British Land Co PLC

Prospectus • Jul 2, 2025

THE BRITISH LAND COMPANY PLC

(incorporated in England and Wales with limited liability under registered number 621920)

£2,000,000,000 Euro Medium Term Note Programme

Under this £2,000,000,000 Euro Medium Term Note Programme (the Programme), The British Land Company PLC (the Issuer) may from time to time issue notes (the Notes) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will be £2,000,000,000 (or its equivalent in other currencies calculated as described herein), subject to increase as described herein.

The Notes may be issued on a continuing basis to one or more of the Dealers specified under "Overview of the Programme" and any additional Dealer appointed under the Programme from time to time by the Issuer (each a Dealer and together the Dealers), which appointment may be for a specific issue or on an on-going basis. References in this Base Prospectus to the relevant Dealer shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe for such Notes.

An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks see "Risk Factors".

This Base Prospectus has been approved by the Financial Conduct Authority (the FCA), as competent authority under Regulation (EU) 2017/1129 as it forms part of domestic law in the United Kingdom (the UK) by virtue of the European Union (Withdrawal) Act 2018 (the EUWA), as amended, varied, superseded or substituted from time to time (the UK Prospectus Regulation). The FCA only approves this Base Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the UK Prospectus Regulation. Such approval should not be considered as an endorsement of the Issuer or the quality of the Notes that are the subject of this Base Prospectus and investors should make their own assessment as to the suitability of investing in the Notes. Application has been made to the FCA for Notes issued under the Programme during the period of 12 months from the date of this Base Prospectus to be admitted to the official list of the FCA (the Official List), and to the London Stock Exchange plc (the London Stock Exchange) for such Notes to be admitted to trading on the London Stock Exchange's regulated market (the Market), which is a UK regulated market for the purposes of Regulation (EU) No 600/2014 on markets in financial instruments as it forms part of domestic law in the UK by virtue of the EUWA (UK MiFIR). References in this Base Prospectus to Notes being listed (and all related references) shall (unless the context otherwise requires) mean that such Notes have been admitted to trading on the Market and have been admitted to the Official List.

The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, (the Securities Act) and are subject to U.S. tax law requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered within the United States or to, or for the account of, U.S. persons (see "Subscription and Sale").

Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and any other terms and conditions not contained herein which are applicable to each Tranche (as defined under "Terms and Conditions of the Notes") of Notes will be set out in the applicable final terms (the Final Terms) which, with respect to Notes to be admitted to the Official List and admitted to trading on the Market, will be delivered to the FCA and (where listed) the London Stock Exchange on or before the date of issue of the Notes of such Tranche. Copies of Final Terms in relation to Notes to be listed on the London Stock Exchange will also be published on the website of the London Stock Exchange through a regulatory information service.

The Programme has been rated A by Fitch Rating's Limited (Fitch). Fitch is established in the United Kingdom and is registered under Regulation (EC) No. 1060/2009 (as amended) as it forms part of domestic law in the UK by virtue of the EUWA (the UK CRA Regulation). Notes issued under the Programme may be rated by Fitch or unrated. Where a Tranche of Notes is to be rated, such rating will be disclosed in the Final Terms, and the rating assigned to it will not necessarily be the same as the rating assigned to the Programme by Fitch or the same as ratings assigned to other issues of Notes. Please also refer to "Ratings of the Notes" in the "Risk Factors" section of this Base Prospectus for further information. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency.

	Arranger
	NatWest
	Dealers
ABN AMRO	Bank of China	BNP PARIBAS
Crédit Agricole CIB	DBS Bank Ltd.	Goldman Sachs International
Lloyds Bank Corporate Markets	MUFG	NatWest
Santander Corporate & Investment Banking	SMBC	UBS Investment Bank

IMPORTANT NOTICES2
OVERVIEW OF THE PROGRAMME6
RISK FACTORS12
DOCUMENTS INCORPORATED BY REFERENCE30
SUPPLEMENTAL BASE PROSPECTUS30
TERMS AND CONDITIONS OF THE NOTES 31
FORM OF THE NOTES74
FORM OF FINAL TERMS77
USE OF PROCEEDS89
DESCRIPTION OF THE ISSUER AND THE GROUP90
TAXATION 98
SUBSCRIPTION AND SALE100
GENERAL INFORMATION 103

IMPORTANT NOTICES

This Base Prospectus comprises a base prospectus for the purposes of Article 8 of the UK Prospectus Regulation.

The Issuer accepts responsibility for the information contained in this Base Prospectus and the Final Terms for each Tranche of Notes issued under the Programme. To the best of the knowledge of the Issuer, the information contained in this Base Prospectus is in accordance with the facts and the Base Prospectus makes no omission likely to affect its import.

This Base Prospectus is to be read in conjunction with all documents which are deemed to be incorporated herein by reference (see "Documents Incorporated by Reference"). This Base Prospectus shall, save as specified herein, be read and construed on the basis that such documents are so incorporated and form part of this Base Prospectus.

This Base Prospectus will be valid as a base prospectus under the Prospectus Regulation for 12 months from 30 June 2025. The obligation to supplement this Base Prospectus in the event of significant new factors, material mistakes or material inaccuracies will not apply following the expiry of that period.

MIFID II product governance / target market: The Final Terms in respect of any Notes may include a legend entitled "MiFID II Product Governance" which will outline the target market assessment in respect of the Notes and which channels for distribution of the Notes are appropriate. Any person subsequently offering, selling or recommending the Notes (a distributor) should take into consideration the target market assessment; however, a distributor subject to Directive 2014/65/EU (as amended, MiFID II) is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the target market assessment) and determining appropriate distribution channels.

A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product Governance rules under EU Delegated Directive 2017/593 (the MiFID Product Governance Rules), any Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the MiFID Product Governance Rules.

UK MiFIR product governance / target market: The Final Terms in respect of any Notes may include a legend entitled "UK MiFIR Product Governance" which will outline the target market assessment in respect of the Notes and which channels for distribution of the Notes are appropriate. Any distributor should take into consideration the target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the UK MiFIR Product Governance Rules) is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the target market assessment) and determining appropriate distribution channels.

A determination will be made in relation to each issue about whether, for the purpose of the UK MiFIR Product Governance Rules, any Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the UK MiFIR Product Governance Rules.

PRIIPs / IMPORTANT – EEA RETAIL INVESTORS: If the Final Terms in respect of any Notes includes a legend entitled "Prohibition of Sales to EEA Retail Investors", the Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of:

(A) a retail client as defined in point (11) of Article 4(1) of MiFID II; or

(B) a customer within the meaning of Directive 2016/97/EU (as amended or superseded, the Insurance Distribution Directive), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.

Consequently no key information document required by Regulation (EU) No. 1286/2014, as amended (the PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

UK PRIIPs / IMPORTANT – UK RETAIL INVESTORS: If the Final Terms in respect of any Notes includes a legend entitled "Prohibition of Sales to UK Retail Investors", the Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the UK. For these purposes, a retail investor means a person who is one (or more) of:

• (A) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law in the UK by virtue of the EUWA; or
• (B) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the FSMA) and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (8) of Article 2(1) of the UK MiFIR.

Consequently no key information document required by the PRIIPs Regulation as it forms part of domestic law in the UK by virtue of the EUWA (the UK PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

NOTIFICATION UNDER SECTION 309B(1)(C) OF THE SECURITIES AND FUTURES ACT 2001 OF SINGAPORE, AS MODIFIED OR AMENDED FROM TIME TO TIME (the SFA) – Unless otherwise stated in the Final Terms in respect of any Notes, all Notes issued or to be issued under the Programme shall be prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

Amounts payable under the Notes (such as Floating Rate Notes) may be calculated by reference to EURIBOR, which is provided by the European Money Markets Institute (EMMI) and CMS, which is provided by ICE Benchmark Administration (ICE), SONIA, which is provided by the Bank of England, and other certain reference rates. Any such reference rate may constitute a benchmark for the purposes of Regulation (EU) 2016/1011 as it forms part of domestic law in the UK by virtue of the EUWA (the UK Benchmark Regulation). If any such reference rate does constitute such a benchmark, the Final Terms will indicate whether or not the benchmark is provided by an administrator included in the register of administrators and benchmarks established and maintained by the FCA pursuant to Article 36 (register of administrators and benchmarks) of the UK Benchmark Regulation. As at the date of this Base Prospectus, both EMMI and ICE appear on the register, and the Bank of England does not fall within the scope of the UK Benchmark Regulation by virtue of Article 2 of the UK Benchmark Regulation. The registration status of any administrator under the UK Benchmark Regulation is a matter of public record and, save where required by applicable law, the Issuer does not intend to update the Final Terms to reflect any change in the registration status of the administrator.

Neither the Trustee nor the Dealers have independently verified the information contained herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by the Trustee or the Dealers as to the accuracy or completeness of the information contained or incorporated in this Base Prospectus or any other information provided by the Issuer in connection with the Programme. Neither the Trustee nor any Dealer accepts any liability in relation to the information contained or incorporated by reference in this Base Prospectus or any other information provided by the Issuer in connection with the Programme.

No person is or has been authorised by the Issuer, the Trustee or any Dealer to give any information or to make any representation not contained in or not consistent with this Base Prospectus or any other information supplied in connection with the Programme or the Notes and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, the Trustee or any of the Dealers.

Neither this Base Prospectus nor any other information supplied in connection with the Programme or any Notes (i) is intended to provide the basis of any credit or other evaluation of the Issuer and/or the Notes; or (ii) should be considered as a recommendation by the Issuer, the Trustee or any of the Dealers that any recipient of this Base Prospectus or any other information supplied in connection with the Programme or any Notes should purchase any Notes. Each investor contemplating purchasing any Notes should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. Neither this Base Prospectus nor any other information supplied in connection with the Programme or the issue of any Notes constitutes an offer or invitation by or on behalf of the Issuer, the Trustee or any of the Dealers to any person to subscribe for or to purchase any Notes.

The Notes may not be a suitable investment for all investors. Each potential investor in the Notes must determine the suitability of that investment in light of its own circumstances. In particular, each potential investor may wish to consider, either on its own or with the help of its financial and other professional advisers whether it:

• (i) has sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits and risks of investing in the Notes and the information contained or incorporated by reference in this Base Prospectus or any applicable supplement;
• (ii) has access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, an investment in the Notes and the impact the Notes will have on its overall investment portfolio;
• (iii) has sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes, including where the currency for principal or interest payments is different from the potential investor's currency;
• (iv) understands thoroughly the terms of the Notes and is familiar with the behaviour of financial markets;
• (v) is able to evaluate possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks; and
• (vi) understands the accounting, legal, regulatory and tax implications of a purchase, holding and disposal of an interest in the relevant Notes.

The investment activities of certain investors are subject to legal investment laws and regulations, or review or regulation by certain authorities. Each potential investor should consult its legal advisers to determine whether and to what extent (1) Notes are legal investments for it; (2) Notes can be used as collateral for various types of borrowing; and (3) other restrictions apply to its purchase or pledge of any Notes. Financial institutions should consult their legal advisers or the appropriate regulators to determine the appropriate treatment of Notes under any applicable riskbased capital or similar rules.

Neither the delivery of this Base Prospectus nor the offering, sale or delivery of any Notes shall in any circumstances imply that the information contained herein concerning the Issuer is correct at any time subsequent to the date hereof or that any other information supplied in connection with the Programme is correct as of any time subsequent to the date indicated in the document containing the same. The Trustee and the Dealers expressly do not undertake to review the financial condition or affairs of the Issuer during the life of the Programme or to advise any investor in the Notes of any information coming to their attention. Investors should review, inter alia, the most recently published documents incorporated by reference into this Base Prospectus when deciding whether or not to purchase any Notes.

This Base Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Notes in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction.

The distribution of this Base Prospectus and the offer or sale of Notes may be restricted by law in certain jurisdictions. If a jurisdiction requires that such offer or sale be made by a licensed broker or dealer and any relevant Dealer or any parent company or affiliate of such Dealer is a licensed broker or dealer in that jurisdiction, such offer or sale shall be deemed to be made by the relevant Dealer or the relevant parent company or affiliate of such Dealer on behalf of the Issuer in such jurisdiction. The Issuer, the Dealers and the Trustee do not represent that this Base Prospectus may be lawfully distributed, or that any Notes may be lawfully offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by the Issuer, the Dealers or the Trustee which is intended to permit a public offering of any Notes or distribution of this Base Prospectus in any jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered or sold, directly or indirectly, and neither this Base Prospectus nor any advertisement or other offering material may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession this Base Prospectus or any Notes may come must inform themselves about, and observe, any such restrictions on the distribution of this Base Prospectus and the offering and sale of Notes. In particular, there are restrictions on the distribution of this Base Prospectus and the offer or sale of Notes in the United States, the EEA (including Belgium), the United Kingdom, Japan and Singapore (see "Subscription and Sale").

In connection with the issue of any Tranche of Notes, one or more relevant Dealers (the Stabilising Manager(s)) (or persons acting on behalf of any Stabilising Manager(s)) may over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur. Any stabilisation action may begin on or after the date on which adequate public disclosure of the terms of the offer of the relevant Tranche of Notes is made and, if begun, may cease at any time, but it must end no later than the earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after the date of the allotment of the relevant Tranche of Notes. Any stabilisation action or overallotment must be conducted by the relevant Stabilising Manager(s) (or persons acting on behalf of any Stabilising Manager(s)) in accordance with all applicable laws and rules.

All references in this Base Prospectus to (i) pounds sterling and £ are to the lawful currency for the time being of the UK; (ii) euro and € are to the currency introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty on the Functioning of the European Union, as amended; and (iii) U.S. dollars and U.S.\$ are to the lawful currency for the time being of the United States of America, its territories and possessions, any state of the United States of America and the District of Columbia.

OVERVIEW OF THE PROGRAMME

This overview must be read as an introduction to this Base Prospectus and any decision to invest in the Notes should be based on a consideration of this Base Prospectus as a whole, including any information incorporated by reference, by any investor. The following overview does not purport to be complete and is taken from, and is qualified in its entirety by, the remainder of this Base Prospectus and, in relation to the terms and conditions of any particular Tranche of Notes, the applicable Final Terms.

The Issuer and any relevant Dealer may agree that Notes shall be issued in a form other than that contemplated in the Terms and Conditions (the Conditions), in which event, in the case of listed Notes, a new Base Prospectus will be published. Words and expressions defined in "Form of the Notes" and "Terms and Conditions of the Notes" shall have the same meanings in this overview.

Issuer:	The British Land Company PLC
Legal Entity Identifier (LEI)	RV5B68J2GV3QGMRPW209
Arranger:	NatWest Markets Plc
Dealers:	ABN AMRO Bank N.V.
	Banco Santander, S.A.
	Bank of China Limited, London Branch
	BNP PARIBAS
	DBS Bank Ltd.
	Crédit Agricole Corporate and Investment Bank
	Goldman Sachs International
	Lloyds Bank Corporate Markets plc
	MUFG Securities EMEA plc
	NatWest Markets Plc
	SMBC Bank International plc
	UBS AG London Branch
	and any other Dealers appointed from time to time by the Issuer generally in respect of the Programme or in relation to a particular Tranche of Notes in accordance with the Programme Agreement.

Risk Factors:	There are certain factors that may affect the Issuer's ability to fulfil its obligations under Notes issued under the Programme. In addition, there are certain factors which are material for the purpose of assessing the market risks associated with Notes issued under the Programme. These are set out under "Risk Factors" and include certain risks relating to the structure of particular Series of Notes and certain market risks.
Certain Restrictions:	Each issue of Notes denominated in a currency in respect of which particular laws, guidelines, regulations, restrictions or reporting requirements apply will only be issued in circumstances which comply with such laws, guidelines, regulations, restrictions or reporting requirements from time to time (see "Subscription and Sale") including the following restrictions applicable at the date of this Base Prospectus.
	Notes having a maturity of less than one year
	Notes having a maturity of less than one year will constitute deposits for the purposes of the prohibition on accepting deposits contained in Section 19 of the FSMA unless they are issued to a limited class of professional investors and have a denomination of at least £100,000 or its equivalent, see "Subscription and Sale".
Trustee:	Apex Corporate Trustees (UK) Limited
Principal Paying Agent:	The Bank of New York Mellon, London Branch
Initial Programme Size:	Up to £2,000,000,000 (or its equivalent in other currencies) aggregate principal amount outstanding at any one time. The Issuer may increase the amount of the Programme in accordance with the terms of the Programme Agreement.
Distribution:	Notes may be distributed by way of private or public placement and (in each case) on a syndicated or non syndicated basis.
Currencies:	Subject to any applicable legal or regulatory restrictions, any currency agreed between the Issuer and the relevant Dealer.
Maturities:	The Notes will have such maturities as may be agreed between the Issuer and the relevant Dealer, subject to such minimum or maximum maturities as may be allowed or required from time to time by the relevant central bank (or equivalent body) or any laws or regulations applicable to the Issuer or the relevant Specified Currency.

Form of Notes: The Notes will be issued in bearer form.

Each Tranche of Notes will be represented on issue by a Temporary Global Note (as defined below) or a Permanent Global Note (as defined below). Where either a Temporary Global Note or a Permanent Global Note is intended to be issued in new global note (NGN) form, as stated in the applicable Final Terms, the Temporary Global Note or Permanent Global Note, as the case may be, will be delivered on or prior to the original issue date of the relevant Notes to a common safekeeper (the Common Safekeeper) for Euroclear Bank SA/NV (Euroclear) and Clearstream Banking S.A. (Clearstream, Luxembourg); and where such a Temporary Global Note or a Permanent Global Note is not intended to be issued in NGN form, the Temporary Global Note or Permanent Global Note, as the case may be will be delivered on or prior to the original issue date of the relevant Notes to a common depositary (the Common Depositary) for Euroclear and Clearstream, Luxembourg.

The NGN form allows the possibility of Notes issued to be held in a manner which will permit them to be recognised as eligible collateral for monetary policy of the central banking system for the euro (the Eurosystem) and intraday credit operations by the Eurosystem either upon issue or at any or all times during their life. However in any particular case such recognition will depend upon satisfaction of the Eurosystem eligibility criteria at the relevant time.

Each Temporary Global Note and Permanent Global Note will be exchangeable (free of charge to the holder) in the circumstances described in "Form of the Notes" below for (in the case of a Temporary Global Note) interests in a Permanent Global Note or, if so provided in the applicable Final Terms, for definitive Notes with, where applicable, interest coupons and talons attached or (in the case of a Permanent Global Note) for definitive Notes with, where applicable, interest coupons and talons attached.

In relation to any issue of Notes which are represented on issue by a Temporary Global Note exchangeable for Definitive Notes, such Notes shall be issued with a single Specified Denomination only. In no circumstances shall they be issued with a Specified Denomination plus one or more higher integral multiples of another smaller amount.

Fixed Rate Notes: Fixed interest will be payable on such date or dates as may be agreed between the Issuer and the relevant Dealer and on redemption and will be calculated on the basis of such Day Count Fraction as may be agreed between the Issuer and the relevant Dealer.

Floating Rate Notes: Floating Rate Notes will bear interest at a rate determined:

• (a) on the same basis as the floating rate under a notional interest rate swap transaction in the relevant Specified Currency governed by an agreement incorporating either the 2006 ISDA Definitions (as specified in the relevant Final Terms (each as published by the International Swaps and Derivatives Association, Inc. (ISDA), and as amended and updated as at the Issue Date of the first Tranche of the Notes of the relevant Series), or the latest version of the 2021 ISDA Interest Rate Derivatives Definitions (as published by ISDA as at the Issue Date of the first Tranche of the Notes of the relevant Series) as specified in the applicable Final Terms; or
• (b) on the basis of EURIBOR, CMS or SONIA, as set out in the applicable Final Terms.

The margin (if any) relating to such floating rate will be agreed between the Issuer and the relevant Dealer for each Series of Floating Rate Notes.

Floating Rate Notes may also have a maximum interest rate, a minimum interest rate or both.

Interest on Floating Rate Notes in respect of each Interest Period, as agreed prior to issue by the Issuer and the relevant Dealer, will be payable on such Interest Payment Dates and will be calculated on the basis of such Day Count Fraction as may be agreed between the Issuer and the relevant Dealer.

Zero Coupon Notes: Zero Coupon Notes will be offered and sold at a discount to their nominal amount and will not bear interest.

Redemption:	The applicable Final Terms will indicate either that the relevant Notes cannot be redeemed prior to their stated maturity (other than for taxation reasons or following an Event of Default) or that such Notes will be redeemable at the option of the Issuer and/or the Noteholders upon giving notice to the Noteholders or the Issuer, as the case may be, on a date or dates specified prior to such stated maturity and at a price or prices and on such other terms as may be agreed between the Issuer and the relevant Dealer.
	Notes having a maturity of less than one year are subject to restrictions on their denomination and distribution (see "Certain Restrictions – Notes having a maturity of less than one year" above).
Denomination of Notes:	Notes will be issued in such denominations as may be agreed between the Issuer and the relevant Dealer save that the minimum denomination of each Note will be such amount as may be allowed or required from time to time by the relevant central bank (or equivalent body) or any laws or regulations applicable to the relevant Specified Currency, see "Certain Restrictions - Notes having a maturity of less than one year" above, and save that the minimum denomination of each Note will be €100,000 (or, if the Notes are denominated in a currency other than euro, the equivalent amount in such currency as at the date of issue of the relevant Notes).
Taxation:	All payments in respect of the Notes will be made without deduction or withholding for or on account of tax imposed by the United Kingdom, save as required by law. In the event that any such deduction or withholding in respect of United Kingdom tax is required by law to be made, the Issuer will, save in certain limited circumstances provided in Condition 7, be required to pay additional amounts to cover the amounts so deducted.
Negative Pledge:	The terms of the Notes will not contain a negative pledge provision.
Restriction on Borrowings:	The terms of the Notes will contain a restriction on Net Borrowings and Net Unsecured Borrowings as further described in Condition 3.
Cross Default:	The terms of the Notes will contain a cross default provision as further described in Condition 9(a).
Status of the Notes:	The Notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer and will rank pari passu among themselves and (save for certain obligations required to be preferred by law) equally with all other unsecured obligations (other than subordinated obligations, if any) of the Issuer, from time to time outstanding.

Rating:	This Programme has been assigned a credit rating of A by Fitch. A Series of Notes issued under the Programme may be rated by Fitch or unrated. Where a Series of Notes is to be rated, such rating will be disclosed in the applicable Final Terms, and the rating assigned to it will not necessarily be the same as the rating assigned to the Programme or the same as ratings assigned to other issues of Notes. A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the assigning rating agency.
Listing:	Application has been made for Notes issued under the Programme to be admitted to the Official List and to trading on the Market.
Governing Law:	The Notes, and any non-contractual obligations arising out of or in connection with the Notes, will be governed by and construed in accordance with English law.
Selling Restrictions:	There are restrictions on the offer, sale and transfer of the Notes in the United States, the EEA (including Belgium), the United Kingdom, Japan and Singapore and such other restrictions as may be required in connection with the offering and sale of a particular Tranche of Notes, see "Subscription and Sale".
United States Selling Restrictions:	The Issuer is a Category 2 issuer for the purposes of the Securities Act.
	The Notes will be issued in compliance with U.S. Treasury Regulations S1.163-5(c)(2)(i)(D) (or any successor United States Treasury regulation section, including without limitation, successor regulations issued in accordance with Internal Revenue Service Notice 2012-20 or otherwise in connection with the United States Hiring Incentives to Restore Employment Act of 2010) (the D Rules) unless (i) the applicable Final Terms states that Notes are issued in compliance with U.S. Treasury Regulations S1.163- 5(c)(2)(i)(C) (or any successor United States Treasury regulation section, including without limitation, successor regulations issued in accordance with Internal Revenue Service Notice 2012-20 or otherwise in connection with the United States Hiring Incentives to Restore Employment Act of 2010) (the C Rules); or (ii) the Notes are issued other than in circumstances in which the Note will not constitute registration required obligations under the United States Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), which circumstances will be referred to in the applicable Final Terms as a transaction to which TEFRA is not applicable.

