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R E C O M M E N D E D A C Q U I S I T I O N O F L I F E S C I E N C E R E I T P L C I N V E S T O R P R E S E N T A T I O N JA N UA RY 2 0 2 6
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RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | J A N U A R Y 2 0 2 6 P G .2 HIGHLY ATTRACTIVE ECONOMICS: UNLOCKED BY BRITISH LAND’S SCALABLE PLATFORM H I G H LY AT T R A C T I V E E C O N O M I C S Immediate EPS accretion from synergies alone Significant further EPS growth opportunity relative to deal size from lease up and reversion Achieved in a NTA per share neutral way ACCELERATING SCIENCE & TECH BACKDROP VC investment at highest level since 20221 AI & T ech sector demand accelerating More than offsetting Life Science softness UNLOCKED BY BRITISH LAND PLATFORM Cost synergies Broaden occupier pool beyond previous Life Science mandate to drive rental growth ATTRACTIVE ENTRY PRICE Well-located assets in the Golden T riangle with significant reversion potential (1) Dealroom OPPORTUNITY IS BROADER THAN LIFE SCIENCES
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P G .3 TRANSACTION RATIONALE W E L L- L O C A T E D G O L D E N T R I A N G L E P O R T F O L I O • Five assets within the Golden Triangle, comprising: two prime Central London assets within the Knowledge Quarter, a high-quality modern 24-acre technology park in Oxford, a 13-acre value-add campus in Cambridge, and a small single-let asset in Cambridge I M M D E D I A T E L Y E A R N I N G S A C C R E T I V E • Immediately EPS accretive post completion, with further significant accretion relative to deal size expected over time from lease up of vacant space, primarily newly delivered space at Oxford Technology Park, where rents are very affordable (£20-25 psf) • Achieved in an NTA per share neutral way P L A T F O R M C O S T S Y N E R G I E S • Anticipate significant reduction in Life Science REIT administrative costs from migrating assets onto British Land operating platform (including through cessation of existing management agreement)1 • Anticipate reduction in Life Science REIT finance costs by utilising British Land’s lower cost of debt S T R A T E G I C A LL Y A L I G N E D • Targeting fast growing occupiers (particularly within Science & Technology) key to campus strategy • Acquisition of 20+ high-growth Science & Technology occupiers at a variety of stages in their business cycle, which presents opportunities for other British Land assets F U R T H E R G R O W T H O P P O RT U N I T I E S • Opportunity to diversify and enhance tenant mix across the acquired portfolio to a far wider range of Science & Technology customers than the previous Life Science mandate (portfolio <6% labs) • Significant reversionary potential within the portfolio, including leasing new developments RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | J A N U A R Y 2 0 2 6 (1) See appendix for breakdown of Life Science REIT administrative expenses
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RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | J A N U A R Y 2 0 2 6 P G .4 TRANSACTION SUMMARY − British Land has announced a recommended offer to acquire Life Science REIT plc − Offer comprises 14.1p in cash and 0.07 new British Land shares (33:67 split), implying 42.8p per share (based on close on 27 January 2026) • 21% premium to the closing price of 35.4p the day prior to this announcement • 15% premium to the 3-month period volume-weighted average price • Total equity value of £150m (c.£49m cash / c.£101m new shares), with minimal impact on British Land loan to value ratio − Strategically and financially aligned acquisition, enhancing British Land’s footprint of Science & Technology assets in the Golden Triangle, at a highly attractive price point • Immediate EPS accretion, with further significant accretion relative to deal size expected over time • NTA per share neutral • Enhances British Land’s position as a leading provider of space to ambitious and fast-growing Science & Technology occupiers − Irrevocables or letters of support received in favour of the transaction from shareholders interested in approximately 31% of the issued share capital − Transaction expected to close in the next three months
