FTSE COMPANY REPORT Share price analysis relative to sector and index performance Data as at: 27 March 2020 British Land Co BLND Real Estate Investment Trusts — GBP 3.42 at close 27 March 2020 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 21-Apr-2015 1D WTD MTD YTD Absolute - - - - Rel.Sector - - - - Rel.Market - - - - VALUATION Data unavailable Trailing PE -ve EV/EBITDA 26.4 PB 0.6 PCF 7.6 Div Yield 5.5 Price/Sales 5.3 Net Debt/Equity 0.4 Div Payout -ve ROE -ve DESCRIPTION Data unavailable The Company is a property investment company based in London and listed on the London Stock Exchange. It invests in prime and modern properties. Its principal activity is operate in the fields of property investment and development; finance and investment. 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 27 March 2020 Valuation Metrics Price to Earnings (PE) EV to EBITDA Price to Book (PB) 28-Feb-2020 28-Feb-2020 28-Feb-2020 40 100 1.3 35 90 1.2 30 80 1.1 25 70 1 +1SD +1SD 20 60 0.9 +1SD 15 50 0.8 Avg Avg 10 40 Avg 0.7 5 30 0.6 -1SD 0 ‖ ‖ -1SD 20 -1SD 0.5 Mar-2015 Mar-2016 Mar-2017 Mar-2018 Mar-2019 Mar-2015 Mar-2016 Mar-2017 Mar-2018 Mar-2019 Mar-2015 Mar-2016 Mar-2017 Mar-2018 Mar-2019 Real Estate Investment Trusts 120.0 Unite Group 88.2 Safestore Holdings 1.9 Shaftesbury 94.3 BMO Real Estate Investments 78.1 LXI REIT 1.6 BMO Real Estate Investments 58.0 Great Portland Estates 69.5 Big Yellow Group 1.6 Great Portland Estates 43.2 Shaftesbury 61.4 Impact Healthcare REIT 1.5 Town Centre Securities Civitas Social Housing 30.0 59.8 Primary Health Prop. 1.4 Real Estate Investment Trusts 39.6 BMO Commercial Property Trust 21.4 Real Estate Investment Trusts 0.8 British Land Co 26.4 British Land Co Town Centre Securities -16.0 Schroder European Real Estate Investment Trust 18.9 0.6 Primary Health Prop. -24.7 NewRiver REIT 18.0 British Land Co 0.6 Unite Group -36.8 Custodian REIT 17.6 Hammerson 0.4 Land Securities Group -52.0 AEW UK REIT 15.5 Capital & Regional 0.3 Ediston Property Investment Company -94.8 Hammerson 0.0 Intu Properties 0.0 -150 -100 -50 0 50 100 150 0 10 20 30 40 50 60 70 80 90 100 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2 Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS) 28-Feb-2020 28-Feb-2020 28-Feb-2020 40 6 15 ‖ ‖ 14 35 5.5 13 +1SD 30 5 12 +1SD +1SD 25 4.5 11 10 Avg Avg 20 Avg 4 9 15 3.5 8 -1SD -1SD -1SD 7 10 3 6 5 2.5 5 Mar-2015 Mar-2016 Mar-2017 Mar-2018 Mar-2019 Mar-2015 Mar-2016 Mar-2017 Mar-2018 Mar-2019 Mar-2015 Mar-2016 Mar-2017 Mar-2018 Mar-2019 Triple Point Social Housing REIT 80.0 Intu Properties 37.8 Triple Point Social Housing REIT 15.0 Residential Secure Income 59.0 NewRiver REIT 13.9 LXI REIT 15.0 Great Portland Estates 57.7 Capital & Regional 13.0 Hammerson 15.0 Shaftesbury 43.9 Hammerson 12.4 Unite Group 15.0 RDI REIT Segro Segro 42.6 8.8 15.0 British Land Co 5.5 Real Estate Investment Trusts 11.2 Real Estate Investment Trusts 19.9 Real Estate Investment Trusts 3.8 British Land Co 5.3 RDI REIT 7.7 LXI REIT 1.6 RDI REIT 4.7 British Land Co 7.6 Shaftesbury 1.6 NewRiver REIT 3.8 Capital & Regional 4.1 Great Portland Estates 1.5 Town Centre Securities 3.6 Town Centre Securities 3.5 Derwent London 1.0 Capital & Regional 1.5 Intu Properties 1.6 GCP Student Living 0.9 Intu Properties 0.3 0 10 20 30 40 50 60 70 80 90 0 5 10 15 20 25 30 35 40 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 27 March 2020 Valuation Metrics Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE) 28-Feb-2020 28-Feb-2020 28-Feb-2020 0.5 100 ‖ ‖ 25 80 20 0.45 +1SD +1SD 60 +1SD 15 0.4 Avg Avg 40 10 0.35 Avg -1SD 20 5 -1SD 0.3 0 ‖ ‖ 0 ‖ ‖ Mar-2015 Mar-2016 Mar-2017 Mar-2018 Mar-2019 Mar-2015 Mar-2016 Mar-2017 Mar-2018 Mar-2019 Mar-2015 Mar-2016 Mar-2017 Mar-2018 Mar-2019 Intu Properties 1.3 Real Estate Investment Trusts 100.0 Regional REIT 16.4 Capital & Regional 1.1 BMO Real Estate Investments 100.0 Safestore Holdings 15.8 Town Centre Securities 1.1 Shaftesbury 100.0 GCP Student Living 14.7 Primary Health Prop. 1.0 Schroder European Real Estate Investment Trust 100.0 Tritax Big Box REIT 12.1 RDI REIT Segro 1.0 Custodian REIT 100.0 12.0 Real Estate Investment Trusts 0.4 Real Estate Investment Trusts 0.5 UK Commercial Property REIT Limited 90.2 British Land Co 0.4 British Land Co -3.3 Primary Health Prop. Derwent London 0.2 0.0 Town Centre Securities -6.4 UK Commercial Property REIT Limited 0.2 Unite Group 0.0 Primary Health Prop. -7.1 Triple Point Social Housing REIT 0.2 British Land Co 0.0 RDI REIT -10.4 Great Portland Estates 0.1 NewRiver REIT 0.0 Hammerson -15.9 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 -25 -20 -15 -10 -5 0 5 10 15 20 ROE vs. PB — sector Du Pont Analysis Regression 1.8 SAFE 4 25 LXI 3.5 1.6 BYG IHR 3 20 PHP LMP 1.4 AGR 2.5 THRL 1.2 SGRO DIGS RGL 2 15 UTG PCTN CREI WKP 1.0 DLN BBOX 1.5 PB SLI GPOR AEWU CSH ESP SOHO Real Estate Inve SEREUKCM RESI 0.8 SHB MCKS 1 10 BREI EPIC BCPT SREI LANDRDI 0.5 0.6 NRRTOWN BLND 0 5 0.4 HMSO CAL -0.5 0.2 -1 ‖ 0 INTU 2016 2017 2018 2019 2020 0.0 0 2 4 6 8 10 12 14 16 18 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 27 March 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. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock.