders has managed real estate funds since 1971 and currently has £11.9 billioni (€16.5 billion /US$17.7 billion) of gross real estate assets under management as at 31 March 2015. All of the real estate funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.

For further information about Schroder Real Estate visit www.schroders.com/realestate.

About British Land

We are one of Europe's largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality commercial property, focused on retail locations around the UK and London offices. We have total assets in the UK, owned or managed of £18.9 billion (of which British Land share is £13.6 billion), as valued at 31 March 2015. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups. Our objective is to deliver long-term and sustainable total returns to our shareholders and we do this by focusing on Places People Prefer. People have a choice where they work, shop and live and we aim to create outstanding places which make a positive difference to people's everyday lives. Our customer orientation enables us to develop a deep understanding of the people who use our places. We employ a lean team of experts, who have the skills to translate this understanding into creating the right places, and we have an efficient capital structure which is able to effectively finance these places.

UK Retail assets account for 55% of our portfolio. As the UK's largest listed owner and manager of retail space, our portfolio is well matched to the different ways people shop today. We are focused on being the destination of choice for retailers and their customers by being the best provider of spaces and services. Comprising around 22 million sq ft of retail space across shopping parks, superstores, shopping centres, department stores and leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 45% of our portfolio is focused on London. We have an attractive mix of high quality buildings in well managed environments and a pipeline of development projects which will add significantly to our portfolio. Increasingly, our Offices are in mixed-use environments which include retail and residential elements. Our 6.7 million sq ft of high quality office space includes Regent's Place and Paddington Central in the West End and Broadgate, the premier city office campus (50% share).

British Land, York House, 45 Seymour Street, London W1H 7LX +44 (0)20 7486 4466 britishland.com

Registered Office at business address Reg No. 621920 England 2 News Release

Our size and substance demands a responsible approach to business. We believe leadership on issues such as sustainability helps drive our performance and is core to the delivery of our overall objective of driving shareholder value and creating Places People Prefer.

Further details can be found on the British Land website at www.britishland.com.

i Includes holdings of Real Estate Capital Partners and Schroders Multi-asset Funds in the Real Estate AUM

British Land, York House, 45 Seymour Street, London W1H 7LX +44 (0)20 7486 4466 britishland.com

Registered Office at business address Reg No. 621920 England 3