RISK FACTORS

The Issuer believes that the following factors may affect its ability to fulfil its obligations under Notes issued under the Programme. All of these factors are contingencies which may or may not occur and individually or together could affect the Issuer's ability to fulfil its obligations under Notes issued under the Programme.

Factors which the Issuer believes may be material for the purpose of assessing the market risks associated with Notes issued under the Programme are also described below.

The Issuer believes that the factors described below represent the principal risks inherent in investing in Notes issued under the Programme, but the Issuer may be unable to pay interest, principal or other amounts on or in connection with any Notes for other reasons which may not be considered significant risks by the Issuer based on information currently available to it or which it may not currently be able to anticipate and the Issuer does not represent that the statements below regarding the risks of holding any Notes are exhaustive. Prospective investors should also read the detailed information set out elsewhere in this Base Prospectus (including any documents incorporated by reference) and reach their own views prior to making any investment decision.

Factors that may affect the Issuer's ability to fulfil its obligations under Notes issued under the programme

Risks related to the nature of the Group's business

External factors affecting real estate investment

The property portfolio value of the Issuer and its subsidiaries (together, the Group) as well as the Group's proportional share of joint ventures is susceptible to changes in investment demand for UK property and market stability. There are a number of factors that can impact investment demand levels. These include the health of the UK economy, the attractiveness of investment in the UK, the availability of finance, and the relative attractiveness of other asset classes. Other factors that could impact investment demands include political uncertainty, obsolescence of properties, changes in consumer and customer preferences, changes in governmental rules, policies and regulation, UK taxation changes, and other factors which are beyond the control of the Group (including ongoing changes to import tariffs applied by the United States against its trading partners, geopolitical instability arising from the wars in Ukraine and the Middle East and renewed tensions between India and Pakistan, increased government regulations and intervention, and global decline in economic growth, including a potential resurgence of inflationary pressures and the impact on interest rates). These risks are outlined in further detail below. All of these risks may impact the attractiveness of UK property and property as an asset class and may therefore have a negative impact on the Group's portfolio valuations and/or rental levels which may adversely impact the Issuer's ability to meet its obligations under the Notes.

External factors affecting occupier demand and occupier default

The Group is a diversified business and invests in segments with strong rental growth prospects where it can leverage its strengths in asset management and development. The Group's portfolio of high quality UK commercial property is focused on two main areas: these are its London campuses (the Campuses Portfolio), which includes the Group's residential holdings, and its multi-let retail environments, concentrated in retail parks across the UK (the Retail & London Urban Logistics Portfolio). As at 31 March 2025, the Campuses Portfolio comprised 58 per cent. of the Group's total property portfolio (including share of joint ventures), and the Retail & London Urban Logistics Portfolio comprised 42 per cent..

Underlying income, rental growth and capital performance of the Group could be adversely affected by a decrease in investor demand or weakening occupier demand in the Group's property markets.

Structural changes in consumer and business practices such as the growth of online retailing and hybrid working could have an adverse impact on the demand for the Group's assets.

For the Campuses Portfolio, the geographic concentration of the portfolio means that any events which may damage or diminish London's status as a global financial and business centre may adversely impact property values and rental income. Such events could include a reduction in London's attractiveness to skilled persons as a result of regulation, taxation or otherwise, an increase in occupancy costs, adverse changes in the regulatory environment for financial services, acts of terrorism, economic recession or otherwise. If London's status as a global financial and business centre were damaged or diminished, occupier demand for commercial office space in London could decrease. Sustained higher interest rates have impacted investor sentiment and structural risks arising from hybrid working trends remain.

For the Retail & London Urban Logistics Portfolio, the occupational market for retail has continued to strengthen over the financial year ended 31 March 2025, with robust investment activity in the Group's preferred retail park sector. Albeit, challenges remain including broader macroeconomic uncertainties, rising retailer costs following the Autumn Budget, and the potential implications of the proposed Employment Rights Bill. In London Urban Logistics, while vacancy in the broader market has increased over the past year, alongside weaker rental growth expectations, the sector's long term fundamentals remain compelling underpinned by structural changes in e-commerce and limited supply of suitable space.

Overall, the whole property portfolio is susceptible to changes in consumer and business practices including hybrid working practices, demand for energy efficient properties, new emerging technologies and artificial intelligence, new legislation and also the emergence of alternative locations for businesses to operate from.

An increase in vacancy levels resulting from the above factors could reduce the rental values achievable in respect of commercial property and lead to property values decreasing. This could have a material adverse effect on the Group's revenues and operations and, accordingly, the Issuer's ability to meet its obligations under the Notes.

Dependence on customers

The Issuer's ability to fulfil its obligations under the Notes will depend on the Group continuing to receive rent from its customers under lease obligations. The Issuer's ability to fulfil such obligations could be affected if occupancy levels were to fall or if a significant number of occupiers were unable to meet their obligations either due to the factors noted above in the "External factors affecting occupier demand and occupier default" section, or otherwise.

The Group derives a significant portion of its revenue directly or indirectly from rent received from its major retail occupiers, including anchor occupiers, and major office occupiers. Major retail occupiers and major office occupiers generally pay a significant portion of the total rents at a property and, in some cases, contribute to the success of securing other occupiers by attracting customers to the property. A downturn in business, bankruptcy or insolvency could force a major retail occupier or major office occupier to default on its rental obligations and/or vacate the premises. Such a default could result in a loss of rental income, and an increase in void costs and bad debts, in turn decreasing the value of the property. Moreover, such a default may prevent the Group from securing rent uplifts or result in lease terminations by, or reductions in rent for, other customers under the conditions of their leases. Higher input prices impact the profitability of the Group's occupiers, particularly retail occupiers, which may increase the risk of future administrations, Company Voluntary Arrangements (CVAs) or restructuring plans.

As existing leases terminate or become subject to occupiers' option to enforce their break clauses, or space needs to be re-let for other reasons, there can be no assurance that such space will be re-let or, if re-let, that it will be re-let on terms (including rental levels) as favourable to the Group as those prevailing at the time, or that new tenants will be as creditworthy as the existing occupiers.

Income Sustainability

The Group is mindful of maintaining sustainable income streams which underpin shareholder returns and provide the platform from which to grow the Group's business. This could be adversely affected by non-payment of rent; occupier failures; inability to anticipate evolving occupier needs; inability to re-let space on equivalent terms; poor customer service; as well as potential structural changes to lease obligations.

The Group considers sustainability of income streams in the execution of investment strategy and capital recycling (notably the timing of reinvestment of sale proceeds), the nature and structure of leasing activity and the nature and timing of asset management and development activity.

A lack of income sustainability could have a material adverse effect on the Group's revenues and operations and, accordingly, the Issuer's ability to meet its obligations under the Notes.

Portfolio strategy

Property investments are subject to varying degrees of risk. Inappropriate portfolio strategies and subsequent execution could lead to income and capital underperformance. This could result from incorrect sector selection and weighting, poor timing of investment and divestment decisions, inappropriate exposure to developments, the wrong mix of assets, occupiers and region concentration, inadequate due diligence, or inappropriate co-investment arrangements. Rental income, property yields and therefore property values are affected by changes in the general economic climate as well as localised conditions such as an oversupply of space and competition from other available space in the market, a reduction in demand for commercial real estate either in a specific location, or a specific type, or as an asset class more generally. Property markets tend to be cyclical and impacted by the condition of the economy as a whole. The Group has experienced the negative impacts of periods of economic slowdown or recession in the past and expects to experience these conditions again in the future, which may lead to declines in the demand for property in the markets in which it operates.

Any decline in rental income or market values may adversely affect the revenue and operations of the Group, and accordingly the Issuer's ability to meet its obligations under the Notes.

Slowdown in general economic conditions, especially in certain business sectors or geographical regions, may adversely affect the Group's income

The Group's properties serve a broad range of occupiers. Therefore, the success of the business is not dependent on any single industry. Any prolonged economic downturn in the United Kingdom (or indeed in the sectors in which the Group's occupiers operate) could have a material adverse effect on the Group's business, results of operations, financial condition and prospects and, accordingly, the Issuer's ability to meet its obligations under the Notes.

As noted above, all of the Group's properties are located in the UK and many of these are in London. Consequently, any downturn in the UK's economy as a whole, or localised downturn in an area with significant assets, could materially adversely affect the Group's business, results of operations, financial condition and prospects. As a result, the Issuer's ability to meet its obligations under the Notes may be adversely affected.

Development risks including cost inflation

The Group uses its development programme to create new or refurbished properties that target incremental return on investment. The Group's development programme involves a higher degree of risk than its standing investment properties. These risks include development letting exposure, construction timing and costs, contractor failure, adverse planning decisions, as well as changes in occupational and investment markets. These risks could adversely impact underlying income and property valuations and impact the Issuer's ability to meet its obligations under the Notes.

Development cost inflation presents a risk to the profitability of the Group's developments and has the potential to adversely affect the Group's cash position and overall return on investment. Construction cost inflation is influenced by supply and demand dynamics within the industry, and geopolitical instability continues to pose supply chain risks. The Group seeks to mitigate the impact of construction cost inflation by fixing costs on its committed programme (see also "Inflation Risk").

The Group's strategy for development of prime real estate requires that it contracts skilled thirdparty contractors to provide construction, engineering and various other services for the properties it is developing. The Group also relies on these third-party contractors for the timely construction of its developments in accordance with international standards of quality and safety. Should a thirdparty contractor become insolvent, or fail to comply with laws and regulations, it could have a material impact on the Group through programme delays, cost overruns, the acceptance of riskier contractor covenants and worse terms. The risk of such insolvency also increases the risk of the Group being unable to recover costs in relation to any future latent defect claims, to the extent that such costs are not otherwise covered by insurance.

Construction delays can also occur as a result of pandemic situations, shortage of skilled staff and supply chain issues (compounded by the wars in Ukraine and the Middle East and recent changes to global trading tariffs), inclement weather or acts of nature, industrial accidents and defective building methods or materials. Any of these factors, alone or in combination, could significantly increase the costs of construction, delay completion or disrupt the construction programme by halting construction or damaging materials or the development asset itself. The Group may not be able to recover cost overruns or lost revenue caused by such events either under its insurance policies or from the responsible contractor or sub-contractor.

Construction delays may also result in failure to meet certain conditions of pre-let agreements jeopardising, or delaying, future income streams expected pursuant to those agreements.

The Group's development projects are subject to the hazards and risks normally associated with the construction and development of commercial real estate, including personal injury and property damage. The occurrence of any of these events could result in significant increased operating costs, reputational damage, fines, legal fees, or criminal prosecution of the Issuer, and its directors or management.

Adverse planning judgements can impact the Group's performance through incurring increased costs of achieving an optimal planning consent, and reputational damage as a result of the planning process. This can impact on the returns of the Group and therefore impact on the ability of the Issuer to meet its obligations under the Notes.

Development decisions also require that the Group accurately assess the development opportunity, including the return on investment, transport and other infrastructure attributes of the location, quality of specification, configuration and flexibility of accommodation, and timing and delivery of the completed property. Inaccurate assessment of a development opportunity or a decrease in customer demand due to competition from other commercial real estate properties or adverse market conditions could result in a substantial proportion of the development remaining vacant after completion and exert pressure on the Group to accept less favourable lease or sale terms than the initial appraisal.

Shared ownership of properties

Some of the Group's operations and developments are held within joint ventures or other shared ownership arrangements. By definition, control of joint ventures and other shared ownership arrangements is shared with the Group's joint venture partners and co-investors, and the directors of the companies within the Group will not be able exclusively to direct the strategy and operating decisions of these entities. In particular, material decisions relating to the joint ventures and coinvestments are likely to require the consent of both joint venture partners, or a certain majority share of investors, which may restrict the ability to proceed with an operational change, acquisition, disposal or development, or the raising, refinancing or repayment of debt. Joint ventures or other shared ownership arrangements may include provisions for one party to initiate a disposal of the joint venture's or other shared ownership arrangement's assets on the open market, subject to certain conditions. Conflict with joint venture partners or co-investors may lead to deadlock and result in the Group being unable to pursue its preferred strategy.

In the event of a joint venture partner or co-investor being unable to make financial commitments to the relevant project, it may be difficult to proceed with projects or the Group may incur increased financial exposure in order to complete the relevant project.

The bankruptcy, insolvency or severe financial distress of one of the Group's joint venture partners or co-investors could materially and adversely affect the relevant joint venture, co-investment or properties held within that entity. The Group may have a right to acquire the share of the joint venture or co-investment which it does not own or the relevant properties, but the Group may not wish to do so, or may not have sufficient funds to do so, which could lead to a third party acquiring such interest, which may have uncertain outcomes for the Group and could have an adverse impact on the Group's business, reputation, financial condition and/or results of operations and, accordingly, the Issuer's ability to meet its obligations under the Notes.

External risks that may affect the Group's business

Effect of global volatility concerns

While the UK economy has been relatively resilient, the overall external risk environment remains elevated due to persistent inflation, higher interest rates and changes in the global geopolitical environment, including the potential impact of global tariffs.

The Group's current assessment is that the general external environment in which the Group operates continues to remain uncertain, which may accentuate most of the risks described in the risk factors below and may adversely affect the Group's revenues, property values and operations and, accordingly, the Issuer's ability to meet its obligations under the Notes.

Major business disruption and climate-related risks

An external event such as civil unrest, terrorism, pandemics, cyber-attack, extreme weather, environmental disaster or power shortages, could cause significant damage and disruption to the Group's business, portfolio, customers, people and supply chain.

There is a risk that catastrophic business events could have a negative impact on the Group's business. The heightened global and political uncertainty, exacerbated by the wars in Ukraine and the Middle East, the renewed tensions between India and Pakistan, and tariffs and trade wars, could have an impact on the Group's operations and stakeholders. Specifically, terrorism remains a threat, as is the risk of cyber security breaches. The Home Office threat level from international terrorism is "substantial", while there have been a number of high-profile hacks and data security breaches across the wider market in recent years. A security breach could lead to a loss or theft of customer, employee, supplier or the Group's confidential data. A major data security breach could lead to significant reputational damage and result in regulatory intervention and/or fines.

Environmental and other laws may require current or previous owners or occupiers of property to investigate and/or clean-up hazardous or toxic substances. Owners or occupiers may also be obliged to pay for property damage and for investigation and clean-up costs incurred by others in connection with such substances. Such laws typically impose clean-up responsibility and liability having regard to whether such owners or occupiers knew of, or caused, the presence or escape of the substances. Even if more than one person may have been responsible or liable for the contamination, each person caught by the relevant environmental laws may be held responsible for all of the clean-up costs incurred.

In addition, third parties may bring legal proceedings against a current or previous owner, occupier or other party in control of property for damages and costs resulting from substances emanating from that property. These damages and costs may be substantial. The presence of substances on a property could also result in personal injury or similar claims by private claimants.

Failure to future-proof the Group's properties against extreme weather occurrences or the impact of current and emerging legislation may result in reduced investor and occupier interest in the Group's properties, faster obsolescence of properties, disruption to income streams for the Group and its occupiers, and additional costs for the Group and its occupiers to adapt properties or meet new legislative and environmental requirements. As a result, the Issuer's ability to meet its obligations under the Notes may be adversely affected.

Financial risks

Liquidity risks and capital resources

Liquidity risk is the possibility of being unable to meet all present and future financial obligations as they become due. To mitigate its liquidity risk and augment its capital resources, the Issuer currently relies on primary forms of financing consisting of bank facilities (i.e. committed lines of credit from major banks) and public and private bond issuance. The last global economic downturn and resulting dislocation of financial markets around the world caused a number of the world's largest financial and other institutions significant operational and financial difficulties.

The failure of the Issuer to manage refinancing requirements may result in a shortage of funds to sustain the operations of the business or repay facilities as they fall due. Each of the Issuer's sources of financing could become unavailable, for example, if a reduction in its credit rating makes the cost of accessing the public and private debt markets prohibitive. Although the Issuer considers that the diversity of its financing helps to protect it from liquidity risk, it could find itself unable to access any or all of these sources of financing on reasonable terms. Any failure by lenders to fulfil their obligations to the Issuer as well as the inability of the Issuer to access new funding in the longer term may impact the Issuer's cash flow and liquidity, which could have a material adverse effect on its business, results of operations, financial condition and prospects and, accordingly, the Issuer's ability to meet its obligations under the Notes.

Foreign exchange risk

Some of the Issuer's investments are denominated in foreign currency. The Issuer reports its financial results in pounds sterling and must translate the valuations of its foreign currency denominated investments and properties (if applicable) to pounds sterling. This exposure is hedged by matching the value of the foreign assets with borrowings in foreign currencies. The Group also engages overseas suppliers and contractors and purchases materials from overseas, particularly in relation to its development projects. If such contracts are denominated in foreign currencies and not hedged into pounds sterling, or if contracts for materials and services required are to be sourced overseas and have not yet been entered into, the Group could be exposed to fluctuations in foreign currency exchange rates.

When attractive terms are available, the Group may choose to borrow in currencies other than Sterling, and will fully hedge the foreign currency exposure.

To the extent that the Group does not hedge its exposure to foreign currency exchange rate fluctuations, or to the extent that such hedging is inaccurate or otherwise ineffective, the Group could be exposed to fluctuations in foreign currency exchange rates which could have a negative impact on the Group's results and/or its financial condition and, accordingly, the Issuer's ability to meet its obligations under the Notes.

Interest rate risk

Further to the impact on occupiers, the Group is also exposed to interest rate risks on its debt finance raised or hedged at floating rates of interest. Part of the Group's exposure to floating rates is hedged through derivatives but these hedges could be insufficient to cover these risks. Fixed rate debt and derivatives (including interest rate swaps and caps) are used to mitigate against the risk of rising interest rates. As at 31 March 2025, the interest rate on the Group's debt is 97 per cent. hedged for the year ending 31 March 2026. On average over the next five years the Group has interest rate hedging on 77 per cent. of its debt.

The Group also has exposure to interest cost variability in its sustainable financing – where margin adjustments can be triggered based on the Group's performance relative to pre-agreed key performance indicators.

Changes in interest rates could have a negative impact on the Group's results and/or its financial position and, accordingly, impact the Issuer's ability to meet its obligations under the Notes.

Counterparty risks

Major international financial institutions are counterparties to the interest rate derivatives, foreign exchange contracts, deposits and investments contracted by the Group. In the case of default by such a counterparty, the Issuer could lose all or part of its deposits and investments or may lose the benefit from hedges signed with such counterparties. This could then result in an increase in interest rate or currency exposure and thus have a negative impact on the Group's results and/or its financial condition. The Group monitors the credit standing of its counterparties to minimise risk exposure.

Breach of covenants

The Issuer has outstanding secured and unsecured indebtedness. The Issuer's secured debt comprises secured debentures. The Issuer's unsecured debt consists of revolving credit facilities, term loans, sterling unsecured bonds and bonds issued in private placements. The terms of the secured debt contain financial covenants that may limit the discretion of the Issuer in operating its business. The secured and unsecured indebtedness may contain financial covenants in relation to income and asset coverage ratios as well as ratios on the amount of net unsecured indebtedness. If the Issuer is unable to comply with applicable financial covenants, including as a result of events outside of its control, such as severe economic downturns or a change of control, it could lead to the acceleration of the related debt and the acceleration of debt under any other debt instruments containing cross-acceleration or cross-default provisions. If the debt owed by the Issuer were to be accelerated or cross-accelerated, the Issuer may not be able to refinance or otherwise repay its indebtedness, which could have a material adverse effect on its business, financial condition, results of operations, future prospects and, accordingly, the Issuer's ability to meet its obligations under the Notes.

Business-specific risks

Key personnel and company culture

The Group's business model requires a number of critical business processes and decisions to lie in the hands of a few people. Failure to develop, attract and retain talent with the right skills and experience to deliver the Group's strategy at pace could lead to significant business underperformance. Additionally, if the Group does not have a culture where employees can thrive, feel able to be themselves and that reflects the people who live, work and socialise at the Group's assets, the Group's operational performance and decision making will be less than optimal.

Insurance

The Issuer does not have insurance coverage for certain types of catastrophic losses, which are not insurable or for which economically reasonable insurance is unavailable. In addition, there can be no guarantee that the Issuer's current insurance coverage will not be cancelled, become insufficient, or become uneconomic to procure in the future. If the Issuer were to find itself insufficiently insured it may be required to cover the costs associated with rectifying the issue, such as meeting the costs to repair or rebuild a damaged asset, or it may lose the value of the damaged asset altogether, which could have a negative impact on the Group's results and/or its financial condition and, accordingly, the Issuer's ability to meet its obligations under the Notes.

Regulatory and health and safety risk

In each of the jurisdictions in which the Group operates, it has to comply with laws, regulations and administrative policies which relate to, among other matters, listing regulations, tax, real estate investment trusts (REITs), financial accounting, planning, developing, building, land use, fire, health and safety, the environment and employment. These regulations often give broad discretion to the administering authorities. Each aspect of the regulatory environment in which the Group operates is subject to change, which may be retrospective, and changes could affect operational costs, costs of property ownership, the rate of building obsolescence and the value of properties.

There can be no guarantee that incidents or accidents are not suffered by the Group's employees, contractors or third parties at the Group's properties. If any incidents occur or the Group breach any of the regulatory requirements it is subject to then the Group could be subject to prosecutions and litigations which could lead to fines, penalties, damages and reputational harm. These incidents could therefore have a direct financial consequence both in terms of remediation and in relation to the penalties themselves. They could also impact the occupier and investor demand for the Group's properties. The Issuer's ability to fulfil its obligations under the Notes may therefore be adversely affected.

REIT-related risks

The group of companies of which the Issuer is the principal company (for the purposes of section 606 Corporation Tax Act 2010) converted to REIT status on 1 January 2007. Broadly, the effect of being a REIT is that the Issuer and certain of its subsidiaries (the BL REIT Group) benefit from an exemption from UK corporation tax on income from its "property rental business" (as defined in section 519 of the Corporation Tax Act 2010) and on gains arising on disposal of investment properties that were used for the purposes of its property rental business.

A REIT is required to pay property income distributions (PIDs) of at least 90 per cent. of the taxable profits from its UK property rental business within 12 months of the end of each accounting period.

The BL REIT Group has paid the appropriate PIDs for the year to 31 March 2023 and 31 March 2024. The BL REIT Group currently maintains REIT status. Noteholders should be aware that a number of conditions will need to continue to be satisfied in order for REIT status to be maintained in respect of the BL REIT Group. These conditions may limit the Group's flexibility and are not fully under the Group's control. In addition, certain tax liabilities may arise for the BL REIT Group under the UK REIT regime, for example:

• (i) in the event that the Issuer does not make sufficient distributions to its shareholders;
• (ii) in the event of a breach of the profit: financing-cost ratio as described in section 543 of the Corporation Tax Act 2010; or
• (iii) if the Issuer makes a distribution to, or in respect of, a person who is a "holder of excessive rights" as defined in section 553 of the Corporation Tax Act 2010.

Although the Issuer currently intends to maintain its REIT status, there is no guarantee that this will remain the case and/or that liabilities arising under the UK REIT regime will not arise. Changes to the legislative provisions relating to REITs, or their interpretation, could also adversely affect the Issuer's ability to fulfil its obligations under the Notes.

Risks related to the structure of a particular issue of Notes

A range of Notes may be issued under the Programme. A number of these Notes may have features which contain particular risks for potential investors. Set out below is a description of the most common features:

Structural subordination to subsidiary debt

The Group's operations are principally conducted through subsidiaries of the Issuer. Accordingly, the Issuer is, and will be, dependent on its subsidiaries' operations to service the Issuer's payment obligations in respect of the Notes. The Notes will be structurally subordinated to the claims of all holders of debt securities and other creditors, including trade creditors, of the Issuer's subsidiaries, and to all secured creditors of the Issuer and its subsidiaries. In the event of an insolvency, bankruptcy, liquidation, reorganisation, dissolution or winding up of the business of any subsidiary of the Issuer, creditors of such subsidiary generally will have the right to be paid in full before any distribution is made to the Issuer.