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SCIENCE & TECHNOLOGY FOCUSED ASSETS: ATTRACTIVELY LOCATED IN THE GOLDEN TRIANGLE L O N D O N (c.40%) C A M B R I D G E (c.20%)O X F O R D (c.40%)1 Rolling Stock Y ard Herbrand Street Oxford T ech P ark Cambourne P ark Merrifield Centre Size 53,900 sq ft 68,600 sq ft 506,500 sq ft 230,100 sq ft 12,600 sq ft Share of portfolio (by value) 23% 18% 40% 17% 2% Occupancy2 100% 100% 72% 87% 100% Yr 1 Accounting rent2 £4m £4m £6m £4m <£1m ERV / NRY c.£6m / c.7% c.£5m / c.8% c.£12m3 / c.7%3 c.£6m / c.10% <£1m / c.8% (1) Includes sites under development (2) Includes under offers and excludes recently completed developments (3) Includes £2m ERV to come from development (c.£25m committed development spend to come) Combined asset valuation of £333m / Enterprise value £276m P G .5F I T T E D L A B S R E P R E S E N T < 6 % O F F LO O R A R E A ( 4 8 K SQ F T ) A N D A R E 8 0 % L E T Single let to Thought Machine, expiry 2032 Prime London innovation building – tenants include Wayve, CFDX and Purespring Value-add innovation campus anchored by Carl Zeiss and 42 Technology (expiries post 2033) Small single let asset Vacancy in good quality recently delivered space – rents very affordable at £20-25 psf
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RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | J A N U A R Y 2 0 2 6 P G .6 c.£18m c.£25m c.£2m c.£3m c.£2m Year 1 accounting net rent Embedded reversion Portfolio potential accounting net rent CONSERVATIVE RENTAL UNDERWRITE ALLOWS FOR UPSIDE UNLOCKED BY THE BRITISH LAND PLATFORM Committed developments1 Vacancy in recently delivered space • Immediate EPS accretion through synergies • Future potential upside via: • Capturing embedded reversion • Lease up of vacant/development space P O R T F O L I O N E T R E N T A N D P O T E N T I A L • Plus future ERV growth, every 4% = additional £1m ERV (1) Income to come from development (c.£25m committed development spend to come)
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L I F E S C I E N C E SG R E E N S C I E N C E S P H Y S I C A L S C I E N C E SD A T A , A I A N D T E C H ACQUISITION PORTFOLIO BROADER THAN JUST LIFE SCIENCES P G .7 Example tenants gained via this acquisition… …complementary to our existing ecosystem RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | J A N U A R Y 2 0 2 6
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P G .8 ACCELERATING SCIENCE & TECHNOLOGY BACKDROP MORE THAN OFFSETTING SOFTNESS IN LIFE SCIENCE DEMAND RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | J A N U A R Y 2 0 2 6 U K A I I N V E S T M E N T I S A T A N A L L T I M E H I G H1 S U P P O R T I N G A C C E L E R A T I N G O C C U P E R D E M A N D (1) Dealroom (2) 2025 vs 2021: Dealroom; Cushman & Wakefield (3) Tech Nation, UK AI Sector Spotlight, Dealroom G R O W T H I N A I V C I N V E S T M E N T M O R E T H A N O F F S E T T I N G R E D U C T I O N I N L I F E S C I E N C E I N V E S T M E N T S I N C E 2 0 2 12 9 5 % O F U K V C I N V E S T M E N T I N L O N D O N , C A M B R I D G E A N D O X F O R D I N 2 0 2 51 U K I S E U R O P E ’ S L A R G E S T A I M A R K E T A N D W O R L D ’ S T H I R D L A R G E S T3 30 AI unicorns in total, with 7 born in 20253 0% 5% 10% 15% 20% 25% 30% 35% 0 1 2 3 4 5 6 7 8 9 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 UK VC Capital in AI startups (LHS) % of UK VC invested in AI (RHS) $bn
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WE ARE THE PLATFORM OF CHOICE FOR AMBITIOUS AND FAST GROWING SCIENCE & TECHNOLOGY BUSINESSES 202520242023202220212020 P G .9 2019 Unnamed (Biotech) Unnamed (Therapeutics) Unnamed (Peptides) > 2 X M O R E I N N O V AT I O N O C C U P I E R S in our portfolio vs 2022 2 0 2 5 : $ 2 4 B N I N N O V AT I O N V C I N V E S T M E N T I N U K A N D G R O W I N G1 Highest since 2022 (+35% year-on-year) Top RHS: 251029 Annual growth in AI lettings v1 AD.xlsx Bottom RHS: 251030 Copy of Savills AI related take-up in Central London v1 AD.xlsx 1 . 5 M S Q F T A C T I V E D E M A N D from Tech & AI companies in London (1) Dealroom RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | J A N U A R Y 2 0 2 6
