FTSE COMPANY REPORT Share price analysis relative to sector and index performance Data as at: 21 February 2020 British Land Co BLND Real Estate Investment Trusts — GBP 5.562 at close 21 February 2020 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 21-Feb-2020 21-Feb-2020 21-Feb-2020 6.5 105 115 1D WTD MTD YTD Absolute -2.0 -5.4 0.3 -12.9 110 Rel.Sector -2.0 -4.0 -1.8 -12.3 100 Rel.Market -1.6 -5.3 -1.5 -11.6 6 105 95 VALUATION 100 5.5 Trailing 95 RelativePrice RelativePrice 90 PE -ve Absolute Price (local (local Absolute currency)Price 90 5 EV/EBITDA 28.1 85 85 PB 0.6 PCF 8.4 4.5 80 80 Div Yield 5.0 Feb-2019 May-2019 Aug-2019 Nov-2019 Feb-2020 Feb-2019 May-2019 Aug-2019 Nov-2019 Feb-2020 Feb-2019 May-2019 Aug-2019 Nov-2019 Feb-2020 Price/Sales 5.8 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.4 90 100 90 Div Payout -ve 80 90 80 ROE -ve 70 80 70 70 Index) Share Share Sector) Share - 60 - 60 60 DESCRIPTION 50 50 50 40 40 The Company is a property investment company 40 RSI RSI (Absolute) 30 30 based in London and listed on the London Stock 30 Exchange. It invests in prime and modern properties. 20 20 20 Its principal activity is operate in the fields of property 10 10 10 investment and development; finance and RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative investment. 0 0 0 Feb-2019 May-2019 Aug-2019 Nov-2019 Feb-2020 Feb-2019 May-2019 Aug-2019 Nov-2019 Feb-2020 Feb-2019 May-2019 Aug-2019 Nov-2019 Feb-2020 See final page and http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm for further details. Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: British Land Co 21 February 2020 Valuation Metrics Price to Earnings (PE) EV to EBITDA Price to Book (PB) 31-Jan-2020 31-Jan-2020 31-Jan-2020 40 100 1.3 35 90 1.2 30 80 1.1 25 70 1 +1SD +1SD +1SD 20 60 0.9 15 50 0.8 Avg Avg Avg 10 40 0.7 5 30 0.6 -1SD 0 ‖ ‖ -1SD 20 -1SD 0.5 Feb-2015 Feb-2016 Feb-2017 Feb-2018 Feb-2019 Feb-2015 Feb-2016 Feb-2017 Feb-2018 Feb-2019 Feb-2015 Feb-2016 Feb-2017 Feb-2018 Feb-2019 Shaftesbury 106.3 BMO Real Estate Investments 83.8 Primary Health Prop. 2.4 BMO Real Estate Investments 64.1 Unite Group 82.0 Safestore Holdings 2.1 Great Portland Estates 47.8 Great Portland Estates 76.2 Unite Group 1.8 Real Estate Investment Trusts 38.6 Shaftesbury 67.1 LXI REIT 1.8 Segro Civitas Social Housing 31.0 65.1 Big Yellow Group 1.7 Real Estate Investment Trusts 40.8 Primary Health Prop. 25.7 Real Estate Investment Trusts 1.0 British Land Co 28.1 Town Centre Securities Town Centre Securities -9.5 Ediston Property Investment Company 20.4 0.6 NewRiver REIT -15.5 NewRiver REIT 19.9 British Land Co 0.6 British Land Co -17.8 Custodian REIT 18.3 Capital & Regional 0.4 Land Securities Group -58.4 AEW UK REIT 16.5 Hammerson 0.3 Ediston Property Investment Company -105.1 Hammerson 0.0 Intu Properties 0.1 -150 -100 -50 0 50 100 150 0 10 20 30 40 50 60 70 80 90 0 0.5 1 1.5 2 2.5 3 Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS) 31-Jan-2020 31-Jan-2020 31-Jan-2020 40 5.5 15 ‖ ‖ 14 35 5 13 +1SD 30 +1SD 12 +1SD 4.5 25 