In respect of any Notes issued with a use of proceeds such as Green, Social and/or Sustainable bonds, there can be no assurance that such use of proceeds will be suitable for the investment criteria of an investor.

The applicable Final Terms relating to any specific issue of Notes may provide that the Issuer's intention is to apply the proceeds from such offer of Notes to finance or refinance a portfolio of qualifying projects (the Sustainable Portfolio), which is selected based on categories and criteria under the Sustainable Finance Framework of the Issuer, as updated from time to time (the Sustainable Finance Framework). Prospective investors should have regard to the information in the applicable Final Terms and the Sustainable Finance Framework regarding such use of proceeds and consult with their legal and other advisers before making an investment in any such Notes and must determine for themselves the relevance of such information for the purpose of any investment in such Notes together with any other investigation such investor deems necessary.

The Sustainable Finance Framework has been developed based on existing international standards: the 2021 editions of the Green Bond Principles (with June 2022 Appendix 1), Social Bond Principles (with June 2022 Appendix 1) and the 2021 Sustainability Bond Guidelines published by the International Capital Market Association. The Sustainable Finance Framework also aligns with the Loan Market Association's Green Loan Principles and the Social Loan Principles, and the principles contained therein support several of the United Nation's Sustainable Development Goals. The Issuer has engaged DNV (DNV Business Assurance Services UK Limited) to provide a second party opinion regarding its Sustainable Finance Framework (the second party

opinion). The Sustainable Finance Framework, the second party opinion and associated reporting are available on the Issuer's website at https://www.britishland.com/about-us/corporategovernance/policies/sustainable-finance-framework. The Sustainable Finance Framework and second party opinion are not incorporated in, and do not form part of, the Base Prospectus. The second party opinion may not reflect the potential impact of all risks related to the issuance, market, additional risk factors and other factors that may affect the value of any specific issue of Notes. The second party opinion is not a recommendation to buy, sell or hold securities and is only current as of the date on which the opinion was initially issued. Investors in the Notes shall have no recourse against the Issuer, the Dealers, the Trustee (or any of their respective affiliates) or the provider of any such opinion or certification for the contents of any such opinion or report.

There is no guarantee that the use of such proceeds will satisfy, whether in whole or in part, any present or future investor expectations or requirements as regards any investment criteria or guidelines with which such investor or its investments are required to comply, whether by any present or future applicable law or regulations or by its own by-laws or other governing rules or investment portfolio mandates (in particular with regard to any direct or indirect environmental, sustainable or social impact of any projects or uses, the subject of or related to, the relevant projects in the Sustainable Portfolio).

No assurance is or can be given by the Issuer or the Dealers (or any of their respective affiliates) that projects within the Sustainable Portfolio will meet investor expectations or requirements regarding such "green", "social", "sustainable" or other equivalent label (including Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (the so called EU Taxonomy) or Regulation (EU) 2020/852 as it forms part of domestic law in the UK by virtue of the EUWA), or that adverse environmental, social and/or other impacts may not occur during the implementation of any projects within the Sustainable Portfolio. In addition, there is a risk that any Notes may not comply with any future standards or requirements regarding any "green", "social", "sustainable" or other equivalently-labelled performance objectives and, accordingly, the status of any Notes as being "green", "social" or "sustainable" (or equivalent) could be withdrawn at any time.

No assurance or representation is or can be given by the Issuer, the Dealers, the Trustee, the Paying Agents or any other person as to the suitability or reliability for any purpose whatsoever of any opinion or certification of any third party (whether or not solicited by the Issuer) which may or may not be made available in connection with the issue of any Notes and in particular with the Sustainable Portfolio to fulfil any environmental, sustainability, social and/or other criteria. For the avoidance of doubt, any such opinion or certification is not, nor shall be deemed to be, incorporated in and/or form part of this Base Prospectus. Any such opinion or certification is only current as of the date that it was initially issued. Prospective investors must determine for themselves the relevance of any such opinion or certification (if issued) and/or the information contained therein and/or the provider of such opinion or certification for the purpose of any investment in any such Notes. Currently, the providers of such opinions and certifications are not subject to any specific regulatory regime or oversight.

In the event that any such Notes are listed or admitted to trading on any dedicated "green", "social", "sustainable" or other equivalently-labelled segment of any stock exchange or securities market (whether or not regulated), no representation or assurance is given by the Issuer, the Dealers, the Trustee, the Paying Agents or any other person that such listing or admission satisfies, whether in whole or in part, any present or future investor expectations or requirements as regards any investment criteria or guidelines with which such investor or its investments are required to comply, whether by any present or future applicable law or regulations or by its own by-laws or other governing rules or investment portfolio mandates, in particular with regard to any direct or indirect environmental, sustainability or social impact of any projects or uses, the subject of or related to, the Sustainable Portfolio. Furthermore, it should be noted that the criteria for any such listings or admission to trading may vary from one stock exchange or securities market to another. No representation or assurance is given or made by the Issuer, the Dealers, the Trustee, the Paying Agents or any other person that any such listing or admission to trading obtained in respect of any such Notes will be maintained during the life of the relevant Notes.

While the proceeds of any Notes may be applied to the Sustainable Portfolio in the manner described in the applicable Final Terms, there can be no assurance that the relevant project(s) or use(s) the subject of, or related to, the Sustainable Portfolio will be capable of being implemented in or substantially in such manner and/or in accordance with any timing schedule and that accordingly such proceeds will be totally or partially disbursed for such projects in the Sustainable Portfolio. Nor can there be any assurance that such projects in the Sustainable Portfolio will be completed within any specified period or at all or with the results or outcome as originally expected or anticipated.

Any such event or failure by the Issuer will not constitute an Event of Default under the relevant Notes. Any such event or failure to apply the proceeds of any issue of Notes as aforesaid and/or withdrawal of any opinion or certification or any such opinion or certification attesting that the Issuer is not complying in whole or in part with any matters for which such opinion or certification is opining or certifying on and/or any such Notes no longer being listed or admitted to trading on any stock exchange or securities market as aforesaid may have a material adverse effect on the value of such Notes and also potentially the value of any other Notes which may finance or refinance the Sustainable Portfolio and/or result in adverse consequences for certain investors with portfolio mandates to invest in securities to be used for a particular purpose.

Investors should refer to the Issuer's website and the Sustainable Portfolio for further information.

Notes subject to optional redemption by the Issuer

An optional redemption feature is likely to limit the market value of any Notes. During any period when the Issuer may elect to redeem Notes, the market value of those Notes generally will not rise substantially above the price at which they can be redeemed. This also may be true prior to any redemption period.

The Issuer may be expected to redeem Notes when its cost of borrowing is lower than the interest rate on the Notes. At those times, an investor generally would not be able to reinvest the redemption proceeds at an effective interest rate as high as the interest rate on the Notes being redeemed and may only be able to do so at a significantly lower rate. Potential investors should consider reinvestment risk in light of other investments available at that time.

Redemption prior to maturity for tax reasons

If the Issuer would be obliged to increase the amounts payable in respect of the Notes due to any change in or amendment to the laws or regulations of the United Kingdom or any political subdivision thereof or of any authority therein or thereof having the power to tax or in the application or official interpretation thereof and such obligation cannot be avoided by the Issuer taking reasonable measures available to it, the Issuer may be entitled to redeem all outstanding Notes in accordance with the Conditions. It may not be possible for an investor to reinvest the redemption proceeds at an effective interest rate as high as the interest rate on the Notes and this may only be possible at a significantly lower rate.

Fixed/Floating Rate Notes

Fixed/Floating Rate Notes are Notes which bear interest at a rate that converts from a fixed rate to a floating rate, or from a floating rate to a fixed rate. Such a feature to convert the interest basis, and any conversion of the interest basis, may affect the secondary market in, and the market value of, such Notes as the change of interest basis may result in a lower interest return for Noteholders. Where the Notes convert from a fixed rate to a floating rate, the spread on the Fixed/Floating Rate Notes may be less favourable than then prevailing spreads on comparable Floating Rate Notes tied to the same reference rate. In addition, the new floating rate at any time may be lower than the rates on other Notes. Where the Notes convert from a floating rate to a fixed rate, the fixed rate may be lower than then prevailing rates on those Notes and could affect the market value of an investment on the relevant Notes.

Notes issued at a substantial discount or premium

The market values of securities issued at a substantial discount or premium from their principal amount tend to fluctuate more in relation to general changes in interest rates than prices for conventional interest-bearing securities. Generally, the longer the remaining term of the securities, the greater the price volatility as compared to conventional interest-bearing securities with comparable maturities.

Risks related to Notes generally

Set out below is a brief description of certain risks relating to the Notes generally:

Discontinuation of EURIBOR and other benchmarks

Interest rates and indices which are deemed to be "benchmarks" are the subject of recent national and international regulatory guidance and proposals for reform. Some of these reforms are already effective whilst others are still to be implemented. These reforms may cause such benchmarks to perform differently than in the past, to disappear entirely, or have other consequences which cannot be predicted.

Regulation (EU) 2016/1011 (the Benchmark Regulation) applies, subject to certain transitional provisions, to the provision of benchmarks, the contribution of input data to a benchmark and the use of a benchmark within the EU. Among other things, it (i) requires benchmark administrators to be authorised or registered (or, if non-EU based, to be subject to an equivalent regime or otherwise recognised or endorsed) and (ii) prevents certain uses by EU supervised entities (as defined in the Benchmark Regulation) of "benchmarks" of administrators that are not authorised or registered (or, if non-EU based, not deemed equivalent or recognised or endorsed). The UK Benchmark Regulation applies to, among other things, the provision of benchmarks and the use of a benchmark in the UK. Similarly, it prohibits the use in the UK by UK supervised entities of benchmarks of administrators that are not authorised by the FCA or registered on the FCA register (or, if non-UK based, not deemed equivalent or recognised or endorsed).

The euro risk-free rate working group for the euro area has published a set of guiding principles and high-level recommendations for fallback provisions in, amongst other things, new euro denominated cash products (including bonds) referencing EURIBOR. The guiding principles indicate, among other things, that continuing to reference EURIBOR in relevant contracts (without robust fallback provisions) may increase the risk to the euro area financial system. On 11 May 2021, the euro risk-free rate working group published its recommendations on EURIBOR fallback trigger events and fallback rates. On 4 December 2023, the working group issued its final statement, announcing completion of its mandate.

These reforms could have a material impact on any Notes linked to or referencing a "benchmark", in particular, if the methodology or other terms of the "benchmark" are changed in order to comply with the regulatory requirements. Such changes could, among other things, have the effect of reducing, increasing or otherwise affecting the volatility of the published rate or level of the "benchmark".

It is not possible to predict with certainty whether, and to what extent, EURIBOR or any other benchmark will continue to be supported going forward. This may cause EURIBOR or any other such benchmark to perform differently than they have done in the past, and may have other consequences which cannot be predicted. The potential elimination of EURIBOR or any other

benchmark, or changes in the manner of administration of any benchmark, could require an adjustment to the Conditions, or result in other consequences, in respect of any Notes referencing such benchmark. More broadly, any of the international or national reforms, or the general increased regulatory scrutiny of "benchmarks", could increase the costs and risks of administering or otherwise participating in the setting of a "benchmark" and complying with any such regulations or requirements. Such factors may have (without limitation) the following effects on certain "benchmarks": (i) discourage market participants from continuing to administer or contribute to the "benchmark"; (ii) trigger changes in the rules or methodologies used in the "benchmark" or (iii) lead to the disappearance of the "benchmark". Any of the above changes or any other consequential changes as a result of international or national reforms or other initiatives or investigations, could have a material adverse effect on the value of and return on any Notes linked to, referencing, or otherwise dependent (in whole or in part) upon a "benchmark".

Investors should be aware that, if EURIBOR or any other benchmark were discontinued or otherwise unavailable, the rate of interest on any Notes which reference EURIBOR or such other benchmark (such as Floating Rate Notes) will be determined for the relevant period by the fall-back provisions applicable to such Notes (as further described in Condition 4(b)(ii) and 4(b)(iii)).

Depending on the manner in which EURIBOR or such other benchmark is to be determined under the Conditions of the relevant Notes, this may in certain circumstances (i) be reliant upon the provision by reference banks of offered quotations for the relevant rate or rates at which reference banks were offered deposits which, depending on market circumstances, may not be available at the relevant time or may provide a different result than if EURIBOR or such other benchmark had continued or continued to be administered in its previous form; or (ii) result in the effective application of a fixed rate based on the rate which applied in the previous period when EURIBOR or such other benchmark was available. In circumstances where such benchmark continues to be available but is administered differently or performs differently, this could result in adverse consequences for Notes linked to such benchmark (including Floating Rate Notes), including a material adverse effect on the value or liquidity of or return on any such Notes.

Where Screen Rate Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest in respect of an issue of Floating Rate Notes is to be determined, where such quotations are not available (as may be the case if the relevant banks are not submitting rates for the determination of the relevant original Reference Rate), the Rate of Interest may ultimately revert to the Rate of Interest applicable as at the last preceding Interest Determination Date before the original Reference Rate was discontinued. Uncertainty as to the continuation of the relevant original Reference Rate, the availability of quotes from reference banks, and the rate that would be applicable if the relevant original Reference Rate is discontinued may adversely affect the value of, and return on, the relevant Floating Rate Notes.

Where ISDA Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest in respect of an issue of Floating Rate Notes is to be determined, the Conditions provide that the Rate of Interest in respect of the relevant Notes shall be determined by reference to the relevant Floating Rate Option in the 2006 ISDA Definitions or the 2021 ISDA Interest Rate Derivatives Definitions. Where the Floating Rate Option specified is an "IBOR" Floating Rate Option, the Rate of Interest may be determined by reference to the relevant screen rate or the rate determined on the basis of quotations from certain banks. If the relevant IBOR is permanently discontinued and the relevant screen rate or quotations from banks (as applicable) are not available, the operation of these provisions may lead to uncertainty as to the Rate of Interest that would be applicable, and may adversely affect the value of, and return on, the relevant Floating Rate Notes.

Investors should consult their own independent advisers and make their own assessment about the potential risks imposed by the Benchmark Regulation and/or the UK Benchmark Regulation (as applicable) reforms or any of the international or national reforms in making any investment decision with respect to any Notes linked to or referencing a "benchmark".

The market continues to develop in relation to SONIA as a reference rate for Floating Rate Notes

Investors should be aware that the market continues to develop in relation to SONIA as a reference rate in the capital markets and its adoption as an alternative and successor to LIBOR. In particular, market participants and relevant working groups are exploring alternative reference rates based on SONIA, including term SONIA reference rates (which seek to measure the market's forward expectation of an average SONIA rate over a designated term). The market or a significant part thereof may adopt an application of SONIA that differs significantly from that set out in the Conditions and used in relation to Floating Rate Notes that reference a SONIA rate issued under this Base Prospectus. As SONIA is published and calculated by the Bank of England based on data received from other sources, the Issuer has no control over its determination, calculation or publication. There can be no guarantee that SONIA will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in SONIA-referenced Notes. If the manner in which SONIA is calculated is changed, the change may result in a reduction of the amount of interest payable on and the trading prices of such Notes.

The Issuer may in future issue Floating Rate Notes referencing a SONIA rate that differs in terms of interest determination when compared with any previous SONIA-referenced Notes, due to the continued development of SONIA rates and market terms over time. The nascent development of SONIA as a reference rate for the Eurobond markets, as well as continued development of SONIAbased rates for such markets and the market infrastructure for adopting such rates, could result in reduced liquidity or increased volatility or could otherwise affect the market price of any SONIAreferenced Notes which are issued by the Issuer from time to time.

Furthermore, interest on Floating Rate Notes which reference Compounded Daily SONIA is only capable of being determined at the end of the relevant Observation Period (as defined in the Conditions), which will occur on (but exclude) such number of London Banking Days prior to the relevant Interest Payment Date (as defined in the Conditions). It may be difficult for investors in such Notes to reliably estimate the amount of interest that will be payable on the Notes, and some investors may be unable or unwilling to trade such Floating Rate Notes without changes to their IT or other operational systems, any of which are factors which could negatively impact the liquidity of such Floating Rate Notes. Further, if the Floating Rate Notes become due and payable under Conditions 6 or 9, the Rate of Interest payable shall be determined on to the date such Notes become due and payable (being an Interest Determination Date) and shall not be reset after.

The Conditions provide that if the SONIA reference rate is not available or has not otherwise been published, the amount of interest payable on such Notes will be determined using the Rate of Interest determined as at the last preceding Interest Determination Date, which could cause the Rate of Interest of such Notes to become fixed and thereby adversely affect the return on, value of, and market for, such Notes.

The manner of adoption or application of SONIA reference rates in the capital markets may differ materially compared with that in other markets, such as the derivatives and loan markets. Investors should consider how any such mismatch between the manner of adoption of SONIA reference rates across these markets could impact any hedging or other financial arrangements which they may put in place in connection with any purchase, holding or disposal of such Notes.

Further, if Compounded Daily SONIA does not prove to be widely used in securities like the SONIAreferenced Notes issued under this Base Prospectus, the trading prices of such Notes linked to or referencing Compounded Daily SONIA may be lower than those of Notes linked to indices that are more widely used. Investors in such Notes may not be able to sell the Notes at all or they may not be able to sell such Notes at prices that will provide them with a yield comparable to similar investments that have a developed secondary market, and may consequently suffer from increased price volatility and market risk.

Investors should consider these matters when making their investment decision with respect to any SONIA-referenced Notes.

Certificate of material prejudice for Event of Default

Condition 9 contains the Events of Default. For an event to constitute an Event of Default, in a number of cases, the Trustee must first certify in writing to the Issuer that such event is in its opinion materially prejudicial to the interests of the Noteholders. It may be difficult for the Trustee to determine that such is the case and the Trustee may seek outside professional advice before exercising its discretion in such circumstances. This may delay any action being taken and it may be that although a Potential Event of Default (as defined in the Trust Deed) has occurred, the Trustee would be unable to so certify meaning no Event of Default would arise and, consequently, no remedy pursuant to Condition 9(a) may be sought.

Modification, waivers and substitution

The Conditions contain provisions for calling meetings of Noteholders to consider matters affecting their interests generally. These provisions permit defined majorities to bind all Noteholders including Noteholders who did not attend and vote at the relevant meeting and Noteholders who voted in a manner contrary to the majority.

The Conditions also provide that the Trustee may, without the consent of Noteholders, agree to (i) any modification of, or to the waiver or authorisation of any breach or proposed breach of, any of the provisions of Notes or (ii) determine that any Event of Default or potential Event of Default shall not be treated as such or (iii) the substitution of any successor in business to the Issuer or of a Subsidiary either of the Issuer or any successor in business to the Issuer as principal debtor under any Notes in place of the Issuer or any successor in business to the Issuer, in the circumstances described in Conditions 14 and 15.

Regulatory restrictions

Investors whose investment activities are subject to investment laws and regulations or to review or regulation by certain authorities may be subject to restrictions on investments in certain types of debt securities. Investors should review and consider such restrictions prior to investing in the Notes.

New Global Notes

Notes issued in NGN form are intended to be held in a manner which will allow Eurosystem eligibility; however, prospective investors are advised that this does not automatically mean that Notes will be recognised as eligible collateral by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon satisfaction of the Eurosystem eligibility criteria.

Notes where denominations involve integral multiples: definitive Notes

In relation to any issue of Notes which have denominations consisting of a minimum Specified Denomination plus one or more higher integral multiples of another smaller amount, it is possible that such Notes may be traded in amounts in excess of the minimum Specified Denomination that are not integral multiples of such minimum Specified Denomination. In such a case, a holder who (as a result of trading such amounts) holds an amount which is less than the minimum Specified Denomination in his account with the relevant clearing system would not be able to sell the remainder of such holding without first purchasing a principal amount of Notes at or in excess of the minimum Specified Denomination such that its holding amounts to a Specified Denomination. Further, a holder who, as a result of trading such amounts, holds an amount which is less than the minimum Specified Denomination in his account with the relevant clearing system at the relevant time may not receive a definitive Note in respect of such holding (should definitive Notes be printed) and would need to purchase a principal amount of Notes at or in excess of the minimum Specified Denomination such that its holding amounts to a Specified Denomination.

If definitive Notes are issued, holders should be aware that definitive Notes which have a denomination that is not an integral multiple of the minimum Specified Denomination may be illiquid and difficult to trade.

Inflation risk

The value of future payments of interest and principal may be reduced as a result of inflation as the real rate of interest on an investment in the Notes will be reduced at rising inflation rates and may be negative if the inflation rate rises above the nominal rate of interest on the Notes.

Temporary Global Note or Permanent Global Note will be held by or on behalf of Euroclear and Clearstream, Luxembourg

The Notes will be represented by a Temporary Global Note or a Permanent Global Note which will be held by or on behalf of Euroclear and Clearstream, Luxembourg. Consequently, investors will have to rely on their procedures for transfer, payment and communication with the Issuer.

Each Temporary Global Note and Permanent Global Note will be deposited with Euroclear and Clearstream, Luxembourg. Except in the circumstances described in the Temporary Global Note or the Permanent Global Note (as the case may be), investors will not be able to receive Definitive Notes. Euroclear and Clearstream, Luxembourg will maintain records of the interests in each Temporary Global Note and Permanent Global Note. While Notes are represented by a Temporary Global Note or a Permanent Global Note, investors will be able to trade their interests only through Euroclear or Clearstream, Luxembourg.

While Notes are represented by a Temporary Global Note or a Permanent Global Note, the Issuer will discharge its payment obligations under the Notes by making payments to the Common Depositary or Common Safekeeper for Euroclear and Clearstream, Luxembourg for distribution to their accountholders. A holder of an interest in a Temporary Global Note or a Permanent Global Note (as the case may be) must rely on the procedures of Euroclear and Clearstream, Luxembourg to receive payments under the Notes. The Issuer has no responsibility or liability for the records relating to, or payments made in respect of, interests in a Temporary Global Note or a Permanent Global Note.

Holders of interests in a Temporary Global Note or a Permanent Global Note will not have a direct right to vote in respect of the relevant Series of Notes. Instead, such holders will be permitted to act only to the extent that they are enabled to by Euroclear or Clearstream, Luxembourg.

Changes in law may adversely affect returns to holders of the Notes

The Conditions are based on English law and administrative practice in effect as at the date of this Base Prospectus. No assurance can be given as to the impact of any possible judicial decision or change to English law or administrative practice after the date of this Base Prospectus. Any change in the Issuer's tax status (or that of other members of the Group) or taxation legislation or practice could affect the Issuer's ability to provide returns to the Noteholders or alter post tax returns to the Noteholders. Commentaries in this Base Prospectus concerning the taxation of investors in the Notes are based on current United Kingdom tax law and practice which is subject to change, possibly with retrospective effect. The taxation of an investment in the Issuer depends on the individual circumstances of investors.

Risks related to the market generally

Set out below is a brief description of the principal market risks, including liquidity risk, exchange rate risk, interest rate risk and credit risk:

The secondary market generally

Notes may have no established trading market when issued, and one may never develop. If a market for the Notes does develop, it may not be very liquid. Therefore, investors may not be able to sell their Notes easily or at prices that will provide them with a yield comparable to similar investments that have a developed secondary market. This is particularly the case for Notes that are especially sensitive to interest rate, currency or market risks, are designed for specific investment objectives or strategies or have been structured to meet the investment requirements of limited categories of investors. These types of Notes generally would have a more limited secondary market and more price volatility than conventional debt securities. Illiquidity may have a severely adverse effect on the market value of Notes.

In addition, Noteholders should be aware of the prevailing global credit market conditions and liquidity of the secondary market for instruments similar to the Notes. A lack of liquidity may result in investors suffering losses on the Notes in secondary re-sales even if there is no decline in the performance of the assets of the Issuer. The Issuer cannot predict which of these circumstances will change and whether (if and when they do change) there will be a more liquid market for the Notes and instruments similar to the Notes at that time.