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166k Under offer: sq ft DEMONSTRATED BY THE STRONG DEMAND FOR ONE TRITON SQUARE P G .10 63 k Let: sq ft 229K SQ FT LET & UNDER OFFER 317K SQ FT BUILDING STOREY X1 OFFICE X3 OFFICE / LAB ENABLED X3 FITTED LABS X1 ONE TRITON SQUARE ATRIUM REGENT’S PLACE RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | JANUARY 2026
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THE BRITISH LAND OPPORTUNITY P G .11 VA LU E D R I V E R S EARNINGS YIELD 5% earnings yield (EPS/NTA) and growing VALUA TION UPLIFT Driven by 3-5% rental growth, less c.1% depreciation DEVELOPMENT UPSIDE Mid-teen IRRs on 5-10% GAV CONFIDENT IN OUR TARGET OF INCOME FOCUSED 8 -10% TAR THROUGH THE CYCLE UNDERPINNED BY SUSTAINABLE EPS GROWTH OF 3 -6%, WITH AT LEAST 6% IN FY27 RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | J A N U A R Y 2 0 2 6
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RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | J A N U A R Y 2 0 2 6 P G .12 HIGHLY ATTRACTIVE ECONOMICS: UNLOCKED BY BRITISH LAND’S SCALABLE PLATFORM H I G H LY AT T R A C T I V E E C O N O M I C S Immediate EPS accretion from synergies alone Significant further EPS growth opportunity relative to deal size from lease up and reversion Achieved in a NTA per share neutral way ACCELERATING SCIENCE & TECH BACKDROP VC investment at highest level since 20221 AI & T ech sector demand accelerating More than offsetting Life Science softness UNLOCKED BY BRITISH LAND PLATFORM Cost synergies Broaden occupier pool beyond previous Life Science mandate to drive rental growth ATTRACTIVE ENTRY PRICE Well-located assets in the Golden T riangle with significant reversion potential (1) Dealroom OPPORTUNITY IS BROADER THAN LIFE SCIENCES
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A P P E N D I C E S
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RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | JANUARY 2026 P G .14 TRANSACTION STRUCTURE AND TIMELINE CONSIDERA TION − Consideration split 33:67 cash and shares: 14.1p in cash and 0.07 new British Land shares − Life Science REIT shareholders will hold 2.4% of British Land shares post completion STRUCTURE − Recommended offer to be effected by way of a Court-sanctioned scheme of arrangement under part 26 of the Companies Act − Life Science REIT Board intend to unanimously recommend that shareholders vote in favour of British Land’s offer and irrevocable undertakings or letters of support have been received from shareholders interested in approximately 31% of the issued share capital CONDITIONS − Completion conditional upon: − Approval of Life Science REIT plc shareholders − Court approval of the scheme − Admission of listing of new British Land shares TIMETABLE − 28 January 2026 – Rule 2.7 announcement of a recommended offer − Scheme Document will be sent to Life Science REIT shareholders within 28 days of Rule 2.7 announcement − Following satisfaction of the above conditions, the Scheme is expected to become effective in the next three months
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RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | JANUARY 2026 P G .15 LIFE SCIENCE REIT SUMMARISED INCOME STATEMENT 6 months to 30 June 2025 £m Y ear to 31 Dec 2024 £m Y ear to 31 Dec 2023 £m Gross property income 8.9 16.3 15.5 Property operating expenses (0.8) (1.9) (1.7) Net rental income 8.1 14.4 13.8 Administrative expenses (2.1) (4.8) (5.2) Net finance costs (2.6) (3.7) (2.0) Tax - - 0.1 Adjusted earnings 3.4 5.9 6.7 Administrative expenses breakdown Year to 31 Dec 2024 £m Investment Adviser fees (3.0) Directors' remuneration (0.2) Audit fees (0.2) Other1 (1.4) Total (4.8) (1) Other includes corporate administration, AIFM, listing and valuation expenses.
