Good progress in the first quarter - Underlying profit before tax1 of 64 million, 3.2% ahead of Q4 2009/10 - Net Asset Value1 per share up 2.2% to 515 pence: IFRS Net Assets 4.3 billion - Rate of portfolio valuation growth slowed as expected to 1.4% - ERV growth of 0.7% driven by Offices +2.4% with Retail -0.2% - Q1 dividend maintained at 6.5 pence

The British Land Company PLC (“British Land”) and Blackstone Group (“Blackstone”) announce that Bluebutton Properties (“Bluebutton”), their joint venture company, has signed an agreement for leases with UBS AG (“UBS”) to develop a new 700,000 sq ft building on the Broadgate Estate (“Broadgate”).

Bluebutton Properties Limited has signed an agreement for leases with UBS to develop a new 700,000 sq ft building on the Broadgate Estate.

Strong valuation and NAV growth underpin strong balance sheet • Portfolio valuation up 13.5%: lettings & ERV growth contributed to 7.5% increase in Q4 • NAV per share up 27% to 504p benefiting from leverage • IFRS Net Assets of £4.2 billion (2009: £3.2 billion) • Total return of 33.5% (16.6% in Q4)

Broadgate Financing notes British Land and Blackstone’s announcement stating that Bluebutton Properties has entered into exclusive non-binding heads of terms to construct UBS a new building on the site of 4 and 6 Broadgate, thereby retaining UBS as a key occupier on the estate.