Exchange rate risks and exchange controls

The Issuer will pay principal and interest on the Notes in the Specified Currency. This presents certain risks relating to currency conversions if an investor's financial activities are denominated principally in a currency or currency unit (the Investor's Currency) other than the Specified Currency. These include the risk that exchange rates may significantly change (including changes due to devaluation of the Specified Currency or revaluation of the Investor's Currency) and the risk that authorities with jurisdiction over the Investor's Currency may impose or modify exchange controls. An appreciation in the value of the Investor's Currency relative to the Specified Currency would decrease (i) the Investor's Currency-equivalent yield on the Notes; (ii) the Investor's Currency equivalent value of the principal payable on the Notes; and (iii) the Investor's Currency equivalent market value of the Notes.

Government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable exchange rate. As a result, investors may receive less interest or principal than expected, or no interest or principal.

Interest rate risks

Investment in Fixed Rate Notes involves the risk that subsequent changes in market interest rates may adversely affect the value of the Fixed Rate Notes.

Investors will not be able to calculate in advance their rate of return on Floating Rate Notes

A key difference between Floating Rate Notes and Fixed Rate Notes is that interest income on Floating Rate Notes cannot be anticipated. Due to varying interest income, investors are not able to determine a definite yield of Floating Rate Notes at the time they purchase them, so that their return on investment cannot be compared with that of investments having longer fixed interest periods. If the terms and conditions of any Notes provide for frequent interest payment dates, investors are exposed to the reinvestment risk if market interest rates decline. That is, investors may reinvest the interest income paid to them only at the relevant lower interest rates then prevailing.

Zero Coupon Notes are subject to higher price fluctuations than non-discounted bonds

Changes in market interest rates have a substantially stronger impact on the prices of Zero Coupon Notes than on the prices of Notes bearing fixed or floating rate interest because the discounted issue prices are substantially below par. If market interest rates increase, Zero Coupon Notes can suffer higher price losses than other Notes having the same maturity and credit rating. Due to their leverage effect, Zero Coupon Notes are a type of investment associated with a particularly high price risk.

Credit ratings may not reflect all risks

Fitch (or any other rating agency appointed by the Issuer from time to time) may assign credit ratings to the Notes. The ratings may not reflect the potential impact of all risks related to structure, market, additional factors discussed above, and other factors that may affect the value of the Notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.

In general, European and United Kingdom regulated investors are restricted under Regulation (EC) No. 1060/2009 (as amended) (the CRA Regulation) or the UK CRA Regulation from using credit ratings for regulatory purposes, unless such ratings are issued by a credit rating agency established in the EU or the UK and registered under the CRA Regulation or the UK CRA Regulation (as applicable) (and such registration has not been withdrawn or suspended, subject to transitional provisions that apply in certain circumstances). Such general restriction will also apply in the case of credit ratings issued by non-EU or non-UK credit rating agencies, unless the relevant credit ratings are endorsed by an EU-registered or UK-registered credit rating agency or the relevant non-EU or non-UK rating agency is certified in accordance with the CRA Regulation or the UK CRA Regulation (as applicable) (and such endorsement action or certification, as the case may be, has not been withdrawn or suspended, subject to transitional provisions that apply in certain circumstances). If the status of the rating agency rating the Notes changes, European and UK regulated investors may no longer be able to use the rating for regulatory purposes and the Notes may have a different regulatory treatment. This may result in such regulated investors selling the Notes which may impact the value of the Notes and any secondary market. The list of registered and certified rating agencies published by the European Securities and Markets Authority (ESMA) on its website in accordance with the CRA Regulation and the list of registered and certified rating agencies published the FCA on its website in accordance with the UK CRA Regulation is not conclusive evidence of the status of the relevant rating agency included in any such list, as there may be delays between certain supervisory measures being taken against a relevant rating agency and the publication of the updated ESMA or FCA list. The ratings given by Fitch will be disclosed in the Final Terms and certain information with respect to Fitch and its ratings is set out on the cover of this Base Prospectus.

DOCUMENTS INCORPORATED BY REFERENCE

The following documents which have previously been published or are published simultaneously with this Base Prospectus and have been filed with the Financial Conduct Authority shall be incorporated in, and form part of, this Base Prospectus:

• (a) the independent auditors' report and audited consolidated financial statements and notes thereto of the Issuer for the financial year ended 31 March 2024 (prepared in accordance with UK-adopted international accounting standards as applied in accordance with the provisions of the Companies Act 2006) which appear on pages 150 to 219 of the annual report for the year ended 31 March 2024 (the 2024 Annual Report);
• (b) the independent auditors' report and audited consolidated financial statements and notes thereto of the Issuer for the financial year ended 31 March 2025 (prepared in accordance with UK-adopted international accounting standards as applied in accordance with the provisions of the Companies Act 2006) which appear on pages 136 to 206 of the annual report for the year ended 31 March 2025 (the 2025 Annual Report);
• (c) the terms and conditions contained in pages 26 to 61 of the base prospectus relating to the Programme dated 8 August 2017; and
• (d) the terms and conditions contained in pages 31 to 73 of the base prospectus relating to the Programme dated 26 June 2024.

The above-mentioned documents may be inspected as described in "General Information". For the avoidance of doubt, any documents or information incorporated by reference in the documents listed above shall not form part of this Base Prospectus. Any non-incorporated parts of a document referred to herein are either deemed not relevant for an investor or are otherwise covered elsewhere in this Base Prospectus. Where reference is made to a website in this Base Prospectus, the contents of that website shall not form part of this Base Prospectus and has not been scrutinised or approved by the FCA.

Following the publication of this Base Prospectus, a supplement may be prepared by the Issuer and approved by the FCA in accordance with Article 23 of the UK Prospectus Regulation. Statements contained in any such supplement (or contained in any document incorporated by reference therein) shall, to the extent applicable (whether expressly, by implication or otherwise), be deemed to modify or supersede statements contained in this Base Prospectus or in a document which is incorporated by reference in this Base Prospectus. Any statement so modified or superseded shall not, except as so modified or superseded, constitute a part of this Base Prospectus.

Copies of documents incorporated by reference in this Base Prospectus are available for viewing on the website of the Issuer (https://www.britishland.com/investors/results-reports-presentations and https://www.britishland.com/investors/debt/facilities-with-recourse-to-british-land/unsecuredsterling-bonds) and can be obtained from the registered office of the Issuer and from the specified office of the Paying Agent for the time being in London.

SUPPLEMENTAL BASE PROSPECTUS

The Issuer will, in the event of any significant new factor, material mistake or material inaccuracy relating to information included in this Base Prospectus which is capable of affecting the assessment of any Notes, prepare a supplement to this Base Prospectus or publish a new Base Prospectus for use in connection with any subsequent issue of Notes.

TERMS AND CONDITIONS OF THE NOTES

The following are the Terms and Conditions of the Notes which will be incorporated by reference into each Global Note (as defined below) and each definitive Note, in the latter case only if permitted by the relevant competent authority, stock exchange and/or quotation system (if any) and agreed by the Issuer and the relevant Dealer at the time of issue but, if not so permitted and agreed, such definitive Note will have endorsed thereon or attached thereto such Terms and Conditions. The provisions of Part A of the applicable Final Terms (or the relevant provisions thereof) will be endorsed upon, or attached to, each Global Note and definitive Note. Reference should be made to the "Form of Final Terms" for a description of the content of Final Terms which will specify which of such terms and conditions are to apply to the relevant Notes.

This Note is one of a Series (as defined below) of Notes issued by The British Land Company PLC (the Issuer) constituted by an amended and restated Trust Deed dated 9 July 2019, as most recently supplemented by a supplemental Trust Deed dated 12 July 2023 (as further amended, restated, modified and/or supplemented from time to time, the Trust Deed) made between the Issuer and Apex Corporate Trustees (UK) Limited (the Trustee, which expression shall include all persons for the time being trustee or trustees under the Trust Deed and any successor as Trustee) as trustee for the Noteholders (as defined below).

These terms and conditions (the Conditions) include summaries of, and are subject to, the detailed provisions of the Trust Deed, which includes the form of the Notes, Coupons and Talons referred to below.

References herein to the Notes shall be references to the Notes of this Series only and not to all Notes that may be issued under the Programme and shall mean:

• (i) in relation to any Notes represented by a global Note (a Global Note), units of each Specified Denomination in the Specified Currency;
• (ii) any Global Note; and
• (iii) any definitive Notes issued in exchange for a Global Note.

Reference herein to NGN shall mean a Temporary Global Note or a Permanent Global Note in either case where the applicable Final Terms specify the Notes as being in NGN form.

The Notes and the Coupons (as defined below) have the benefit of an amended and restated Agency Agreement dated 21 September 2016 (as further amended, restated, modified and/or supplemented from time to time, the Agency Agreement) and made between the Issuer, the Trustee and The Bank of New York Mellon, London Branch as issuing and principal paying agent (the Principal Paying Agent, which expression shall include any additional or successor issuing and principal paying agent) and the other paying agents named therein (together with the Principal Paying Agent, the Paying Agents, which expression shall include any additional or successor paying agents).

Interest-bearing definitive Notes have interest coupons (the Coupons) and, in the case of Notes which (when issued in definitive form) have more than 27 interest payments remaining, talons for further Coupons (the Talons) attached on issue. Any reference herein to Coupons shall, unless the context otherwise requires, be deemed to include a reference to Talons attached on issue. Global Notes do not have Coupons or Talons attached on issue.

The Final Terms for this Note (or the relevant provisions thereof) are set out in Part A of the Final Terms attached to or endorsed on this Note which supplement these Terms and Conditions (the Conditions). References to the applicable Final Terms are to Part A of the Final Terms (or the relevant provisions thereof) attached to or endorsed on this Note.

The Trustee acts for the benefit of the holders for the time being of the Notes (the Noteholders, which expression shall, in relation to any Notes represented by a Global Note, be construed as provided below) and the holders of the Coupons (the Couponholders, which expression shall, unless the context otherwise requires, include the holders of the Talons), in accordance with the provisions of the Trust Deed.

As used herein, Tranche means Notes which are identical in all respects (including as to listing and admission to trading) and Series means a Tranche of Notes together with any further Tranche or Tranches of Notes which are (i) expressed to be consolidated and form a single series and (ii) identical in all respects (including as to listing and admission to trading) except for their respective Issue Dates, Interest Commencement Dates and/or Issue Prices.

Copies of the Trust Deed and the Agency Agreement are available for inspection free of charge during normal business hours at the specified office for the time being of each of the Paying Agents. Copies of the applicable Final Terms may be obtained from, the registered office of the Issuer at York House, 45 Seymour Street, London W1H 7LX, United Kingdom. If the Notes are to be admitted to trading on the regulated market of the London Stock Exchange, the applicable Final Terms will be published on the website of the London Stock Exchange through a regulatory information service.

The Noteholders and the Couponholders are deemed to have notice of, and are entitled to the benefit of, all the provisions of the Trust Deed, the Agency Agreement and the applicable Final Terms which are applicable to them. The statements in these Conditions include summaries of, and are subject to, the detailed provisions of the Trust Deed and the Agency Agreement.

Words and expressions defined in the Trust Deed, the Agency Agreement or used in the applicable Final Terms shall have the same meanings where used in these Conditions unless the context otherwise requires or unless otherwise stated and provided that, in the event of inconsistency between the Trust Deed and the Agency Agreement, the Trust Deed will prevail and, in the event of any inconsistency between the Trust Deed or the Agency Agreement and the applicable Final Terms, the applicable Final Terms will prevail.

In these Conditions, euro means the currency introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty on the Functioning of the European Union, as amended.

1. FORM, DENOMINATION AND TITLE

The Notes are in bearer form and, in the case of definitive Notes, serially numbered, in the currency (the Specified Currency) and the denomination(s) (the Specified Denomination(s)) specified in the applicable Final Terms. Notes of one Specified Denomination may not be exchanged for Notes of another Specified Denomination.

This Note may be a Fixed Rate Note, a Floating Rate Note, a Zero Coupon Note or a combination of any of the foregoing, depending upon the Interest Basis shown in the applicable Final Terms.

Definitive Notes are issued with Coupons attached, unless they are Zero Coupon Notes in which case references to Coupons and Couponholders in these Conditions are not applicable.

Subject as set out below, title to the Notes and Coupons will pass by delivery. The Issuer, the Trustee and the Paying Agents will (except as otherwise required by law) deem and treat the bearer of any Note or Coupon as the absolute owner thereof (whether or not overdue and notwithstanding any notice of ownership or writing thereon or notice of any previous loss or theft thereof) for all purposes and shall incur no liability for so doing but, in the case of any Global Note, without prejudice to the provisions set out in the next succeeding paragraph.

For so long as any of the Notes is represented by a Global Note held on behalf of Euroclear Bank SA/NV (Euroclear) and/or Clearstream Banking S.A. (Clearstream, Luxembourg), each person (other than Euroclear or Clearstream, Luxembourg) who is for the time being shown in the records of Euroclear or of Clearstream, Luxembourg as the holder of a particular nominal amount of such Notes (in which regard any certificate or other document issued by Euroclear or Clearstream, Luxembourg as to the nominal amount of such Notes standing to the account of any person shall be conclusive and binding for all purposes save in the case of manifest error) shall be treated by the Issuer, the Trustee and the Paying Agents as the holder of such nominal amount of such Notes for all purposes other than with respect to the payment of principal or interest on such nominal amount of such Notes, for which purpose the bearer of the relevant Global Note shall be treated by the Issuer, the Trustee and any Paying Agent as the holder of such nominal amount of such Notes in accordance with and subject to the terms of the relevant Global Note and the expressions Noteholder and holder of Notes and related expressions shall be construed accordingly. In determining whether a particular person is the holder of a particular nominal amount of Notes as aforesaid, the Trustee may rely on such evidence and/or information and/or certification as it shall, in its absolute discretion, think fit and, if it does so rely, such evidence and/or information and/or certification shall, in the absence of manifest error, be conclusive and binding on all concerned.

Notes which are represented by a Global Note will be transferable only in accordance with the rules and procedures for the time being of Euroclear and Clearstream, Luxembourg, as the case may be. References to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so permits, be deemed to include a reference to any additional or alternative clearing system specified in Part B of the applicable Final Terms.

2. STATUS OF THE NOTES

The Notes (and any Coupons relating thereto) constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer and shall at all times rank pari passu among themselves and (save for certain obligations required to be preferred by law) equally with all other unsecured obligations (other than subordinated obligations, if any) of the Issuer, from time to time outstanding.

3. COVENANTS

The Issuer shall procure that so long as any of the Notes remains outstanding (as defined in the Trust Deed),

• (a) Net Borrowings shall not at any time exceed 175 per cent. of Adjusted Capital and Reserves; and
• (b) Net Unsecured Borrowings shall not at any time exceed 70 per cent. of Unencumbered Assets.

For the purpose of this Condition 3:

Accounts Date means the date of the Latest Consolidated Accounts.

Adjusted Capital and Reserves means, at any time, the amount of the issued and paid up share capital of the Issuer (for which purpose an issue or proposed issue of share capital for cash which has been unconditionally underwritten shall be deemed paid up to the extent that the underwriters are liable therefor but only if such capital will be paid up within six months from the date when such underwriting liability becomes unconditional) and the aggregate amount standing to the credit of the consolidated capital and revenue reserves of the Issuer and its Subsidiaries (including any share premium account, capital redemption reserve, revaluation reserve, other reserves and the credit or debit balance on the profit and loss account) all as shown in the Latest Consolidated Accounts but:

• (i) adjusted as may be appropriate to take account of:
  • (A) any increase in or reduction of such share capital and such reserves (other than in respect of any unaudited profit or loss attributable to the ordinary course of trading) since the Accounts Date,
  • (B) the external valuation surplus arising in respect of any Assets stated in the Latest Consolidated Accounts,
  • (C) any increase in or reduction of such reserves arising as a result of a Revaluation,
  • (D) any distributions in cash or specie made (otherwise than to the Issuer, or any Subsidiary of the Issuer and attributable, directly or indirectly, to the Issuer) from such reserves or profit and loss account since the Accounts Date and not provided for therein,
  • (E) any Subsidiary of the Issuer not consolidated in the Latest Consolidated Accounts or any companies which since the Accounts Date have become or have ceased to be Subsidiaries of the Issuer, and
  • (F) any other variation in the Issuer's interests in Subsidiaries of the Issuer since the Accounts Date;
• (ii) after excluding any sums set aside for taxation (whether in respect of deferred tax or otherwise);
• (iii) after deducting all amounts (if any) attributable to goodwill or any other intangible assets unless such amounts were included in the Latest Consolidated Accounts (or, in the case of any company which has become a Subsidiary of the Issuer since the Accounts Date, in the most recent audited accounts of such company);
• (iv) after excluding any amount attributable to outside interests in Subsidiaries;
• (v) after making such other adjustments (if any) as the auditors for the time being of the Issuer may consider appropriate; and
• (vi) after excluding any increase or decrease in the amount of any reserve made (save in relation to any equity instrument) as a result of any requirement that any gain or loss arising from a change in the fair value of a financial asset or of a financial liability be recorded in reserves, whether by inclusion in the profit and loss account or otherwise. (For the purpose of this provision the terms "financial asset" and "financial liability" shall not include property assets or property liabilities).

Assets means, at any time, all

• (i) investment, development and trading properties;
• (ii) investments in joint ventures (provided that no joint venture investment shall be included in the calculation at a figure of less than zero);
• (iii) other investments; and
• (iv) such other assets (if any) the inclusion of which the auditors for the time being of the Issuer may from time to time consider appropriate,

and Asset means any one of them.

Borrowings means, at any time

• (i) the principal amount of all moneys borrowed (with or without security) by any member of the Group;
• (ii) the nominal amount of the issued share capital (other than equity share capital which, as regards capital, has rights no more favourable than those attached to its ordinary share capital) of any Subsidiary of the Issuer which is not beneficially owned by the Issuer or another, wholly owned, Subsidiary of the Issuer;
• (iii) the maximum amount for the time being outstanding for which any member of the Group has given security or is liable as guarantor or indemnifier or in any other like capacity in respect of:
  • (A) obligations for redemption of any share capital of any body corporate (other than share capital which is beneficially owned by any member of the Group); or
  • (B) the principal amount of borrowings, loan capital or other indebtedness of any person other than a member of the Group or, to the extent that it would not otherwise constitute Borrowings, any member of the Group;
• (iv) the principal amount raised by any member of the Group by acceptances (not being acceptances in relation to the purchase of goods or services in the ordinary course of trading which have been outstanding for 180 days or less) or under any acceptance credit opened on its behalf by a bank or accepting house;
• (v) the principal amount of any debenture (as defined by section 738 of the Companies Act 2006) of any member of the Group, provided however that in the case of a debenture where (ignoring any amounts payable by way of interest) the issue price is less than the amount payable on final redemption, (i) the principal amount shall be the accreted value; and (ii) the accreted value shall not be lower than the issue price nor higher than the amount payable on final redemption;
• (vi) the principal amount outstanding by any member of the Group under a finance lease. For the avoidance of doubt, rents payable in respect of leaseholds of immovable property entered into in the ordinary course of business shall not be deemed to be finance leases for these purposes; and
• (vii) principal amounts outstanding which do not otherwise fall to be treated as Borrowings of any member of the Group under any other paragraph of this definition if they are treated as borrowings in the Latest Consolidated Accounts;

but shall not include:

• (a) any amount included in a balance sheet of a member of the Group or in a consolidated balance sheet of the Group (save in relation to any equity instrument) as a result of any requirement that financial assets or financial liabilities be carried on such balance sheet at fair value. (For the purpose of this provision the terms "financial asset" and "financial liability" shall not include property assets or property liabilities);
• (b) amounts which would otherwise be Borrowings which are intended to be applied within six months of being borrowed or raised in the repayment of Borrowings then outstanding pending their application for such purpose or the expiration of such period whichever shall be the earlier;
• (c) a proportion of the Borrowings of any partly-owned Subsidiary of the Issuer (but only to the extent that an amount equivalent to such proportion exceeds Borrowings (if any) from such partly-owned Subsidiary of the Issuer by another member of the Group) such proportion being that which the issued ordinary share capital of such partly-owned Subsidiary of the Issuer which is not for the time being beneficially owned directly or indirectly by the Issuer bears to the whole of the issued ordinary share capital of such partly-owned Subsidiary of the Issuer; or
• (d) any amount which would otherwise be a Borrowing but which is owed by one member of the Group to another member of the Group;

and so that:

• (x) any company which it is proposed shall become or cease to be a Subsidiary of the Issuer contemporaneously with any relevant transaction shall be treated as if it had already become or ceased to be a Subsidiary of the Issuer; and
• (y) for the avoidance of doubt, amounts prospectively payable for the hire or lease of movable or immovable property (other than under a finance lease as described in paragraph (vi) above) shall not be deemed to be Borrowings notwithstanding that a capital amount in respect of such amounts may be included as a liability in the Latest Consolidated Accounts.

Group means the Issuer and its Subsidiaries from time to time.

Latest Consolidated Accounts means, at any date, the then latest consolidated financial statements of the Group (including the notes thereto) which have been audited and/or reported on by the auditors for the time being of the Issuer and published and distributed to the shareholders generally of the Issuer as the accounts of the Group.

Net Borrowings means, at any time, Borrowings less cash and deposits beneficially owned by any member of the Group.

Net Unsecured Borrowings means, at any time, Borrowings less

• (i) cash and deposits beneficially owned by any member of the Group which are not subject to a Security Interest;
• (ii) Secured Borrowings; and
• (iii) Non-Recourse Borrowings.

Non-Recourse Borrowings means, at any time, Borrowings (as identified in the Latest Consolidated Accounts or which, having arisen since the Accounts Date, the Issuer intends will be identified in the next consolidated accounts) made by a ring fenced special purpose company such that the lender has recourse for repayment of those Borrowings only to that company or its assets and (if applicable) to other Non-Recourse Companies or their assets.

Non-Recourse Company means a member of the Group whose Borrowings are Non-Recourse Borrowings, or to whom or against whose assets the lender of Non-Recourse Borrowings has recourse for their repayment.

Revaluation means a valuation of all or any Assets carried out by external valuers on an open market basis.

Secured Borrowings means, at any time, Borrowings the discharge of which is secured by a Security Interest.

Security Interest means a mortgage, pledge, charge, assignment, hypothecation or other agreement conferring security.

Subsidiary means (i) a subsidiary as defined in section 1159 of the Companies Act 2006; and (ii) a subsidiary undertaking as defined in section 1162 of the Companies Act 2006.

Unencumbered Assets means the aggregate Value of the Assets of the Group at the relevant date, as adjusted by deducting the Value of:

• (i) investments in joint ventures at such time included within Assets (save that a loan by a member of the Group to a joint venture which is made on commercial terms and fully secured by a first priority Security Interest but which is designated in the Latest Consolidated Accounts as an investment as required by accounting principles shall not be so deducted); and
• (ii) Assets over which a Security Interest has been granted and any other Assets to which a lender of Non-Recourse Borrowings has recourse for their repayment (each as identified in the Latest Consolidated Accounts or which, having arisen since the Accounts Date, the Issuer intends will be identified in the next consolidated accounts).

Value means

• (i) the value attributed to any Asset in the Latest Consolidated Accounts including (without limitation) any external valuation surplus;
• (ii) in the case of an Asset acquired by a member of the Group since the Accounts Date, the acquisition cost of such Asset or, in the case of an Asset owned by a Subsidiary acquired since the Accounts Date, the fair value attributed to such Asset in the acquisition; or
• (iii) in the case of an Asset the subject of a Revaluation since the Accounts Date, the open market value attributed to such Asset by the Revaluation.