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RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | JANUARY 2026 P G .16 LIFE SCIENCE REIT SUMMARISED BALANCE SHEET (UNAUDITED) 31 December 2025 £m P ortfolio value 332.6 Cash 2.2 Other net current assets / (liabilities) (5.1) Outstanding debt (127.9) EPRA NTA adjustments - EPRA NTA 201.8 Total shares in issue (#m) 350 EPRA NTA per share (p) 57.7 • Outstanding Life Science REIT facilities anticipated to be replaced by British Land facilities in short order • British Land’s current marginal cost of debt is c.4.5%
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RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | JANUARY 2026 P G .17 DISCLAIMER (1/2) This presentation (including any information incorporated by reference into this presentation) contains statements which are, or may be deemed to be, “forward-looking statements” within the meaning of applicable securities laws. Forward- looking statements are prospective in nature and are not based on historical facts, but rather, on the current assessments and interpretation of the information available to the management of The British Land Company PLC ("British Land") at the date of this presentation about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. The forward-looking statements contained in this presentation include statements with respect to British Land’s proposed acquisition (the "Transaction") of the entire issued, and to be issued, ordinary share capital of Life Science REIT plc ("Life Science REIT"), the properties, financial and operational parameters such as expected rental income, results of operations and business of Life Science REIT and certain plans and objectives of British Land with respect thereto, the benefits of the Transaction to the parties and their respective shareholders and/or other stakeholders and other statements other than historical facts. Such statements reflect current views, intentions, expectations, forecasts and beliefs of British Land concerning, among other things, our markets, activities, projections, strategy, plans, initiatives, objectives, performance, financial condition, liquidity, growth and prospects, as well as assumptions about future events and developments, and appear in a number of places throughout this presentation. Such ‘forward-looking’ statements can sometimes, but not always, be identified by their reference to a date or point in the future, the future tense, or the use of ‘forward-looking’ terminology, including terms such as ‘believes’, ‘considers’, ‘estimates’, ‘anticipates’, ‘expects’, ‘forecasts’, 'foresees', 'predicts', 'hopes', ‘intends’, ‘continues’, ‘due’, ‘potential’, ‘possible’, ‘plans’, ‘seeks’, ‘projects’, ‘budget’, ‘ambition’, ‘mission’, ‘objective’, ‘goal ’, ‘guidance’, ‘trends’, ‘ future’, ‘outlook’, ‘schedule’, ‘target’, ‘aim’, ‘may’, 'might', ‘likely to’, ‘will’, ‘would’, ‘could’, ‘should’ or similar expressions or in each case their negative or other variations or comparable terminology; provided that the absence thereof does not mean that a statement is not forward-looking. By their nature, forward-looking statements involve inherent known and unknown risks, assumptions and uncertainties because they relate to future events and circumstances and depend on circumstances which may or may not occur and may be beyond our ability to control, predict or estimate. Forward-looking statements should be regarded with caution as actual outcomes or results may differ materially from those expressed in or implied by such statements. Any forward-looking statements made by or on behalf of British Land speak only as of the date they are made. Recipients should not place reliance on, and are cautioned about relying on, any forward-looking statements. Other than in accordance with our legal and regulatory obligations (including under the UK Financial Conduct Authority’s UK Listing Rules and the Disclosure Guidance and Transparency Rules, the Takeover Code, the UK Market Abuse Regulation and the requirements of the Financial Conduct Authority and the London Stock Exchange), British Land does not intend or undertake any obligation to update or revise publicly forward-looking statements to reflect any changes in British Land’s expectations with regard thereto or any changes in events, conditions, circumstances or other information on which any such statement is based. Important factors that could cause actual results (including the payment of dividends), performance or achievements of British Land to differ materially from any outcomes and results expressed or implied by such forward-looking statements include, among other things, changes and/or developments as regards: (a) general business and political, social and economic conditions globally, (b) the United Kingdom’s evolving relationship with, the European Union, (c) industry and market trends (including demand in the property investment market and property price volatility), (d) competition, (e) the behaviour of other market participants, (f) changes in government policy, law and other regulation including in relation to the environment, sustainability-related issues, landlord and tenant law, health and safety and taxation (in particular, in respect of British Land’s or Life Science REIT plc's status as a Real Estate Investment Trust), (g) inflation and consumer confidence, (h) labour relations, work stoppages and increased costs for, or shortages of, talent, (i) climate change, natural disasters and adverse weather conditions, (j) terrorism, conflicts or acts of war, (k) British Land’s or Life Science REIT's overall business strategy, risk appetite and investment choices in its portfolio management, (l) legal or other proceedings against or affecting British Land or