11 4 Avg 10 Avg Avg 20 9 3.5 15 8 -1SD -1SD -1SD 7 10 3 6 5 2.5 5 Feb-2015 Feb-2016 Feb-2017 Feb-2018 Feb-2019 Feb-2015 Feb-2016 Feb-2017 Feb-2018 Feb-2019 Feb-2015 Feb-2016 Feb-2017 Feb-2018 Feb-2019 Triple Point Social Housing REIT 80.0 Intu Properties 27.0 Unite Group 15.0 Residential Secure Income 64.0 NewRiver REIT 11.5 Triple Point Social Housing REIT 15.0 Great Portland Estates 63.7 Capital & Regional 10.5 LXI REIT 15.0 Segro 49.6 Hammerson 7.9 Primary Health Prop. 15.0 RDI REIT Segro Shaftesbury 49.4 7.6 15.0 British Land Co 5.0 Real Estate Investment Trusts 12.2 Real Estate Investment Trusts 22.5 Real Estate Investment Trusts 3.1 British Land Co 5.8 RDI REIT 8.9 Shaftesbury 1.4 RDI REIT 5.5 British Land Co 8.4 Primary Health Prop. 1.0 NewRiver REIT 4.5 Capital & Regional 5.1 Derwent London 0.9 Town Centre Securities 3.9 Town Centre Securities 3.8 GCP Student Living 0.8 Capital & Regional 1.8 Intu Properties 2.3 Unite Group 0.5 Intu Properties 0.4 0 10 20 30 40 50 60 70 80 90 0 5 10 15 20 25 30 0 2 4 6 8 10 12 14 16 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 2 of 4 FTSE COMPANY REPORT: British Land Co 21 February 2020 Valuation Metrics Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE) 31-Jan-2020 31-Jan-2020 31-Jan-2020 0.5 100 ‖ ‖ 25 +1SD 80 20 0.45 +1SD 60 +1SD 15 0.4 Avg Avg 40 10 0.35 Avg -1SD 20 5 -1SD 0.3 0 ‖ ‖ 0 ‖ ‖ Feb-2015 Feb-2016 Feb-2017 Feb-2018 Feb-2019 Feb-2015 Feb-2016 Feb-2017 Feb-2018 Feb-2019 Feb-2015 Feb-2016 Feb-2017 Feb-2018 Feb-2019 Intu Properties 1.3 BMO Real Estate Investments 100.0 Safestore Holdings 24.8 Capital & Regional 1.1 Shaftesbury 100.0 Segro 17.5 Town Centre Securities 1.1 Real Estate Investment Trusts 100.0 Regional REIT 16.4 RDI REIT 1.0 Schroder European Real Estate Investment Trust 100.0 GCP Student Living 14.7 Primary Health Prop. Unite Group 0.9 Custodian REIT 100.0 12.4 Real Estate Investment Trusts 0.4 Real Estate Investment Trusts 2.5 UK Commercial Property REIT Limited 90.2 British Land Co 0.4 British Land Co -3.3 Capital & Regional Derwent London 0.2 0.0 Hammerson -4.7 UK Commercial Property REIT Limited 0.2 Hammerson 0.0 Capital & Regional -5.6 Triple Point Social Housing REIT 0.2 British Land Co 0.0 Town Centre Securities -6.4 Great Portland Estates 0.1 NewRiver REIT 0.0 RDI REIT -10.4 Impact Healthcare REIT 0.1 Land Securities Group 0.0 Intu Properties -25.5 0 0.2 0.4 0.6 0.8 1 1.2 1.4 0 20 40 60 80 100 120 -30 -20 -10 0 10 20 30 ROE vs. PB — sector Du Pont Analysis 2.4 PHP 4 25 Regression 2.2 3.5 SAFE 2.0 3 20 1.8 LXI BYGUTG 2.5 1.6 IHR LMP SGRO 2 15 AGR 1.4 THRL 1.5 PB 1.2 DIGS RGL PCTN WKP DLNCREI SLI BBOX 1 10 1.0 GPOR AEWU SHB Real EstateCSHSERE UKCMInve ESPSOHO RESI 0.5 BREI MCKS 0.8 EPIC BCPT SREI NRRLANDRDI 0 5 0.6 BLNDTOWN 0.4 CAL -0.5 HMSO 0.2 -1 ‖ 0 INTU 2016 2017 2018 2019 2020 0.0 0 2 4 6 8 10 12 14 16 18 20 22 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 3 of 4 FTSE COMPANY REPORT: British Land Co 21 February 2020 Brief description Brief description Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share.