The definitions set out in this Condition 3 shall be construed in a manner consistent with generally accepted accounting principles in the United Kingdom from time to time (Current GAAP), provided always that the covenants set out in this Condition 3 shall be deemed to be satisfied if at any time the Issuer would be in compliance with their terms were the definitions to be construed in accordance with generally accepted accounting principles in the United Kingdom as at 31 March 2003, notwithstanding that it may be in breach were the definitions to be construed in accordance with Current GAAP.

In each of the calculations or adjustments made for the purpose of this Condition 3, no amount shall be taken into account more than once.

A certificate addressed to the Trustee by two duly authorised persons of the Issuer as to the amount of the Net Borrowings, Adjusted Capital and Reserves, Net Unsecured Borrowings or Unencumbered Assets or as to compliance or otherwise by the Issuer with the covenants in this Condition 3 or as to any other defined term or figure required in connection with this Condition 3 (unless expressly stated otherwise) may, in the absence of manifest error, be relied upon by the Trustee and, if so relied upon, shall be conclusive and binding on the Issuer, the Noteholders and the Couponholders.

4. INTEREST

(a) Interest on Fixed Rate Notes

Each Fixed Rate Note bears interest from (and including) the Interest Commencement Date at the rate(s) per annum equal to the Rate(s) of Interest. Interest will be payable in arrear on the Interest Payment Date(s) in each year up to (and including) the Maturity Date.

If the Notes are in definitive form, except as provided in the applicable Final Terms, the amount of interest payable on each Interest Payment Date in respect of the Fixed Interest Period ending on (but excluding) such date will amount to the Fixed Coupon Amount. Payments of interest on any Interest Payment Date will, if so specified in the applicable Final Terms, amount to the Broken Amount so specified.

As used in these Conditions, Fixed Interest Period means the period from (and including) an Interest Payment Date (or the Interest Commencement Date) to (but excluding) the next (or first) Interest Payment Date.

Except in the case of Notes in definitive form where an applicable Fixed Coupon Amount or Broken Amount is specified in the applicable Final Terms, interest shall be calculated in respect of any period by applying the Rate of Interest to:

• (A) in the case of Fixed Rate Notes which are represented by a Global Note, the aggregate outstanding nominal amount of the Fixed Rate Notes represented by such Global Note; or
• (B) in the case of Fixed Rate Notes in definitive form, the Calculation Amount;

and, in each case, multiplying such sum by the applicable Day Count Fraction, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention. Where the Specified Denomination of a Fixed Rate Note in definitive form is a multiple of the Calculation Amount, the amount of interest payable in respect of such Fixed Rate Note shall be the product of the amount (determined in the manner provided above) for the Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination, without any further rounding.

In these Conditions:

Day Count Fraction means, in respect of the calculation of an amount of interest in accordance with this Condition 4(a):

• (i) if "Actual/Actual (ICMA)" is specified in the applicable Final Terms:
  • (A) in the case of Notes where the number of days in the relevant period from (and including) the most recent Interest Payment Date (or, if none, the Interest Commencement Date) to (but excluding) the relevant payment date (the Accrual Period) is equal to or shorter than the Determination Period during which the Accrual Period ends, the number of days in such Accrual Period divided by the product of (1) the number of days in such Determination Period and (2) the number of Determination Dates (as specified in the applicable Final Terms) that would occur in one calendar year; or
  • (B) in the case of Notes where the Accrual Period is longer than the Determination Period during which the Accrual Period ends, the sum of:
• (1) the number of days in such Accrual Period falling in the Determination Period in which the Accrual Period begins divided by the product of (x) the number of days in such Determination Period and (y) the number of Determination Dates (as specified in the applicable Final Terms) that would occur in one calendar year; and
• (2) the number of days in such Accrual Period falling in the next Determination Period divided by the product of (x) the number of days in such Determination Period and (y) the number of Determination Dates that would occur in one calendar year; and
• (ii) if "30/360" is specified in the applicable Final Terms, the number of days in the period from (and including) the most recent Interest Payment Date (or, if none, the Interest Commencement Date) to (but excluding) the relevant payment date (such number of days being calculated on the basis of a year of 360 days with 12 30-day months) divided by 360.

Determination Period means each period from (and including) a Determination Date to (but excluding) the next Determination Date (including, where either the Interest Commencement Date or the final Interest Payment Date is not a Determination Date, the period commencing on the first Determination Date prior to, and ending on the first Determination Date falling after, such date); and

sub-unit means, with respect to any currency other than euro, the lowest amount of such currency that is available as legal tender in the country of such currency and, with respect to euro, means one cent.

(b) Interest on Floating Rate Notes

(i) Interest Payment Dates

Each Floating Rate Note bears interest from (and including) the Interest Commencement Date and such interest will be payable in arrear on either:

• (A) the Specified Interest Payment Date(s) in each year specified in the applicable Final Terms; or
• (B) if no Specified Interest Payment Date(s) is/are specified in the applicable Final Terms, each date (each such date, together with each Specified Interest Payment Date, an Interest Payment Date) which falls the number of months or other period specified as the Specified Period in the applicable Final Terms after the preceding Interest Payment Date or, in the case of the first Interest Payment Date, after the Interest Commencement Date.

Such interest will be payable in respect of each Interest Period (which expression shall, in these Conditions, mean the period from (and including) an Interest Payment Date (or the Interest Commencement Date) to (but excluding) the next (or first) Interest Payment Date).

If a Business Day Convention is specified in the applicable Final Terms and (x) if there is no numerically corresponding day in the calendar month in which an Interest Payment Date should occur; or (y) if any Interest Payment Date would otherwise fall on a day which is not a Business Day, then, if the Business Day Convention specified is:

(1) in any case where Specified Periods are specified in accordance with Condition 4(b)(i)(B), the Floating Rate Convention, such Interest Payment Date (i) in the case of (x) above, shall be the last day that is a Business Day in the relevant month and the provisions of (B) below shall apply mutatis mutandis or (ii) in the case of (y) above, shall be postponed to the next day which is a Business Day unless it would thereby fall into the next calendar month, in which event (A) such Interest Payment Date shall be brought forward to the immediately preceding Business Day and (B) each subsequent Interest Payment Date shall be the last Business Day in the month which falls the Specified Period after the preceding applicable Interest Payment Date occurred;

• (2) the Following Business Day Convention, such Interest Payment Date shall be postponed to the next day which is a Business Day;
• (3) the Modified Following Business Day Convention, such Interest Payment Date shall be postponed to the next day which is a Business Day unless it would thereby fall into the next calendar month, in which event such Interest Payment Date shall be brought forward to the immediately preceding Business Day; or
• (4) the Preceding Business Day Convention, such Interest Payment Date shall be brought forward to the immediately preceding Business Day.

In these Conditions, Business Day means a day which is both:

• (A) a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in London and each Additional Business Centre (other than T2) specified in the applicable Final Terms;
• (B) If T2 is specified as an Additional Business Centre in the applicable Final Terms, a day on which the real-time gross settlement system operated by the Eurosystem, or any successor system (the T2) is open (a TARGET Settlement Day); and
• (C) either (1) in relation to any sum payable in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency (if other than any Additional Business Centre and which, if the Specified Currency is Australian dollars or New Zealand dollars, shall be Sydney or Auckland, respectively) or (2) in relation to any sum payable in euro, a TARGET Settlement Day.

(ii) Rate of Interest

The Rate of Interest payable from time to time in respect of Floating Rate Notes will be determined in the manner specified in the applicable Final Terms.

(A) ISDA Determination for Floating Rate Notes

Where ISDA Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final Terms) the Margin (if any). For the purposes of this Condition 4(b)(ii)(A), ISDA Rate for an Interest Period means a rate equal to the Floating Rate that would be determined by the Principal Paying Agent under an interest rate swap transaction if the Principal Paying Agent were acting as Calculation Agent for that swap transaction under the terms of an agreement incorporating (i) if "2006 ISDA Definitions" is specified in the applicable Final Terms, the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc. (ISDA) and as amended and updated as at the Issue Date of the first Tranche of the Notes; or (ii) if "2021 ISDA Definitions" is specified in the applicable Final Terms, the latest version of the 2021 ISDA Interest Rate Derivatives Definitions as published by ISDA as at the Issue Date of the first Tranche of the Notes (together, the ISDA Definitions) and under which:

• (1) the Floating Rate Option is as specified in the applicable Final Terms;
• (2) the Designated Maturity is a period specified in the applicable Final Terms; and
• (3) the relevant Reset Date is either (i) if the applicable Floating Rate Option is based on the Euro-zone inter-bank offered rate (EURIBOR) or the Sterling Overnight Index Average (SONIA), the first day of that Interest Period or (ii) in any other case, as specified in the applicable Final Terms.

The ISDA Definitions contain provisions for determining the applicable Floating Rate in the event that the specified Floating Rate is not available.

For the purposes of this Condition 4(b)(ii)(A), Floating Rate, Calculation Agent, Floating Rate Option, Designated Maturity and Reset Date have the meanings given to those terms in the ISDA Definitions.

Unless otherwise stated in the applicable Final Terms, the Minimum Rate of Interest shall be deemed to be zero.

(B) Screen Rate Determination for Floating Rate Notes – EURIBOR

Where Screen Rate Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will, subject as provided below, be either (save where the Reference Rate is SONIA, in which case Condition 4(b)(ii)(C) shall apply):

• (1) the offered quotation; or
• (2) the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) of the offered quotations,

(expressed as a percentage rate per annum) for the Reference Rate (being EURIBOR, as specified in the applicable Final Terms, subject as provided in Condition 4(b)(iii)) which appears or appear, as the case may be, on the Relevant Screen Page (or such replacement page on that service which displays the information) as at the Specified Time on the Interest Determination Date in question plus or minus (as indicated in the applicable Final Terms) the Margin (if any), all as determined by the Principal Paying Agent. If five or more of such offered quotations are available on the Relevant Screen Page, the highest (or, if there is more than one such highest quotation, one only of such quotations) and the lowest (or, if there is more than one such lowest quotation, one only of such quotations) shall be disregarded by the Principal Paying Agent for the purpose of determining the arithmetic mean (rounded as provided above) of such offered quotations.

If the Relevant Screen Page is not available or if, in the case of (1) above, no offered quotation appears or, in the case of (2) above, fewer than three offered quotations appear, in each case as at the Specified Time, the Principal Paying Agent shall request each of the Reference Banks to provide the Principal Paying Agent with its offered quotation (expressed as a percentage rate per annum) for the Reference Rate at approximately the Specified Time on the Interest Determination Date in question. If two or more of the Reference Banks provide the Principal Paying Agent with offered quotations, the Rate of Interest for the Interest Period shall be the arithmetic mean (rounded if necessary to the fifth decimal place with 0.000005 being rounded upwards) of the offered quotations plus or minus (as appropriate) the Margin (if any), all as determined by the Principal Paying Agent.

If on any Interest Determination Date one only or none of the Reference Banks provides the Principal Paying Agent with an offered quotation as provided in the preceding paragraph, the Rate of Interest for the relevant Interest Period shall be the rate per annum which the Principal Paying Agent determines as being the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) of the rates, as communicated to (and at the request of) the Principal Paying Agent by the Reference Banks or any two or more of them, at which such banks were offered, at approximately the Specified Time on the relevant Interest Determination Date, deposits in the Specified Currency for a period equal to that which would have been used for the Reference Rate by leading banks in the Euro-zone inter-bank market plus or minus (as appropriate) the Margin (if any) or, if fewer than two of the Reference Banks provide the Principal Paying Agent with offered rates, the offered rate for deposits in the Specified Currency for a period equal to that which would have been used for the Reference Rate, or the arithmetic mean (rounded as provided above) of the offered rates for deposits in the Specified Currency for a period equal to that which would have been used for the Reference Rate, at which, at approximately the Specified Time on the relevant Interest Determination Date, any one or more banks (which bank or banks is or are in the opinion of the Issuer suitable for the purpose) informs the Principal Paying Agent it is quoting to leading banks in the Euro-zone inter-bank market plus or minus (as appropriate) the Margin (if any), provided that, if the Rate of Interest cannot be determined in accordance with the foregoing provisions of this paragraph, the Rate of Interest shall be determined as at the last preceding Interest Determination Date (though substituting, where a different Margin is to be applied to the relevant Interest Period from that which applied to the last preceding Interest Period, the Margin relating to the relevant Interest Period in place of the Margin relating to that last preceding Interest Period).

For the purposes of this Condition 4(b)(ii)(B), Specified Time means 11.00 a.m. (Brussels time) and Reference Banks means the principal Euro-zone office of four major banks in the Euro-zone inter-bank market as selected by the Issuer.

(C) Screen Rate Determination for Floating Rate Notes – Compounded Daily SONIA

Where Screen Rate Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined and the Reference Rate in respect of the Floating Rate Notes is specified as being SONIA, the Rate of Interest for each Interest Period will be the sum of the Compounded Daily SONIA plus or minus (as indicated in the applicable Final Terms) the Margin (if any).

If, in respect of any London Banking Day in the relevant Observation Period, the SONIA reference rate is not available on the Relevant Screen Page or has not otherwise been published by the relevant authorised distributors, such SONIA reference rate shall be: (i) that determined as at the last preceding Interest Determination Date or (ii) if there is no such preceding Interest Determination Date, the initial Rate of Interest which would have been applicable to such Floating Rate Notes for the first Interest Period had the Floating Rate Notes been in issue for a period equal in duration to the scheduled first Interest Period but ending on (and excluding) the Interest Commencement Date (but applying the Margin to the first Interest Period).

Notwithstanding the immediately preceding paragraph, in the event that the Bank of England publishes guidance as to (i) how the SONIA rate is to be determined or (ii) any rate that is to replace the SONIA rate, the SONIA Calculation Agent shall, to the extent that it is reasonably practicable, follow such guidance in order to determine the SONIA rate, for purposes of the Floating Rate Notes for so long as the SONIA rate is not available or has not been published by the authorised distributors.

If the Floating Rate Notes become due and payable in accordance with Condition 9, the final Interest Determination Date shall, notwithstanding any Interest Determination Date specified in the applicable Final Terms, be deemed to be the date on which such Floating Rate Notes became due and payable and the Rate of Interest on such Floating Rate Notes shall, for so long as any such Note remains outstanding, be that determined on such date.

For the purpose of this Condition 4(b)(ii)(C):

Compounded Daily SONIA means the rate of return of a daily compound interest investment (with the daily Sterling overnight reference rate as reference rate for the calculation of interest) and will be calculated by the SONIA Calculation Agent on the Interest Determination Date, as follows, and the resulting percentage will be rounded if necessary to the fourth decimal place, with 0.00005 being rounded upwards:

$$\left[\prod_{i=1}^{d_{\theta}} \left(1 + \frac{\text{SONIA}_{i \cdot \text{SLBD}} \times \text{n}_{i}}{3.65} \right) - 1\right] \times \frac{3.65}{d}$$

where:

d is the number of calendar days in the relevant Interest Period;

d^O is the number of London Banking Days in the relevant Interest Period;

i is a series of whole numbers from one to dO, each representing the relevant London Banking Day in chronological order from, and including, the first London Banking Day in the relevant Interest Period; London Banking Day means any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in London;

ni, for any day i, means the number of calendar days from and including such day "i" up to but excluding the following London Banking Day;

Observation Period means, in respect of an Interest Period, the period from (and including) the date falling five London Banking Days prior to the first day of the relevant Interest Period and ending on (but excluding) the date falling five London Banking Days prior to the Interest Payment Date for such Interest Period (or the date falling five London Banking Days prior to such earlier date, if any, on which the Notes become due and payable);

SONIA Calculation Agent means the Principal Paying Agent or such other party as specified in the applicable Final Terms for the purposes of calculating the Rate of Interest and Interest Amount;

the SONIA reference rate, in respect of any London Banking Day, is a reference rate equal to the daily SONIA rate for such London Banking Day as provided by the administrator of SONIA to authorised distributors and as then published on the Relevant Screen Page or, if the Relevant Screen Page is unavailable, as otherwise published by such authorised distributors, in each case on the London Banking Day immediately following such London Banking Day; and

SONIAi-5LBD means, in respect of any London Banking Day falling in the relevant Interest Period, the SONIA reference rate for the London Banking Day falling, in the relevant Observation Period, five London Banking Days prior to the relevant London Banking Day "i".

(D) Screen Rate Determination for Floating Rate Notes – Constant Maturity Swap rate (CMS)

Where Screen Rate Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined and the Reference Rate in respect of the Floating Rate Notes is specified as being CMS Rate, the Rate of Interest for each Interest Period will, subject as provided below, be determined by the Principal Paying Agent by reference to the following formula:

CMS Rate + Margin

If the Relevant Screen Page is not available, the Principal Paying Agent shall request each of the CMS Reference Banks to provide the Principal Paying Agent with its quotation for the Reference Swap Rate at approximately the Specified Time on the Interest Determination Date in question. If at least three of the CMS Reference Banks provide the Principal Paying Agent with such quotations, the CMS Rate for such Interest Period shall be the arithmetic mean of such quotations, eliminating the highest quotation (or, in the event of equality, one of the highest and the lowest quotation (or, in the event of equality, one of the lowest)).

If on any Interest Determination Date less than three or none of the CMS Reference Banks provides the Principal Paying Agent with such quotations, as provided in the preceding paragraph, the CMS Rate shall be determined by the Principal Paying Agent on such commercial basis as considered appropriate by the Principal Paying Agent in its absolute discretion, in accordance with standard market practice.

For the purposes of this Condition 4(b)(ii)(D),

CMS Rate shall mean, subject as provided in this Condition 4(b)(ii)(D), the applicable swap rate for swap transactions in the relevant Specified Currency with a maturity of the Designated Maturity, expressed as a percentage, which appears on the Relevant Screen Page as at the Specified Time on the Interest Determination Date in question, all as determined by the Principal Paying Agent.

CMS Reference Banks means (i) where the Specified Currency is euro, the principal office of five leading swap dealers in the Euro-zone inter-bank market, (ii) where the Specified Currency is pounds sterling, the principal London office of five leading swap dealers in the London inter-bank market, (iii) where the Specified Currency is U.S. dollars, the principal New York City office of five leading swap dealers in the New York City inter-bank market, or (iv) in the case of any other Specified Currency, the principal Relevant Financial Centre office of five leading swap dealers in the Relevant Financial Centre inter-bank market, in each case selected by the Principal Paying Agent.

Reference Swap Rate means:

• (a) where the Specified Currency is euro, the mid-market annual swap rate determined on the basis of the arithmetic mean of the bid and offered rates for the annual fixed leg, calculated on a 30/360 day count basis, of a fixed-for-floating euro interest rate swap transaction with a term equal to the Designated Maturity commencing on the first day of the relevant Interest Period and in a Representative Amount with an acknowledged dealer of good credit in the swap market, where the floating leg, in each case calculated on an Actual/360 day count basis, is equivalent to EUR-EURIBOR-Reuters (as defined in the ISDA Definitions), with a designated maturity determined by the Principal Paying Agent by reference to standard market practice and/or the ISDA Definitions; and
• (b) where the Specified Currency is any other currency or if the applicable Final Terms specify otherwise, the mid-market swap rate as determined in accordance with the applicable Final Terms.

Representative Amount means an amount that is representative for a single transaction in the relevant market at the relevant time.

Specified Time means 11.00 a.m. in the Relevant Financial Centre.

Designated Maturity, Margin, Specified Currency and Relevant Screen Page shall have the meaning given to those terms in the applicable Final Terms.

(iii) Benchmark Replacement

If:

• (A) Screen Rate Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined; and
• (B) notwithstanding the provisions of Condition 4(b)(ii)(B), (C) and (D), if the Issuer (where the Reference Rate is Compounded Daily SONIA, in consultation with the SONIA Calculation Agent) determines that a Benchmark Event (as defined below) has occurred when any Rate of Interest (or relevant component part thereof) remains to be determined by reference to a Reference Rate,

then the following provisions shall apply.

• (A) the Issuer shall use reasonable endeavours to appoint an Independent Adviser to determine, in consultation with the Issuer (acting in good faith and in a commercially reasonable manner):
  • (1) a Successor Reference Rate; or
  • (2) if such Independent Adviser (in consultation with the Issuer) determines that there is no Successor Reference Rate, an Alternative Reference Rate,

and in each case, an Adjustment Spread (if any) (in any such case, acting in good faith and in a commercially reasonable manner) no later than five Business Days prior to the Interest Determination Date relating to the next Interest Period (the IA Determination Cut-off Date) for the purposes of determining the Rate of Interest applicable to the Notes for such next Interest Period and for all other future Interest Periods (subject to the subsequent provisions of this Condition 4(b)(iii) during any other future Interest Period(s));

• (B) if a Successor Reference Rate or, failing which, an Alternative Reference Rate (as applicable) is determined by the Independent Adviser in accordance with this Condition 4(b)(iii):
  • (1) such Successor Reference Rate or Alternative Reference Rate (as applicable) shall be the Reference Rate for all future Interest Periods (subject to the subsequent operation of, and adjustment as provided in this Condition 4(b)(iii));
  • (2) if the Independent Adviser, in consultation with the Issuer:
    • (a) determines that an Adjustment Spread is required to be applied to such Successor Reference Rate or Alternative Reference Rate (as applicable) and determines the quantum of, or a formula or methodology for determining, such Adjustment Spread, then such Adjustment Spread shall be applied to such Successor Reference Rate or Alternative Reference Rate (as applicable) for all future Interest Periods (subject to the subsequent operation of, and adjustment as provided in this Condition 4(b)(iii)); or
• (b) is unable to determine the quantum of, or a formula or methodology for determining, an Adjustment Spread, then such Successor Reference Rate or Alternative Reference Rate (as applicable) will apply without an Adjustment Spread for all future Interest Periods (subject to the subsequent operation of, and adjustment as provided in this Condition 4(b)(iii)); and
• (c) the Independent Adviser (acting in good faith and in a commercially reasonable manner) may in its discretion specify:
  • (i) changes to the Conditions, the Trust Deed or the Agency Agreement in order to follow market practice in relation to such Successor Reference Rate or Alternative Reference Rate (as applicable), including, but not limited to, (x) the Additional Business Centre(s), Business Day, Business Day Convention, Day Count Fraction, Interest Determination Date and/or Relevant Screen Page applicable to the Notes and (y) the method for determining the fallback to the Rate of Interest in relation to the Notes if such Successor Reference Rate or Alternative Reference Rate (as applicable) is not available; and
  • (ii) any other changes which the Independent Adviser determines are reasonably necessary to ensure the proper operation and comparability to the Original Reference Rate of such Successor Reference Rate or Alternative Reference Rate (as applicable),

which changes shall apply to the Notes for all future Interest Periods (subject to the subsequent operation of, and adjustment as provided in this Condition 4(b)(iii)); and

• (d) promptly following the determination of (i) any Successor Reference Rate or Alternative Reference Rate (as applicable) and (ii) if applicable, any Adjustment Spread, the Issuer shall give notice thereof and of any changes (and the effective date thereof) pursuant to this Condition 4(b)(iii) to the Trustee, the Principal Paying Agent (and any other Paying Agents), the Noteholders and, if the Notes are listed on a stock exchange and the rules of such exchange or other relevant authority so require, such exchange or other relevant authority as soon as possible after the determination.
• (C) No later than notifying the Trustee of the same, the Issuer shall deliver to the Trustee a certificate signed by two authorised signatories of the Issuer:
  • (1) confirming (x) the Successor Reference Rate or, as the case may be, the Alternative Reference Rate and (y) where applicable, any Adjustment Spread, in each case as determined in accordance with the provisions of this Condition 4(b)(iii);
• (2) certifying that the consequential amendments are necessary to ensure the proper operation of such Successor Reference, Alternative Reference Rate and/or Adjustment Spread; and
• (3) certifying that the Issuer has duly consulted with an Independent Adviser with respect to each of the matters above.