Life Science REIT, (m) cyber-attacks and other disruptions and reliability and security of IT infrastructure, (n) changes in occupier demand and tenant default, (o) changes in financial and equity markets including interest and exchange rate fluctuations, (p) changes in accounting practices and the interpretation of accounting standards, (q) the availability and cost of finances, including prolonged higher interest rates, (r) changes in construction supplies and labour availability or cost inflation, (s) global conflicts and trade and tariff policies and their impact on supply chains and the macroeconomic outlook, (t) public health crises, (s) the ability to proceed with the Transaction, (t) the ability to obtain requisite regulatory and shareholder approvals and the satisfaction of other conditions to the Transaction on the proposed terms, (u) future business combinations, capital expenditures, acquisitions or dispositions, (v) the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the internal control over financial reporting, (x) weak, volatile or illiquid capital and/or credit markets, (y) any public health crises, pandemics or epidemics and repercussions thereof, and (z) changes to the boards of directors of British Land and/or Life Science REIT and/ or the composition of their respective workforces. Other unknown or unpredictable factors could cause actual results, performance, actions, achievements or developments to differ materially from those expected, estimated or projected in the forward-looking statements. If any one or more of these risks or uncertainties materialises or if any one or more of the assumptions proves incorrect, actual results, performance, actions, achievements or developments may differ materially from those expected, estimated or projected. Forward-looking statements in this presentation, or the British Land website or made subsequently, which are attributable to British Land or persons acting on its behalf, should therefore be construed in light of all such factors.
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RECOMMEND ED ACQUISITIO N OF LIFE SCIENC E REIT PLC | JANUARY 2026 P G .18 DISCLAIMER (2/2) Information contained in this presentation relating to British Land or its share price or the yield on its shares are not guarantees of, and should not be relied upon as an indicator of, future performance. Nothing in this presentation should be construed as a profit forecast or profit estimate, or be taken as implying that the earnings of British Land for the current year or future years will necessarily match or exceed the historical or published earnings of British Land. This presentation is published solely for information purposes, and is not to be reproduced or distributed, in whole or in part, by any person other than British Land. The information, statements and opinions contained in this presentation do not constitute or form part of an offer or invitation to sell or issue, or the solicitation of an offer to subscribe for or buy, or any recommendation or advice in respect of, any security or financial instrument, 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 part of this presentation, nor the fact of its distribution, shall form the basis of or be relied on for any purpose, including in connection with any contract or engagement or investment decision in any jurisdiction, and recipients are cautioned against relying on this presentation. No representation or warranty, either express or implied, is given (whether by British Land or any of its associates, directors, officers, employees or advisers) in relation to the accuracy, completeness, fairness or reliability of the information contained herein, including as to the completeness or accuracy of any forward-looking statements expressed or implied or the basis on which they were prepared, or their achievement or reasonableness, or that the objectives of British Land will be achieved, and liability or responsibility (including of British Land, its shareholders, advisers or representatives) howsoever arising in connection with this presentation is therefore expressly disclaimed (including in respect of any error, omission or misstatement, or for any loss, howsoever arising, from the use of this presentation). Certain of the information contained in this presentation has been obtained from published sources prepared by other parties. Certain other information has been extracted from unpublished sources prepared by other parties which have been made available to British Land. British Land has not carried out an independent investigation to verify the accuracy and completeness of such third party information. No responsibility is accepted by British Land or any of its associates, directors, officers, employees or advisers for the accuracy or completeness of such information. The distribution of this presentation in jurisdictions other than the UK may be restricted by law and regulation 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. All opinions expressed in this presentation are subject to change without notice and may differ from opinions expressed elsewhere. This presentation has been presented in £, £ms and £bns. Certain totals and change movements are impacted by the effect of rounding. Neither British Land nor any of its associates, directors, officers, employees or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. British Land does not assume any obligation to update or correct the information contained in this presentation (whether as a result of new information, future events or otherwise), except as required by applicable law. All subsequent forward-looking statements attributable to British Land or any person acting on their behalf are qualified by the cautionary statements herein.