The Trustee shall be entitled to rely on such certificate (without enquiry or liability to any person) as sufficient evidence thereof. For the avoidance of doubt, the Trustee shall not be liable to the Noteholders or any other person for so acting or relying on such certificate, irrespective of whether any such modification is or may be materially prejudicial to the interests of any such person. The Successor Reference Rate or Alternative Reference Rate and Adjustment Spread (if any) and any such other relevant changes pursuant to this Condition 4(b)(iii) specified in such certificate will (in the absence of manifest error in the determination of the Successor Reference Rate or Alternative Reference Rate and Adjustment Spread (if any) and without prejudice to the Trustee's ability to rely on such certificate as aforesaid) be binding on the Issuer, the Trustee, the Principal Paying Agent, the Noteholders and the Couponholders.

Subject to receipt by the Trustee of such certificate, the Trustee shall, at the direction and expense of the Issuer, effect such consequential amendments to the Trust Deed (including, inter alia, by the execution of a deed supplement to or amending the Trust Deed), the Agency Agreement and these Conditions (the Benchmark Amendments) as the Issuer certifies are required to give effect to this Condition 4(b)(iii) and the Trustee shall not be liable to any party for any consequences thereof.

The Trustee shall not be required to effect any such Benchmark Amendments if the same would impose, in the Trustee's reasonable opinion, more onerous obligations upon it or expose it to any additional duties, responsibilities or liabilities or reduce or amend its rights and/or the protective provisions afforded to it.

For the avoidance of doubt, no Noteholder consent shall be required in connection with effecting these Benchmark Amendments or such other changes, including the execution of any documents, amendments or other steps by the Issuer, the Trustee or the Principal Paying Agent (if required).

In connection with such variation in accordance with this Condition 4(b)(iii), the Issuer shall comply with the rules of any stock exchange on which the Notes are for the time being listed or admitted to trading.

If the Issuer is unable to appoint an Independent Adviser in a timely manner, or if the Independent Adviser and the Issuer cannot agree upon, or cannot select a Successor Reference Rate or Alternative Reference Rate prior to the IA Determination Cut-off Date in accordance with this Condition 4(b)(iii), the Issuer (acting in good faith and in a commercially reasonable manner) may determine which (if any) rate has replaced the relevant Reference Rate in customary market usage for purposes of determining floating rates of interest in respect of Eurobonds denominated in the Specified Currency, or, if it determines that there is no such rate, which (if any) rate is most comparable to the relevant Original Reference Rate, and the Alternative Reference Rate shall be the rate so determined by the Issuer, provided, however, that if this sub-paragraph applies and the Issuer is unable or unwilling to determine an Alternative Reference Rate prior to the Interest Determination Date relating to the next succeeding Interest Period in accordance with this sub-paragraph, then the Rate of Interest for the next Interest Period (and for all other future Interest Periods) shall be equal to the Rate of Interest last determined in relation to the Notes in respect of the immediately preceding Interest Period. If there has not been a first Interest Payment Date, the Rate of Interest shall be the initial Rate of Interest. Where a different Margin (if any) or Maximum Rate of Interest or Minimum Rate of Interest is to be applied to the relevant Interest Period from that which applied to the last preceding Interest Period, the Margin (if any) or Maximum Rate of Interest or Minimum Rate of Interest relating to the relevant Interest Period shall be substituted in place of the Margin (if any) or Maximum Rate of Interest or Minimum Rate of Interest relating to the last preceding Interest Period. For the avoidance of doubt, this sub-paragraph shall apply to the relevant next succeeding Interest Period only and any subsequent Interest Periods are subject to the subsequent operation of, and adjustment as provided in, this Condition 4(b)(iii).

In the absence of bad faith or wilful default, the Independent Adviser shall have no liability whatsoever to the Issuer, the Trustee, the Principal Paying Agent or the Noteholders for any determinations made by it pursuant to this Condition 4(b)(iii).

(D) For the purposes of this Condition 4(b)(iii):

Adjustment Spread means either (a) a spread (which may be positive, negative or zero) or (b) a formula or methodology for calculating a spread, in each case to be applied to the relevant Successor Reference Rate or the relevant Alternative Reference Rate (as the case may be), and is the spread, formula or methodology which:

• (1) in the case of a Successor Reference Rate, is formally recommended in relation to the replacement of the relevant Original Reference Rate with such Successor Reference Rate by any Relevant Nominating Body;
• (2) in the case of a Successor Reference Rate for which no such recommendation has been made or in the case of an Alternative Reference Rate, the Independent Adviser determines is recognised or acknowledged as being in customary market usage in international debt capital markets transactions with reference to the relevant Original Reference Rate, where such rate has been replaced by such Successor Reference Rate or Alternative Reference Rate (as applicable); or
• (3) if no such customary market usage is recognised or acknowledged, the Independent Adviser in its discretion determines (acting in good faith and in a commercial reasonable manner) to be appropriate, having regard to the objective of reducing or eliminating, to the extent reasonably practicable in the circumstances, any economic prejudice or benefit (as applicable) to Noteholders.

Alternative Reference Rate means such rate as the Independent Adviser and the Issuer acting in good faith agree has replaced the relevant Original Reference Rate in customary market usage for the purposes of determining floating rates of interest in respect of Eurobonds denominated in the Specified Currency or, if the Independent Adviser and the Issuer agree that there is no such rate, such other rate as the Independent Adviser and the Issuer acting in good faith agree is most comparable to the relevant Original Reference Rate.

Benchmark Event means:

• (1) the relevant Original Reference Rate has ceased to be published on the Relevant Screen Page as a result of such benchmark ceasing to be calculated or administered;
• (2) the later of (a) the making of a public statement by the administrator of the relevant Original Reference Rate that it has ceased or will (on or before a specified date) cease publishing the Original Reference Rate permanently or indefinitely (in circumstances where no successor administrator has been appointed that will continue publication of such Original Reference Rate) and (b) the date falling six months prior to the date specified in (a);
• (3) the later of (a) the making of a public statement by the supervisor of the administrator of the relevant Original Reference Rate that such Original Reference Rate has been or will, on or before a specified date, be permanently or indefinitely discontinued and (b) the date falling six months prior to the date specified in (a);
• (4) the later of (a) the making of a public statement by the supervisor of the administrator of the relevant Original Reference Rate that means that such Original Reference rate will (on or before a specified date) be prohibited from being used or that its use will be subject to restrictions or adverse consequences and (b) the date falling six months prior to the date specified in (a);
• (5) there has taken place a change in customary market practice in the international debt capital markets applicable generally to floating rate notes denominated in the Specified Currency (determined according to factors including, but not limited to, public statements, opinions and publications of industry bodies and organisations) that, in the view of the Issuer (acting in good faith and commercially), such Original Reference Rate is no longer representative of an underlying market or the methodology to calculate such Original Reference Rate has materially changed; or
• (6) it has or will on or prior to a specified date within the following 6 months become unlawful for the Principal Paying Agent, the SONIA Calculation Agent or the Issuer to calculate any payments due to be made to any Noteholder using the relevant Original Reference Rate (including, without limitation, under the UK Benchmarks Regulation, if applicable).

Independent Adviser means an independent financial institution of international repute or other independent financial adviser experienced in the international debt capital markets, in each case selected and appointed by the Issuer at its own expense.

Original Reference Rate means the Reference Rate originally specified for the purpose of determining the relevant Rate of Interest (or any component part(s) thereof) applicable to the Notes (or, if applicable, any other Successor Reference Rate or Alternative Reference Rate (or component part(s) thereof)) determined and applicable to the Notes pursuant to the earlier operation of this Condition 4(b).

Relevant Nominating Body means, in respect of a Reference Rate:

• (1) the central bank for the currency to which such reference rate relates, or any central bank or other supervisory authority which is responsible for supervising the administrator of such reference rate; or
• (2) any working group or committee sponsored by, chaired or co-chaired by or constituted at the request of (a) the central bank for the currency to which such reference rate relates, (b) any central bank or other supervisory authority which is responsible for supervising the administrator of such reference rate, (c) a group of the aforementioned central banks or other supervisory authorities, or (d) the Financial Stability Board or any part thereof.

Successor Reference Rate means the rate that the Independent Adviser determines is a successor to or replacement of the relevant Original Reference Rate which is formally recommended by any Relevant Nominating Body.

(iv) Minimum Rate of Interest and/or Maximum Rate of Interest

If the applicable Final Terms specifies a Minimum Rate of Interest for any Interest Period, then, in the event that the Rate of Interest in respect of such Interest Period determined in accordance with the provisions of Condition 4(b)(ii) is less than such Minimum Rate of Interest, the Rate of Interest for such Interest Period shall be such Minimum Rate of Interest.

If the applicable Final Terms specifies a Maximum Rate of Interest for any Interest Period, then, in the event that the Rate of Interest in respect of such Interest Period determined in accordance with the provisions of Condition 4(b)(ii) is greater than such Maximum Rate of Interest, the Rate of Interest for such Interest Period shall be such Maximum Rate of Interest.

(v) Determination of Rate of Interest and calculation of Interest Amounts

The Principal Paying Agent, in the case of Floating Rate Notes (unless otherwise specified in the applicable Final Terms in respect of Compounded Daily SONIA), will at or as soon as practicable after each time at which the Rate of Interest is to be determined, determine the Rate of Interest for the relevant Interest Period.

The Principal Paying Agent will calculate the amount of interest (the Interest Amount) payable on the Floating Rate Notes for the relevant Interest Period by applying the Rate of Interest to:

• (A) in the case of Floating Rate Notes which are represented by a Global Note, the aggregate outstanding nominal amount of the Notes represented by such Global Note; or
• (B) in the case of Floating Rate Notes in definitive form, the Calculation Amount,

and, in each case, multiplying such sum by the applicable Day Count Fraction, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention. Where the Specified Denomination of a Floating Rate Note in definitive form is a multiple of the Calculation Amount, the Interest Amount payable in respect of such Note shall be the product of the amount (determined in the manner provided above) for the Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination, without any further rounding.

Day Count Fraction means, in respect of the calculation of an amount of interest in accordance with this Condition 4(b):

• (I) if "Actual/Actual (ISDA)" or "Actual/Actual" is specified in the applicable Final Terms, the actual number of days in the Interest Period divided by 365 (or, if any portion of that Interest Period falls in a leap year, the sum of (A) the actual number of days in that portion of the Interest Period falling in a leap year divided by 366 and (B) the actual number of days in that portion of the Interest Period falling in a non-leap year divided by 365);
• (II) if "Actual/365 (Fixed)" is specified in the applicable Final Terms, the actual number of days in the Interest Period divided by 365;
• (III) if "Actual/365 (Sterling)" is specified in the applicable Final Terms, the actual number of days in the Interest Period divided by 365 or, in the case of an Interest Payment Date falling in a leap year, 366;
• (IV) if "Actual/360" is specified in the applicable Final Terms, the actual number of days in the Interest Period divided by 360;
• (V) if "30/360", "360/360" or "Bond Basis" is specified in the applicable Final Terms, the number of days in the Interest Period divided by 360 calculated on a formula basis as follows:

Day Count Fraction = 360 [360 x (Y² - Y1)]+[30 x (M² - M1)]+ (D2 - D1)

where:

"Y1" is the year, expressed as a number, in which the first day of the Interest Period falls;

"Y2" is the year, expressed as a number, in which the day immediately following the last day included in the Interest Period falls;

"M1" is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

"M2" is the calendar month, expressed as a number, in which the day immediately following the last day included in the Interest Period falls;

"D1" is the first calendar day, expressed as a number, of the Interest Period, unless such number is 31, in which case D¹ will be 30; and

"D2" is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless such number would be 31 and D¹ is greater than 29, in which case D² will be 30;

(VI) if "30E/360" or "Eurobond Basis" is specified in the applicable Final Terms, the number of days in the Interest Period divided by 360 calculated on a formula basis as follows:

Day Count Fraction = 360 [360 x (Y² - Y1)]+[30 x (M² - M1)]+ (D2 - D1)

where:

"Y1" is the year, expressed as a number, in which the first day of the Interest Period falls;

"Y2" is the year, expressed as a number, in which the day immediately following the last day included in the Interest Period falls;

"M1" is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

"M2" is the calendar month, expressed as a number, in which the day immediately following the last day included in the Interest Period falls;

"D1" is the first calendar day, expressed as a number, of the Interest Period, unless such number would be 31, in which case D¹ will be 30; and

"D2" is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless such number would be 31, in which case D² will be 30; and

(VII) if "30E/360 (ISDA)" is specified in the applicable Final Terms, the number of days in the Interest Period divided by 360, calculated on a formula basis as follows:

Day Count Fraction = 360 [360 x (Y² - Y1)]+[30 x (M² - M1)]+ (D2 - D1)

where:

"Y1" is the year, expressed as a number, in which the first day of the Interest Period falls;

"Y2" is the year, expressed as a number, in which the day immediately following the last day included in the Interest Period falls;

"M1" is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

"M2" is the calendar month, expressed as a number, in which the day immediately following the last day included in the Interest Period falls;

"D1" is the first calendar day, expressed as a number, of the Interest Period, unless (i) that day is the last day of February or (ii) such number would be 31, in which case D¹ will be 30; and

"D2" is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless (i) that day is the last day of February but not the Maturity Date or (ii) such number would be 31, in which case D² will be 30.

(vi) Linear Interpolation

Where Linear Interpolation is specified as applicable in respect of an Interest Period in the applicable Final Terms, the Rate of Interest for such Interest Period shall be calculated by the Issuer by straight line linear interpolation by reference to two rates based on the relevant Reference Rate (where Screen Rate Determination is specified as applicable in the applicable Final Terms) or the relevant Floating Rate Option (where ISDA Determination is specified as applicable in the applicable Final Terms), one of which shall be determined as if the Designated Maturity were the period of time for which rates are available next shorter than the length of the relevant Interest Period and the other of which shall be determined as if the Designated Maturity were the period of time for which rates are available next longer than the relevant Interest Period, provided, however, that if there is no rate available for a period of time next shorter or (as the case may be) next longer, then the Issuer shall determine such rate at such time and by reference to such sources as it determines appropriate.

For the purposes of this Condition 4(b)(vi), Designated Maturity means, in relation to Screen Rate Determination, the period designated in the Reference Rate.

(vii) Notification of Rate of Interest and Interest Amounts

The Principal Paying Agent will cause the Rate of Interest and each Interest Amount for each Interest Period and the relevant Interest Payment Date to be notified to the Issuer, the Trustee and each competent authority, stock exchange and/or quotation system (if any) on which the relevant Floating Rate Notes are for the time being listed, traded and/or quoted and (in accordance with Condition 13) the Noteholders as soon as possible after their determination but in no event later than the fourth London Business Day thereafter. Each Interest Amount and Interest Payment Date so notified may subsequently be amended (or appropriate alternative arrangements made by way of adjustment) without prior notice in the event of an extension or shortening of the Interest Period. Any such amendment will be promptly notified to each competent authority, stock exchange and/or quotation system (if any) on which the relevant Floating Rate Notes are for the time being listed, traded and/or quoted and (in accordance with Condition 13) to the Noteholders. For the purposes of this Condition 4(b)(vii), the expression London Business Day means a day (other than a Saturday or a Sunday) on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in London.

(viii) Determination or Calculation by the Trustee

If for any reason at any relevant time the Principal Paying Agent is unable to determine the Rate of Interest or the Principal Paying Agent is unable to calculate any Interest Amount in accordance with Conditions 4(b)(ii)(A), (B), (C) or (D) (as the case may be) and in each case in accordance with Condition 4(b)(v), the Trustee shall (unless otherwise specified in the applicable Final Terms in respect of Compounded Daily SONIA) determine the Rate of Interest at such rate as, in its absolute discretion (having such regard as it shall think fit to the foregoing provisions of this Condition 4(b), but subject always to any Minimum Rate of Interest or Maximum Rate of Interest specified in the applicable Final Terms), it shall deem fair and reasonable in all the circumstances or, as the case may be, the Trustee shall calculate the Interest Amount(s) in such manner as it shall deem fair and reasonable in all the circumstances and each such determination or calculation shall be deemed to have been made by the Principal Paying Agent. The Issuer shall pay all reasonable expenses of the Trustee incurred in connection with any determination or calculation made pursuant to this Condition 4(b)(viii).

(iv) Certificates to be final

All certificates, communications, opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions of this Condition 4(b) and, whether by the Principal Paying Agent or the Trustee, shall (in the absence of wilful default, bad faith, manifest error or proven error) be binding on the Issuer, the Principal Paying Agent, the other Agents and all Noteholders and Couponholders and (in the absence as aforesaid) no liability to the Issuer, the Noteholders or the Couponholders shall attach to the Principal Paying Agent or the Trustee in connection with the exercise or non-exercise by it of its powers, duties and discretions pursuant to such provisions.

(c) Accrual of interest

Each Note (or in the case of the redemption of part only of a Note, that part only of such Note) will cease to bear interest (if any) from the date for its redemption unless payment of principal is improperly withheld or refused. In such event, interest will continue to accrue until whichever is the earlier of: (i) the date on which all amounts due in respect of such Note have been paid, and (ii) as provided in the Trust Deed.

5. PAYMENTS

(a) Method of payment

Subject as provided below:

• (i) payments in a Specified Currency other than euro will be made by credit or transfer to an account in the relevant Specified Currency (which, in the case of a payment in Japanese yen to a non-resident of Japan, shall be a non-resident account) maintained by the payee with a bank in the principal financial centre of the country of such Specified Currency (which, if the Specified Currency is Australian dollars or New Zealand dollars, shall be Sydney or Auckland, respectively); and
• (ii) payments in euro will be made by credit or transfer to a euro account (or any other account to which euro may be credited or transferred) specified by the payee.

Payments will be subject in all cases to (i) any fiscal or other laws and regulations applicable thereto, but without prejudice to the provisions of Condition 7; and (ii) any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the U.S. Internal Revenue Code of 1986 (the Code) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or (without prejudice to the provisions of Condition 7) any law implementing an intergovernmental approach thereto.

(b) Presentation of definitive Notes and Coupons

Payments of principal in respect of definitive Notes will (subject as provided below) be made in the manner provided in Condition 5(a) only against presentation and surrender (or, in the case of part payment of any sum due, endorsement) of definitive Notes, and payments of interest in respect of definitive Notes will (subject as provided below) be made as aforesaid only against presentation and surrender (or, in the case of part payment of any sum due, endorsement) of Coupons, in each case at the specified office of any Paying Agent outside the United States (which expression, as used herein, means the United States of America (including the States and the District of Columbia, its territories, its possessions and other areas subject to its jurisdiction)).

Fixed Rate Notes in definitive form (other than Long Maturity Notes (as defined below)) should be presented for payment together with all unmatured Coupons appertaining thereto (which expression shall for this purpose include Coupons falling to be issued on exchange of matured Talons), failing which the amount of any missing unmatured Coupon (or, in the case of payment not being made in full, the same proportion of the amount of such missing unmatured Coupon as the sum so paid bears to the sum due) will be deducted from the sum due for payment. Each amount of principal so deducted will be paid in the manner mentioned above against surrender of the relative missing Coupon at any time before the expiry of 10 years after the Relevant Date (as defined in Condition 7) in respect of such principal (whether or not such Coupon would otherwise have become void under Condition 8) or, if later, five years from the date on which such Coupon would otherwise have become due, but in no event thereafter.

Upon any Fixed Rate Note in definitive form becoming due and repayable prior to its Maturity Date, all unmatured Talons (if any) appertaining thereto will become void and no further Coupons will be issued in respect thereof.

Upon the date on which any Floating Rate Note or Long Maturity Note in definitive form becomes due and repayable, unmatured Coupons and Talons (if any) relating thereto (whether or not attached) shall become void and no payment or, as the case may be, exchange for further Coupons shall be made in respect thereof. A Long Maturity Note is a Fixed Rate Note (other than a Fixed Rate Note which on issue had a Talon attached) whose nominal amount on issue is less than the aggregate interest payable thereon provided that such Note shall cease to be a Long Maturity Note on the Interest Payment Date on which the aggregate amount of interest remaining to be paid after that date is less than the nominal amount of such Note.

If the due date for redemption of any definitive Note is not an Interest Payment Date, interest (if any) accrued in respect of such Note from (and including) the preceding Interest Payment Date or, as the case may be, the Interest Commencement Date shall be payable only against surrender of the relevant definitive Note.

(c) Payments in respect of Global Notes

Payments of principal and interest (if any) in respect of Notes represented by any Global Note will (subject as provided below) be made in the manner specified above in relation to definitive Notes or otherwise in the manner specified in the relevant Global Note, as applicable, against presentation or surrender, as the case may be, of such Global Note at the specified office of any Paying Agent outside the United States. A record of each payment made, distinguishing between any payment of principal and any payment of interest, will be made either on such Global Note by the Paying Agent to which it was presented or in the records of Euroclear and Clearstream, Luxembourg, as applicable.

(d) General provisions applicable to payments

The holder of a Global Note shall be the only person entitled to receive payments in respect of Notes represented by such Global Note and the Issuer will be discharged by payment to, or to the order of, the holder of such Global Note in respect of each amount so paid. Each of the persons shown in the records of Euroclear or Clearstream, Luxembourg as the beneficial holder of a particular nominal amount of Notes represented by such Global Note must look solely to Euroclear or Clearstream, Luxembourg, as the case may be, for his share of each payment so made by the Issuer to, or to the order of, the holder of such Global Note.

Notwithstanding the foregoing provisions of this Condition 5, if any amount of principal and/or interest in respect of Notes is payable in U.S. dollars, such U.S. dollar payments of principal and/or interest in respect of such Notes will be made at the specified office of a Paying Agent in the United States if:

• (i) the Issuer has appointed Paying Agents with specified offices outside the United States with the reasonable expectation that such Paying Agents would be able to make payment in U.S. dollars at such specified offices outside the United States of the full amount of principal and interest on the Notes in the manner provided above when due;
• (ii) payment of the full amount of such principal and interest at all such specified offices outside the United States is illegal or effectively precluded by exchange controls or other similar restrictions on the full payment or receipt of principal and interest in U.S. dollars; and
• (iii) such payment is then permitted under United States law without involving, in the opinion of the Issuer, adverse tax consequences to the Issuer.

(e) Payment Day

If the date for payment of any amount in respect of any Note or Coupon is not a Payment Day, the holder thereof shall not be entitled to payment until the next following Payment Day in the relevant place and shall not be entitled to further interest or other payment in respect of such delay. For these purposes, Payment Day means any day which (subject to Condition 8) is:

• (i) a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in:
  • (A) (in the case of Notes held in definitive form only) the relevant place of presentation; and
  • (B) each Additional Financial Centre (other than T2) specified in the applicable Final Terms;
  • (C) if T2 is specified as an Additional Financial Centre in the applicable Final Terms, a TARGET Settlement Day; and
• (ii) either (1) in relation to any sum payable in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency (if other than the place of presentation, London and any

Additional Financial Centre and which if the Specified Currency is Australian dollars or New Zealand dollars shall be Sydney or Auckland, respectively) or (2) in relation to any sum payable in euro, a TARGET Settlement Day.

(f) Interpretation of principal and interest

Any reference in these Conditions to principal in respect of the Notes shall be deemed to include, as applicable:

• (i) any additional amounts which may be payable with respect to principal under Condition 7 or under any undertaking or covenant given in addition thereto, or in substitution therefor, pursuant to the Trust Deed;
• (ii) the Final Redemption Amount of the Notes;
• (iii) the Early Redemption Amount of the Notes;
• (iv) the Issuer Call Optional Redemption Amount (if any) of the Notes;
• (v) the Investor Put Optional Redemption Amount (if any) of the Notes;
• (vi) in relation to Zero Coupon Notes, the Amortised Face Amount (as defined in Condition 6(e)); and
• (vii) any premium and any other amounts (other than interest) which may be payable by the Issuer under or in respect of the Notes.

Any reference in these Conditions to interest in respect of the Notes shall be deemed to include, as applicable, any additional amounts which may be payable with respect to interest under Condition 7 or under any undertaking or covenant given in addition thereto, or in substitution therefor, pursuant to the Trust Deed.

6. REDEMPTION AND PURCHASE

(a) Redemption at maturity

Unless previously redeemed or purchased and cancelled as specified below, each Note will be redeemed by the Issuer at its Final Redemption Amount in the relevant Specified Currency on the Maturity Date, each as specified in the applicable Final Terms.

(b) Redemption for tax reasons

The Notes may be redeemed at the option of the Issuer in whole, but not in part, at any time (if this Note is not a Floating Rate Note) or on any Interest Payment Date (if this Note is a Floating Rate Note), on giving not less than the minimum period and not more than the maximum period of notice specified in the applicable Final Terms to the Trustee, the Principal Paying Agent and (in accordance with Condition 13) the Noteholders (which notice shall be irrevocable), if the Issuer satisfies the Trustee as soon as practicable before the giving of such notice that:

(i) on the occasion of the next payment due under the Notes, the Issuer has or will become obliged to pay additional amounts as provided or referred to in Condition 7 as a result of any change in, or amendment to, the laws or regulations of a Tax Jurisdiction (as defined in Condition 7), or any change in the application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date on which agreement is reached to issue the first Tranche of the Notes; and

(ii) such obligation cannot be avoided by the Issuer taking reasonable measures available to it,

provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be obliged to pay such additional amounts were a payment in respect of the Notes then due.

Prior to the publication of any notice of redemption pursuant to this Condition 6(b), the Issuer shall deliver to the Trustee a certificate signed by two duly authorised persons of the Issuer stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer so to redeem have occurred, and the Trustee shall be entitled to accept such certificate as sufficient evidence of the satisfaction of the conditions precedent set out above in which event it shall be conclusive and binding on the Noteholders and Couponholders.

Notes redeemed pursuant to this Condition 6(b) will be redeemed at their Early Redemption Amount referred to in Condition 6(e) below together (if appropriate) with interest accrued to (but excluding) the date of redemption.

(c) Redemption at the option of the Issuer (Issuer Call)

If Issuer Call is specified in the applicable Final Terms, the Issuer may, having given not less than the minimum period and not more than the maximum period of notice specified in the applicable Final Terms to the Trustee, the Principal Paying Agent and (in accordance with Condition 13) the Noteholders (which notices shall be irrevocable and shall specify the date fixed for redemption), redeem all or some only of the Notes then outstanding on any Optional Redemption Date and at the Issuer Call Optional Redemption Amount(s) specified in the applicable Final Terms together, if appropriate, with interest accrued to (but excluding) the relevant Optional Redemption Date. Upon expiry of such notice the Issuer shall be bound to redeem the Notes accordingly.

Any such redemption must be of a nominal amount not less than the Minimum Redemption Amount and not more than the Maximum Redemption Amount, in each case as may be specified in the applicable Final Terms. In the case of a partial redemption of Notes, the Notes to be redeemed (Redeemed Notes) will be selected individually by lot (in the case of Redeemed Notes represented by definitive Notes) and in accordance with the rules of Euroclear and/or Clearstream, Luxembourg, to be reflected in the records of Euroclear and Clearstream, Luxembourg as either a pool factor or a reduction in nominal amount, at their discretion (in the case of Redeemed Notes represented by a Global Note) not more than 30 days prior to the date fixed for redemption (such date of selection being hereinafter called the Selection Date). In the case of Redeemed Notes represented by definitive Notes, a list of the serial numbers of such Redeemed Notes will be published in accordance with Condition 13 not less than 15 days prior to the date fixed for redemption. No exchange of the relevant Global Note will be permitted during the period from (and including) the Selection Date to (and including) the date fixed for redemption pursuant to this Condition 6(c) and notice to that effect shall be given by the Issuer to the Noteholders in accordance with Condition 13 at least five days prior to the Selection Date.

Issuer Call Optional Redemption Amount means (i) the Par Redemption Amount; or (ii) the EIB Redemption Amount; or (iii) the Treasury Stock Redemption Amount, in each case as specified in the applicable Final Terms.

For the purposes of this Condition 6(c):

EIB Redemption Amount means an amount equal to the greater of (i) the principal amount of the Notes; and (ii) that price (expressed as a percentage) (as reported in writing to the Issuer and the Trustee by a financial adviser nominated by the Issuer and approved by the Trustee) (and rounded to three decimal places (0.0005 being rounded upwards)) at which the Gross Redemption Yield (determined by reference to the middle-market price) on the Notes on the Relevant Date is equal to the Redemption Rate on the Relevant Date plus the Redemption Margin (as specified in the applicable Final Terms).

For these purposes, the Gross Redemption Yield on the Notes and on the Relevant EIB Bonds will be expressed as a percentage and will be calculated on the basis indicated by the United Kingdom Debt Management Office in the paper "Formulae for Calculating Gilt Prices from Yields" published on 8 June 1998 with effect from 1 November 1998 and updated on 16 March 2005 (and as further updated, supplemented, amended or replaced from time to time) page 5 or any replacement therefor or on such other basis as the Trustee may approve.

Par Redemption Amount means an amount equal to the principal amount of the Notes.

Redemption Rate means the Relevant EIB Redemption Rate or, if the Relevant EIB Redemption Rate is not able to be determined, such other rate as may be approved by the Trustee.

Relevant Date means the date which is two Business Days prior to the publication or dispatch of the notice of redemption under this Condition 6(c).

Relevant EIB Bonds means such pounds sterling bonds of the European Investment Bank (or successor thereto) as the Trustee (with the advice of an investment bank as may be approved by the Trustee) and the Issuer may determine (failing such determination, as determined by the Trustee with such advice) to be a benchmark bond, the duration of which most closely matches the then duration of the Notes (taking into account any scheduled amortisation of the Notes), as calculated by or on behalf of the Trustee. The Issuer shall pay all reasonable expenses of the Trustee incurred in connection with any such calculation.

Relevant EIB Redemption Rate means the Gross Redemption Yield (determined by reference to the middle market price) of the Relevant EIB Bonds.

Relevant Treasury Stock means such government stock as the Trustee (with the advice of an investment bank as may be approved by the Trustee) and the Issuer may determine (failing such determination, as determined by the Trustee with such advice) to be a benchmark gilt, the duration of which most closely matches the then duration of the Notes (taking into account any scheduled amortisation of the Notes), as calculated by or on behalf of the Trustee. The Issuer shall pay all reasonable expenses of the Trustee incurred in connection with any such calculation.

Treasury Stock Redemption Amount means an amount equal to the greater of (i) the principal amount of the Notes; and (ii) that price (expressed as a percentage) (as reported in writing to the Issuer and the Trustee by a financial adviser nominated by the Issuer and approved by the Trustee) (and rounded to three decimal places (0.0005 being rounded upwards)) at which the Gross Redemption Yield (determined by reference to the middlemarket price) on the Notes on the Relevant Date is equal to the Gross Redemption Yield of the Relevant Treasury Stock on the Relevant Date plus the Redemption Margin (as specified in the applicable Final Terms).

For these purposes, the Gross Redemption Yield on the Notes and on the Relevant Treasury Stock will be expressed as a percentage and will be calculated on the basis indicated by the United Kingdom Debt Management Office in the paper "Formulae for Calculating Gilt Prices from Yields" published on 8 June 1998 with effect from 1 November 1998 and updated on 16 March 2005 (and as further updated, supplemented, amended or replaced from time to time) page 5 or any replacement therefore or on such other basis as the Trustee may approve.

(d) Redemption at the option of the Noteholders (Investor Put)

If Investor Put is specified in the applicable Final Terms, if whilst any of the Notes remains outstanding (as defined in the Trust Deed) there occurs a Restructuring Event and within the Restructuring Period (i) (if on the date (the Relevant Announcement Date) that is the earlier of (1) the date of the first public announcement of the relevant Restructuring Event and (2) the date of the earliest Relevant Potential Restructuring Event Announcement (if any) there are Rated Securities) a Rating Downgrade in respect of that Restructuring Event occurs; or (ii) (if on the Relevant Announcement Date there are no Rated Securities), a Negative Rating Event in respect of that Restructuring Event occurs (that Restructuring Event and, where applicable, Rating Downgrade or Negative Rating Event, as the case may be, occurring within the Restructuring Period together called a Put Event), the holder of each Note will have the option (unless, prior to the giving of the Put Event Notice referred to below, the Issuer gives notice under either Condition 6(b) or 6(c)) to require the Issuer to redeem or, at the Issuer's option, purchase (or procure the purchase of) that Note on the Put Date (as defined below) at the Investor Put Optional Redemption Amount specified in, or determined in the manner specified in the applicable Final Terms together with (or, where purchased, together with an amount equal to) accrued interest to but excluding the Put Date.

For the purposes of this Condition 6(d):

A Negative Rating Event shall be deemed to have occurred if (i) the Issuer does not, either prior to or not later than 21 days after the relevant Restructuring Event, seek, and thereupon use all reasonable endeavours to obtain, a rating of the Notes or any other unsecured and unsubordinated debt of the Issuer (or of any Subsidiary which is guaranteed on an unsecured and unsubordinated basis by the Issuer) having an initial maturity of five years or more (Rateable Debt) from a Rating Agency or (ii) the Issuer does so seek and use such endeavours, but it is unable, as a result of such Restructuring Event, to obtain such a rating of at least investment grade (BBB- by Fitch/BBB- by S&P/Baa3 by Moody's, or their respective equivalents for the time being), provided that a Negative Rating Event shall be deemed not to have occurred in respect of a particular Restructuring Event if the Rating Agency declining to assign a rating of at least investment grade does not publicly announce or publicly confirm or inform the Trustee in writing at its request that its declining to assign a rating of at least investment grade was the result, in whole or in part, of any event or circumstance comprised in or arising as a result of, or in respect of, the applicable Restructuring Event (whether or not the Restructuring Event shall have occurred at the time such investment grade rating is declined) or the Relevant Potential Restructuring Event Announcement;

Rated Securities means the Notes so long as they shall have an effective rating solicited by the Issuer from any Rating Agency and otherwise any unsecured and unsubordinated debt of the Issuer (or of any Subsidiary which is guaranteed on an unsecured and unsubordinated basis by the Issuer) having an initial maturity of five years or more which is rated at the request of the Issuer by any of the Rating Agencies (other than any unsecured and unsubordinated debt of the Issuer or of any Subsidiary which is guaranteed by the Issuer which is rated on the basis of the credit of a party other than the Issuer or such Subsidiary);

Rating Agency means any of Fitch or Moody's or S&P and their respective successors or any other rating agency of equivalent international standing specified by the Issuer from time to time in writing to the Trustee;

A Rating Downgrade shall be deemed to have occurred in respect of a Restructuring Event if within the Restructuring Period the rating assigned to the Rated Securities by any Rating Agency immediately prior to the Restructuring Event is (i) withdrawn or (ii) changed from an investment grade rating (BBB- by Fitch/Baa3 by Moody's/BBB- by S&P (or their respective equivalents for the time being) or better) to a non-investment grade rating (BB+ by Fitch/Ba1 by Moody's/BB+ by S&P (or their respective equivalents for the time being) or worse) or (iii) (if the rating assigned to the Rated Securities by any Rating Agency shall be below an investment grade rating (as described above)) lowered one full rating category (for example, from BB+ to BB or such similar lower or equivalent rating), provided that a Rating Downgrade otherwise arising by virtue of a particular change in rating shall be deemed not to have occurred in respect of a particular Restructuring Event if the Rating Agency making the change in rating to which this definition would otherwise apply does not publicly announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or part, of any event or circumstance comprised in or arising as a result of, or in respect of, the applicable Restructuring Event or the Relevant Potential Restructuring Event Announcement, provided that if on the Relevant Announcement Date the Rated Securities carry a credit rating from more than one Rating Agency, at least one of which is investment grade, then any investment grade rating will apply to the exclusion of any non-investment grade rating, such that any change in a non-investment grade credit rating from another Rating Agency shall be disregarded for the purposes of this Condition 6(d).

Relevant Potential Restructuring Event Announcement means any public announcement or statement by or on behalf of the Issuer, any actual or potential bidder or any adviser acting on behalf of any actual or potential bidder relating to any potential Restructuring Event where within 180 days following the date of such announcement or statement, a Restructuring Event occurs;

A Restructuring Event shall be deemed to have occurred at each time (whether or not approved by the Board of Directors of the Issuer) that any person or persons acting in concert (as defined in the City Code on Takeovers and Mergers), or any person or persons acting on behalf of any such person (s), at any time is/are or become(s) interested (within the meaning of Part 27 of the Companies Act 2006) in (A) more than 50 per cent. of the issued or allotted ordinary share capital of the Issuer or (B) such number of the shares in the capital of the Issuer carrying more than 50 per cent. of the voting rights normally exercisable at a general meeting of the Issuer, in either case other than in circumstances which result in the Issuer being a wholly-owned subsidiary of a body corporate more than 50 per cent. of the share capital having the right ordinarily to vote on a poll at a general meeting of which is held by persons who received such share capital pursuant to a scheme or offer in their capacity as shareholders of the Issuer;

Restructuring Period means the period commencing on the Relevant Announcement Date ending 180 days after the date of the Restructuring Event (or such longer period in which the Rated Securities or Rateable Debt, as the case may be, is or are under consideration (announced publicly within the first mentioned period) for rating review or, as the case may be, rating by a Rating Agency).

Promptly upon the Issuer becoming aware that a Put Event has occurred, the Issuer shall, and at any time upon the Trustee becoming similarly so aware the Trustee may, and if so requested by the holders of at least one-quarter in principal amount of the Notes then outstanding shall, subject in each case to being indemnified and/or secured and/or prefunded to its satisfaction, give notice (a Put Event Notice) to the Noteholders (in accordance with Condition 13) specifying the nature of the Put Event and the procedure for exercising the option contained in this Condition 6(d).

To exercise the right to require redemption of this Note, the holder of this Note must deliver such Note (if such Note is in definitive form and held outside Euroclear and Clearstream, Luxembourg) to the Paying Agent (or evidence satisfactory to the Paying Agent that such Note will, following delivery of the Put Notice (as defined below), be held to its order or under its control) at the specified office of any Paying Agent at any time during normal business hours of such Paying Agent falling within the longer of (a) the period of 45 days after a Put Event Notice is given and (b) the period from the giving of the Put Event Notice to the end of the Restructuring Period (the longer such period being the Put Period), accompanied by a duly completed and signed notice of exercise in the form (for the time being current) obtainable from any specified office of any Paying Agent (a Put Notice) and in which the holder must specify a bank account (or, if payment is required to be made by cheque, an address) to which payment is to be made under this Condition 6(d).

If the relevant Note is represented by a Global Note or is in definitive form and held through Euroclear or Clearstream, Luxembourg, to exercise the right to require redemption of this Note, the holder of such Note must, within the Put Period, give notice to the Paying Agent of such exercise in accordance with the standard procedures of Euroclear or Clearstream, Luxembourg (which may include notice being given on his instruction by Euroclear or Clearstream, Luxembourg or any common depositary or common safekeeper (as the case may be) for them to the Paying Agent by electronic means) in a form acceptable to Euroclear and Clearstream, Luxembourg from time to time and, if this Note is represented by a Global Note, at the same time present or procure the presentation of the relevant Global Note to the Paying Agent for notation accordingly. Any Put Notice or other notice given pursuant to this Condition 6(d) shall be irrevocable except where prior to the due date of redemption the Notes shall have been declared due and repayable pursuant to Condition 9, in which event such holder, at its option, may elect by notice to the Issuer to withdraw the Put Notice and instead to have his/her Note treated as if it had been declared due and repayable pursuant to Condition 9.

Any definitive Note (other than a Long Maturity Note) should be delivered together with all Coupons appertaining thereto maturing after the date (the Put Date) which is the seventh day after the last day of the Put Period failing which an amount will be deducted from the payment to be made by the Issuer on redemption of the Notes in accordance with the provisions of Condition 5.

If 90 per cent. or more in principal amount of the Notes then outstanding have been redeemed or purchased pursuant to this Condition 6(d), the Issuer may, on giving not less than 30 nor more than 60 days' notice to the Noteholders (such notice being given within 30 days' after the Put Date), redeem or purchase (or procure the purchase of), at its option, all but not some only of the remaining outstanding Notes at their principal amount, together with interest accrued to (but excluding) the date fixed for such redemption or purchase.

(e) Early Redemption Amounts

For the purpose of Condition 6(b) above and Condition 9, each Note will be redeemed at its Early Redemption Amount calculated as follows:

• (i) in the case of a Note with a Final Redemption Amount equal to the Issue Price, at the Final Redemption Amount thereof;
• (ii) in the case of a Note (other than a Zero Coupon Note) with a Final Redemption Amount which is or may be less or greater than the Issue Price or which is payable in a Specified Currency other than that in which the Note is denominated, at the amount specified in, or determined in the manner specified in, the applicable Final Terms or, if no such amount or manner is so specified in the applicable Final Terms, at its nominal amount; or

(iii) in the case of a Zero Coupon Note, at an amount (the Amortised Face Amount) calculated in accordance with the following formula:

Early Redemption Amount = RP x (1 + AY)^y

where:

"RP" means the Reference Price;

"AY" means the Accrual Yield expressed as a decimal; and

"y" is the Day Count Fraction specified in the applicable Final Terms which will be either (i) 30/360 (in which case the numerator will be equal to the number of days (calculated on the basis of a 360-day year consisting of 12 months of 30 days each) from (and including) the Issue Date of the first Tranche of the Notes to (but excluding) the date fixed for redemption or (as the case may be) the date upon which such Note becomes due and repayable and the denominator will be 360); (ii) Actual/360 (in which case the numerator will be equal to the actual number of days from (and including) the Issue Date of the first Tranche of the Notes to (but excluding) the date fixed for redemption or (as the case may be) the date upon which such Note becomes due and repayable and the denominator will be 360); or (iii) Actual/365 (in which case the numerator will be equal to the actual number of days from (and including) the Issue Date of the first Tranche of the Notes to (but excluding) the date fixed for redemption or (as the case may be) the date upon which such Note becomes due and repayable and the denominator will be 365).

(f) Purchases

The Issuer or any Subsidiary of the Issuer may at any time purchase Notes (provided that, in the case of definitive Notes, all unmatured Coupons and Talons appertaining thereto are purchased therewith) at any price in the open market or otherwise. Such Notes may be held, reissued, resold or, at the option of the Issuer, surrendered to any Paying Agent for cancellation.

(g) Cancellation

All Notes which are redeemed will forthwith be cancelled (together with all unmatured Coupons and Talons attached thereto or surrendered therewith at the time of redemption). All Notes so cancelled and any Notes purchased and cancelled pursuant to Condition 6(f) (together with all unmatured Coupons and Talons cancelled therewith) shall be forwarded to the Principal Paying Agent and cannot be reissued or resold.

(h) Late payment on Zero Coupon Notes

If the amount payable in respect of any Zero Coupon Note upon redemption of such Zero Coupon Note pursuant to Condition 6(a), 6(b), 6(c) or 6(d) or upon its becoming due and repayable as provided in Condition 9 is improperly withheld or refused, the amount due and repayable in respect of such Zero Coupon Note shall be the amount calculated as provided in Condition 6(e)(iii) as though the references therein to the date fixed for the redemption or the date upon which such Zero Coupon Note becomes due and payable were replaced by references to the date which is the earlier of:

(i) the date on which all amounts due in respect of such Zero Coupon Note have been paid; and

(ii) five days after the date on which the full amount of the moneys payable in respect of such Zero Coupon Notes has been received by the Principal Paying Agent or the Trustee (as the case may be) and notice to that effect has been given to the Noteholders (in accordance with Condition 13).

7. TAXATION

All payments of principal and interest in respect of the Notes and Coupons by the Issuer will be made without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by or on behalf of any Tax Jurisdiction unless such withholding or deduction is required by law. In such event, the Issuer will pay such additional amounts as shall be necessary in order that the net amounts received by the holders of the Notes or Coupons after such withholding or deduction shall equal the respective amounts of principal and interest which would otherwise have been receivable in respect of the Notes or Coupons, as the case may be, in the absence of such withholding or deduction; except that no such additional amounts shall be payable with respect to any Note or Coupon:

• (i) the holder of which is liable for such taxes or duties in respect of such Note or Coupon by reason of his having some connection with a Tax Jurisdiction other than the mere holding of such Note or Coupon; or
• (ii) presented for payment more than 30 days after the Relevant Date (as defined below) except to the extent that the holder thereof would have been entitled to an additional amount on presenting the same for payment on such 30th day assuming that day to have been a Payment Day (as defined in Condition 5(e)); or
• (iii) presented for payment by, or on behalf of, a holder who would not be liable or subject to the withholding or deduction by making a declaration of non-residence or other similar claim for exemption to the relevant tax authority.

As used herein:

Tax Jurisdiction means the United Kingdom or any political subdivision or any authority thereof or therein having power to tax; and

the Relevant Date means the date on which such payment first becomes due, except that, if the full amount of the moneys payable has not been duly received by the Principal Paying Agent or the Trustee (as the case may be) on or prior to such due date, it means the date on which, the full amount of such moneys having been so received, notice to that effect is duly given to the Noteholders in accordance with Condition 13.

8. PRESCRIPTION

The Notes and Coupons will become void unless presented for payment within a period of 10 years (in the case of principal) and five years (in the case of interest) after the Relevant Date (as defined in Condition 7), subject to the provisions of Condition 5(b).

There shall not be included in any Coupon sheet issued on exchange of a Talon any Coupon the claim for payment in respect of which would be void pursuant to this Condition 8 or Condition 5(b) or any Talon which would be void pursuant to Condition 5(b).

9. EVENTS OF DEFAULT

(a) Events of Default

The Trustee at its discretion may, and if so requested in writing by the holders of at least one-quarter in principal amount of the Notes then outstanding or if so directed by an Extraordinary Resolution of the Noteholders shall (subject in each case to being indemnified and/or secured and/or pre-funded to its satisfaction), (but in the case of the happening of any of the events mentioned in Conditions 9(a)(ii), 9(a)(iii), 9(a)(iv), 9(a)(v) (other than the winding up or dissolution of the Issuer) or 9(a)(vi) below only if the Trustee has certified in writing to the Issuer that such event is, in its opinion, materially prejudicial to the interests of the Noteholders), give notice to the Issuer that the Notes are, and they shall become, immediately due and repayable at their Early Redemption Amount, together with accrued interest as provided in the Trust Deed, if any of the following events (each an Event of Default) occurs:

• (i) the Issuer fails to pay within five Business Days of the due date any sum due from it under the Notes in the manner and currency in which it is expressed to be payable;
• (ii) the Issuer fails to observe or perform any of its other obligations under the Notes or the Trust Deed and, in the case of a failure capable of being remedied, that failure is not remedied within 30 days (or such longer period as the Trustee may permit) next following the service by the Trustee on the Issuer of notice requiring the same to be remedied;
• (iii) any Indebtedness of the Issuer or any Principal Subsidiary:
  • (A) is not paid when due or within any applicable grace period granted in any agreement or instrument relating to that Indebtedness or, if the obligation to make payment of that Indebtedness is being challenged in good faith and by appropriate action in a manner consistent with legal advice, is not paid within three Business Days of the Issuer or Principal Subsidiary ceasing to challenge that such obligation is due; or
  • (B) becomes due and payable before its normal maturity by reason of a default or an event of default, however described;

provided that:

• (1) no such event as aforesaid shall constitute an Event of Default if the relevant Indebtedness is a Non-Recourse Borrowing;
• (2) no such event as aforesaid shall constitute an Event of Default unless the amount of the Indebtedness in question (either alone or when aggregated with other Indebtedness in respect of which the circumstances specified in either (a) or (b) shall concurrently be subsisting) shall equal or exceed £20,000,000 (twenty million pounds sterling) or 0.5 per cent. of the Adjusted Capital and Reserves, whichever is higher; and
• (3) for the purpose of determining whether the criterion set out in proviso (2) is satisfied, if the Indebtedness referred to in proviso (2) above (or any such) is not denominated in pounds sterling, the relevant Indebtedness shall be deemed to have been converted into pounds sterling on the date when such Indebtedness became due and payable in accordance with its terms (the Due Date) at the spot rate of exchange for the purchase in the London foreign exchange market of the appropriate amount of the currency in which the

relevant Indebtedness is denominated with pounds sterling at or about 11:00 hours two Business Days before such Due Date;

• (iv) the Issuer or any Principal Subsidiary (not being a Non-Recourse Company) is deemed, pursuant to the provisions of Section 123(1)(e) or (2) of the Insolvency Act 1986, to be unable to pay its debts, commences negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness or makes a general assignment for the benefit of or a composition with its creditors;
• (v) an order is made or an effective resolution passed for the winding-up or dissolution of the Issuer or any Principal Subsidiary or a receiver, administrative receiver, trustee, administrator or similar officer is appointed in respect of the Issuer or any Principal Subsidiary or over all or any material part of the revenues or assets of the Issuer or any Principal Subsidiary save, in any such case as aforesaid:
  • (A) in circumstances and on terms which have first been approved by the Trustee in writing or by an Extraordinary Resolution of the Noteholders, such approval not to be unreasonably withheld or delayed; or
  • (B) for the voluntary solvent winding-up of a Principal Subsidiary; or
  • (C) for any winding-up (previously notified in writing by the Issuer to the Trustee) of a Principal Subsidiary which does not have creditors who are not members of the Group, in circumstances where the relevant winding up will not have a material adverse effect on the business or financial condition of the Group, taken as a whole, or on the ability of the Issuer to comply with its obligations under the Notes; or
  • (D) when the event or events specified occur(s) in respect of a Non-Recourse Company,
• (vi) any execution or distress is levied against any asset of the Issuer or any Principal Subsidiary (not being a Non-Recourse Company) where such asset is a material asset of the Group and is not satisfied or discharged within 30 days or such longer period as the Trustee may permit or if the execution or distress is being challenged in good faith and by appropriate action in a manner consistent with legal advice, is not satisfied or discharged within 14 days of the Issuer or Principal Subsidiary ceasing to challenge such execution or distress.

(b) Enforcement

• (i) The Trustee may, in its discretion and without notice, take such proceedings against the Issuer as it may think fit to enforce the provisions of the Trust Deed, the Notes and the Coupons, but it shall not be bound to take any such proceedings or any other action in relation to the Trust Deed, the Notes or the Coupons unless (A) it shall have been so directed by an Extraordinary Resolution of the Noteholders or so requested in writing by the holders of not less than one-quarter in aggregate principal amount of the Notes then outstanding; and (B) it shall have been indemnified and/or secured and/or pre-funded to its satisfaction.
• (ii) No Noteholder or Couponholder shall be entitled to proceed directly against the Issuer unless the Trustee, having become bound so to proceed, fails to do so within a reasonable period and the failure is continuing.

(c) Definitions

For the purposes of this Condition 9:

Indebtedness means any indebtedness of a party (the first party) for or in respect of:

• (a) moneys borrowed or raised by whatever means (including by means of acceptances, deposits and finance leases and any liability evidenced by bonds, debentures or similar instruments); or
• (b) the purchase price of assets or services on terms which are deferred for a period in excess of 180 days from receipt of such assets or services; or
• (c) interest rate and/or currency exchange agreements, interest rate caps, collars and floors, future rate agreements, option agreements and other hedging agreements (each a Hedging Agreement) after deducting therefrom the indebtedness of the counterparty under the Hedging Agreement to the first party (to the extent authorised and required by the netting provisions set out in the relevant Hedging Agreement and the law by which such Hedging Agreement is governed),

Principal Subsidiary means at any time a Subsidiary (as defined in Condition 3):

• (a) the book value of whose tangible assets attributable to the Issuer (consolidated, in the case of a Subsidiary which itself has subsidiaries) represents (or, in the case of a Subsidiary acquired after the end of the financial period to which the then latest relevant audited consolidated accounts of the Issuer and the Subsidiaries relate, is equal to) not less than 5 per cent, of the book value of the tangible assets of the Issuer and the Subsidiaries taken as a whole attributable to the shareholders of the Issuer, all as calculated respectively by reference to the then latest audited accounts (consolidated or unconsolidated, as the case may be) of such Subsidiary and the then latest audited consolidated accounts of the Issuer and the Subsidiaries provided that:
  • (i) in the case of a Subsidiary acquired after the end of the financial period to which the then latest relevant audited consolidated accounts relate, the reference to the then latest audited consolidated accounts for the purposes of the calculation above shall, until consolidated accounts for the financial period in which the acquisition is made have been prepared and audited as aforesaid, be deemed to be a reference to such first-mentioned accounts as if such Subsidiary had been shown in such accounts by reference to its then latest relevant audited accounts, adjusted as deemed appropriate by the auditors for the time being of the Issuer (the Auditors); and
  • (ii) if, in the case of a Subsidiary which itself has subsidiaries, no consolidated accounts are prepared and audited, the book value of the tangible assets of such Subsidiary and its subsidiaries attributable to the Issuer shall be determined on the basis of pro forma consolidated accounts of the relevant Subsidiary and its subsidiaries prepared by the Issuer and (if requested by the Trustee) audited for this purpose by the Auditors or the auditors for the time being of the relevant Subsidiary; or
• (b) to which is transferred the whole or substantially the whole of the assets and undertaking of a Subsidiary which immediately prior to such transfer is a Principal Subsidiary, provided that the transferor Subsidiary shall upon such transfer forthwith cease to be a Principal Subsidiary and the transferee Subsidiary shall cease to be a Principal Subsidiary pursuant to this paragraph (b) on the date on which the

consolidated accounts of the Issuer and the Subsidiaries for the financial period current at the date of such transfer have been prepared and audited as aforesaid but so that such transferor Subsidiary or such transferee Subsidiary may be a Principal Subsidiary on or at any time after such date by virtue of the provisions of paragraph (a) above or before, on or at any time after such date by virtue of the provisions of paragraph (c) below; or

(c) to which is transferred assets or an undertaking which, taken together with the assets or undertaking of the transferee Subsidiary represent (or, in the case of the transferee Subsidiary being acquired after the end of the financial period to which the then latest relevant audited consolidated accounts of the Issuer and the Subsidiaries relate, are equal to) not less than 5 per cent, of the book value of the tangible assets of the Issuer and the Subsidiaries taken as a whole attributable to the shareholders of the Issuer, all as calculated as referred to in paragraph (a) above, provided that the transferor Subsidiary (if a Principal Subsidiary) shall upon such transfer forthwith cease to be a Principal Subsidiary unless immediately following such transfer the book value of the tangible assets of such transferor Subsidiary attributable to the Issuer represents (or, in the case aforesaid, is equal to) not less than 5 per cent, of the book value of the tangible assets of the Issuer and the Subsidiaries taken as a whole attributable to the shareholders of the Issuer, all as calculated as referred to in paragraph (a) above, and the transferee Subsidiary shall cease to be a Principal Subsidiary pursuant to this paragraph (c) on the date on which the consolidated accounts of the Issuer and the Subsidiaries for the financial period current at the date of such transfer have been prepared and audited but so that such transferor Subsidiary or such transferee Subsidiary may be a Principal Subsidiary on or at any time after such date by virtue of the provisions of paragraph (a) above or before, on or at any time after such date by virtue of the provisions of paragraph (b) above.

For the purposes of this definition if there shall at any time not be any relevant audited consolidated accounts of the Issuer and the Subsidiaries, references thereto herein shall be deemed to refer to a consolidation by the Auditors of the relevant unconsolidated audited accounts of the Issuer and the Subsidiaries.

A certificate signed by two duly authorised persons of the Issuer that, in their opinion, a Subsidiary is or is not or was or was not at any particular time or throughout any specified period a Principal Subsidiary shall, in the absence of a manifest error, be conclusive and binding on the Issuer, the Trustee, the Noteholders and the Couponholders.

10. REPLACEMENT OF NOTES, COUPONS AND TALONS

Should any Note, Coupon or Talon be lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Principal Paying Agent upon payment by the claimant of such costs and expenses as may be incurred in connection therewith and on such terms as to evidence and indemnity as the Issuer may reasonably require. Mutilated or defaced Notes, Coupons or Talons must be surrendered before replacements will be issued.

11. PAYING AGENTS

The names of the initial Paying Agents and their initial specified offices are set out below. If any additional Paying Agents are appointed in connection with any Series, the names of such Paying Agents will be specified in Part B of the applicable Final Terms.

The Issuer is entitled (with the prior written approval of the Trustee) to vary or terminate the appointment of any Paying Agent and/or appoint additional or other Paying Agents and/or approve any change in the specified office through which any Paying Agent acts, provided that:

• (i) there will at all times be a Principal Paying Agent; and
• (ii) so long as the Notes are admitted to listing, trading and/or quotation by any competent authority, stock exchange and/or quotation system which requires the appointment of a Paying Agent in a particular place, the Issuer shall maintain a Paying Agent with a specified office in such place as may be required by the rules and regulations of the relevant competent authority, stock exchange and/or quotation system.

In addition, the Issuer shall forthwith appoint a Paying Agent having a specified office in New York City in the circumstances described in Condition 5(d). Any variation, termination, appointment or change shall only take effect (other than in the case of insolvency, when it shall be of immediate effect) after not less than 30 nor more than 45 days' prior notice thereof shall have been given to the Noteholders in accordance with Condition 13.

In acting under the Agency Agreement, the Paying Agents act solely as agents of the Issuer and, in the certain limited circumstances specified in the Agency Agreement and the Trust Deed, of the Trustee and do not assume any obligation to, or relationship of agency or trust with, any Noteholders or Couponholders. The Agency Agreement contains provisions permitting any entity into which any Paying Agent is merged or converted or with which it is consolidated or to which it transfers all or substantially all of its assets to become the successor paying agent.

12. EXCHANGE OF TALONS

On and after the Interest Payment Date on which the final Coupon comprised in any Coupon sheet matures, the Talon (if any) forming part of such Coupon sheet may be surrendered at the specified office of the Principal Paying Agent or any other Paying Agent in exchange for a further Coupon sheet including (if such further Coupon sheet does not include Coupons to (and including) the final date for the payment of interest due in respect of the Note to which it appertains) a further Talon, subject to the provisions of Condition 8.

13. NOTICES

All notices regarding the Notes will be deemed to be validly given if published in a leading English language daily newspaper of general circulation in London or such other English language daily newspaper with general circulation in Europe as the Trustee may approve. It is expected that such publication will be made in the Financial Times in London. The Issuer shall also ensure that notices are duly published in a manner which complies with the rules and regulations of any stock exchange (or any other relevant authority) on which the Notes are for the time being listed or admitted to trading. Any such notice will be deemed to have been given on the date of the first publication or, where required to be published in more than one newspaper, on the date of the first publication in all required newspapers. If publication as provided above is not practicable, a notice will be given in such other manner, and shall be deemed to have been given on such date, as the Trustee may approve. Couponholders will be deemed for all purposes to have notice of the contents of any notice given to the Noteholders in accordance with this Condition 13.

Until such time as any definitive Notes are issued, there may, so long as any Global Notes representing the Notes are held in their entirety on behalf of Euroclear and/or Clearstream, Luxembourg, be substituted for such publication in such newspaper(s) the delivery of the relevant notice to Euroclear and/or Clearstream, Luxembourg for communication by them to the holders of the Notes and, in addition, for so long as any Notes are admitted to listing, trading and/or quotation by any competent authority, stock exchange and/or quotation system and the rules and regulations of the relevant competent authority, stock exchange and/or quotation system so require, such notice will be published in a daily newspaper of general circulation in the place or places required by that competent authority, stock exchange and/or quotation system. Any such notice shall be deemed to have been given to the holders of the Notes on the second Business Day after the day on which the said notice was given to Euroclear and/or Clearstream, Luxembourg.

Notices to be given by any Noteholder shall be in writing and given by lodging the same, together (in the case of any Note in definitive form) with the relative Note or Notes, with the Principal Paying Agent. Whilst any of the Notes are represented by a Global Note, such notice may be given by any holder of a Note to the Principal Paying Agent through Euroclear and/or Clearstream, Luxembourg, as the case may be, in such manner as the Principal Paying Agent and Euroclear and/or Clearstream, Luxembourg, as the case may be, may approve for this purpose.

14. MEETINGS OF NOTEHOLDERS, MODIFICATION AND WAIVER

The Trust Deed contains provisions for convening meetings of the Noteholders to consider any matter affecting their interests, including the sanctioning by Extraordinary Resolution of a modification of the Notes, the Coupons, these Conditions or any of the provisions of the Trust Deed. Such a meeting may be convened by the Issuer or the Trustee and shall be convened by the Issuer if required in writing by Noteholders holding not less than ten per cent. in nominal amount of the Notes for the time being outstanding. The quorum at any such meeting for passing an Extraordinary Resolution is one or more persons holding or representing more than 50 per cent. in nominal amount of the Notes for the time being outstanding, or at any adjourned meeting one or more persons being or representing Noteholders whatever the nominal amount of the Notes so held or represented. The Trust Deed does not contain any provisions requiring higher quorums in any circumstances. The Trust Deed provides that (i) a resolution passed at a meeting duly convened and held in accordance with the Trust Deed by a majority consisting of not less than three-fourths of the votes cast on such resolution, (ii) a resolution in writing signed by or on behalf of the holders of not less than three-fourths in nominal amount of the Notes for the time being outstanding or (iii) consent given by way of electronic consents through the relevant clearing system(s) (in a form satisfactory to the Trustee) by or on behalf of the holders of not less than three-fourths in nominal amount of the Notes for the time being outstanding, shall, in each case, be effective as an Extraordinary Resolution of the Noteholders. An Extraordinary Resolution passed at any meeting of the Noteholders shall be binding on all the Noteholders, whether or not they are present at any meeting, and whether or not they voted on the resolution, and on all Couponholders.

The Trust Deed provides that a resolution, with or without notice, in writing signed by or on behalf of all Noteholders who for the time being are entitled to receive notice of a meeting of Noteholders under the Trust Deed will take effect as if it were an Extraordinary Resolution duly passed at a meeting of the Noteholders. Such a resolution in writing may be contained in one document or several documents in the same form, each signed by or on behalf of one or more Noteholders.

The Trust Deed contains provisions for convening a single meeting of holders of Notes of more than one Series in certain circumstances where the Trustee so decides.

The Trustee may agree with the Issuer, without the consent of the Noteholders or Couponholders, to:

• (a) any modification of the Notes, the Coupons, these Conditions or the Trust Deed which is, in the opinion of the Trustee, not materially prejudicial to the interests of the Noteholders; or
• (b) any modification of these Conditions, the Notes, the Coupons or the Trust Deed which is in the opinion of the Trustee of a formal, minor or technical nature or is made to correct a manifest error or an error which, in the opinion of the Trustee, is proven or to comply with mandatory provisions of the law.

The Trustee may also agree, without the consent of the Noteholders or Couponholders, to any modification of, or to the waiver or authorisation of any breach or proposed breach of, any of these Conditions or any of the provisions of the Notes or the Trust Deed or determine, without any such consent as aforesaid, that any Event of Default or Potential Event of Default (as defined in the Trust Deed) shall not be treated as such, where in any such case it is not, in the opinion of the Trustee, materially prejudicial to the interests of the Noteholders.

Any such modification, waiver, authorisation or determination shall be binding on the Noteholders and the Couponholders and shall, unless the Trustee agrees otherwise, be notified to the Noteholders in accordance with Condition 13 as soon as practicable thereafter.

In connection with the exercise by it of any of its trusts, powers, authorities or discretions (including, but without limitation, any modification, waiver, authorisation, determination or substitution), the Trustee shall have regard to the general interest of the Noteholders as a class but shall not have regard to any interests arising from circumstances particular to individual Noteholders or Couponholders (whatever their number) and, in particular but without limitation, shall not have regard to the consequences of any such exercise for individual Noteholders or Couponholders (whatever their number) resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory or any political sub-division thereof and the Trustee shall not be entitled to require, nor shall any Noteholder or Couponholder be entitled to claim, from the Issuer, the Trustee or any other person any indemnification or payment in respect of any tax consequence of any such exercise upon individual Noteholders or Couponholders except, in the case of the Issuer, to the extent provided for in Condition 7 and/or any undertaking given in addition to, or in substitution for, Condition 7 pursuant to the Trust Deed.

15. SUBSTITUTION

The Trustee may agree, without the consent of the Noteholders or Couponholders, to the substitution of any successor in business to the Issuer or of a Subsidiary either of the Issuer or any successor in business to the Issuer in place of the Issuer (or of any previous substitute under this Condition) as principal debtor under the Trust Deed, the Notes and the Coupons, subject to (a) in the case of a Subsidiary either of the Issuer or of any successor in business to the Issuer, the obligations of such Subsidiary in respect of the Trust Deed, the Notes and the Coupons being unconditionally and irrevocably guaranteed by the Issuer or such successor in business in a form satisfactory to the Trustee; (b) the Trustee being satisfied that the interests of the Noteholders will not be materially prejudiced by the substitution; and (c) certain other conditions set out in the Trust Deed being complied with. Any such substitution shall be binding on the Noteholders and the Couponholders and, unless the Trustee agrees otherwise, any such substitution shall be notified by the Issuer to the Noteholders as soon as practicable thereafter in accordance with Condition 13.

16. INDEMNIFICATION OF THE TRUSTEE AND ITS CONTRACTING WITH THE ISSUER

The Trust Deed contains provisions for the indemnification of the Trustee and for its relief from responsibility, including provisions relieving it from taking action unless indemnified and/or secured and/or pre-funded to its satisfaction.

The Trust Deed also contains provisions pursuant to which the Trustee is entitled, inter alia, (i) to enter into business transactions with the Issuer and/or any of its Subsidiaries and to act as trustee for the holders of any other securities issued or guaranteed by, or relating to, the Issuer and/or any of its Subsidiaries, (ii) to exercise and enforce its rights, comply with its obligations and perform its duties under or in relation to any such transactions or, as the case may be, any such trusteeship without regard to the interests of, or consequences for, the Noteholders or Couponholders, and (iii) to retain and not be liable to account for any profit made or any other amount or benefit received thereby or in connection therewith.

17. FURTHER ISSUES

The Issuer shall be at liberty from time to time without the consent of the Noteholders or the Couponholders (and in accordance with the Trust Deed) to create and issue further notes having terms and conditions the same as the Notes or the same in all respects save for the Issue Date, the amount and date of the first payment of interest thereon and/or the Issue Price and so that the same shall be consolidated and form a single Series with the outstanding Notes. The Issuer may (from time to time), with the consent of the Trustee, create and issue other series of notes having the benefit of the Trust Deed.

18. ROUNDING

For the purposes of any calculations referred to in these Conditions (unless otherwise specified in these Conditions or the applicable Final Terms), (a) all percentages resulting from such calculations will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (with 0.000005 per cent. being rounded up to 0.00001 per cent.); (b) all United States dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one half cent being rounded up); (c) all Japanese Yen amounts used in or resulting from such calculations will be rounded downwards to the next lower whole Japanese Yen amount; and (d) all amounts denominated in any other currency used in or resulting from such calculations will be rounded to the nearest two decimal places in such currency, with 0.005 being rounded upwards.

19. CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

No rights are conferred on any person under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of the Notes, but this does not affect any right or remedy of any person which exists or is available apart from that Act.

20. GOVERNING LAW

The Trust Deed, the Agency Agreement, the Notes and the Coupons, and any non-contractual obligations arising out of or in connection with the Trust Deed, the Agency Agreement, the Notes and the Coupons, are governed by, and shall be construed in accordance with, English law.

FORM OF THE NOTES

Initial Issue

Each Tranche of Notes will be in bearer form and will initially be issued in the form of a temporary global note (a Temporary Global Note) or, if so specified in the applicable Final Terms, a permanent global note (a Permanent Global Note, together with a Temporary Global Note, the Global Notes and each a Global Note) which, in either case, will:

• (i) where such Global Note is intended to be issued in NGN form, as stated in the applicable Final Terms, be delivered on or prior to the original issue date of the Tranche to the Common Safekeeper; and
• (ii) where such Global Note is not intended to be issued in NGN form, as stated in the applicable final terms, be delivered on or prior to the original issue date of the Tranche to the Common Depository.

Upon deposit of the Temporary Global Note(s) with the Common Depositary or the Common Safekeeper, as the case may be, Euroclear or Clearstream, Luxembourg will credit each subscriber with a nominal amount of Notes equal to the nominal amount thereof for which it has subscribed. Where the Global Notes issued in respect of any Tranche are in NGN form, Euroclear and Clearstream, Luxembourg will be notified as to whether or not such Global Notes are intended to be held in a manner which would allow Eurosystem eligibility. Any indication that the Global Notes are to be so held and depositing the Global Notes with the Common Safekeeper does not necessarily mean that the relevant Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue, or at any or all times during their life. Such recognition will depend upon satisfaction of the Eurosystem eligibility criteria.

Whilst any Note is represented by a Temporary Global Note, payments of principal, interest (if any) and any other amount payable in respect of the Notes due prior to the Exchange Date (as defined below) will be made (against presentation of the Temporary Global Note if the Temporary Global Note is not intended to be issued in NGN form) only to the extent that certification (in a form to be provided) to the effect that the beneficial owners of interests in such Note are not U.S. persons or persons who have purchased for resale to any U.S. person, as required by U.S. Treasury regulations, has been received by Euroclear and/or Clearstream, Luxembourg and Euroclear and/or Clearstream, Luxembourg, as applicable, has given a like certification (based on the certifications it has received) to the Principal Paying Agent.

Relationship of Accountholders with Clearing Systems

Each of the persons shown in the records of Euroclear and/or Clearstream, Luxembourg as the holder of a Note represented by a Global Note must look solely to Euroclear and/or Clearstream, Luxembourg for his share of each payment made by the Issuer to the bearer of such Global Note and in relation to all other rights arising under such Global Note, subject to and in accordance with the respective rules and procedures of Euroclear and/or Clearstream, Luxembourg. Such persons shall have no claim directly against the Issuer in respect of payments due on the Notes for so long as the Notes are represented by such Global Note and such obligations of the Issuer will be discharged by payment to the bearer of such Global Note in respect of each amount so paid.

Exchange

Temporary Global Notes

Each Temporary Global Note will be exchangeable (free of charge to the holder) on or after the Exchange Date, either in whole or in part, upon certification as to non-U.S. beneficial ownership (in a form to be provided) for interests in a Permanent Global Note or, if so provided in the applicable Final Terms, for definitive Notes with, where applicable, interest coupons and talons attached.

In relation to any issue of Notes which are represented on issue by a Temporary Global Note exchangeable for Definitive Notes, such Notes shall be issued with a single Specified Denomination only. In no circumstances shall they be issued with a Specified Denomination plus one or more higher integral multiples of another smaller amount.

Permanent Global Notes

Each Permanent Global Note will be exchangeable (free of charge to the holder) on or after the Exchange Date in whole but not, except as provided under "Partial Exchange of Permanent Global Notes" below, in part for definitive Notes with, where applicable, interest coupons and talons attached, only:

• (i) upon the occurrence of an Event of Default;
• (ii) if either Euroclear or Clearstream, Luxembourg is closed for business for a continuous period of 14 days (other than by reason of holiday, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so and no successor clearing system is available; or
• (iii) if the Issuer would suffer a disadvantage as a result of a change in laws or regulations (taxation or otherwise) or as a result of a change in the practice of Euroclear and/or Clearstream, Luxembourg which would not be suffered were the Notes in definitive form and a certificate to such effect signed by two duly authorised persons of the Issuer is given to the Trustee.

The Issuer will promptly give notice to the Noteholders in accordance with Condition 13 if any of the events in (i), (ii) or (iii) above occurs. In the event of the occurrence of any of the events in (i), (ii) or (iii) above, Euroclear and/or Clearstream, Luxembourg (acting on the instructions of any holder of an interest in such Permanent Global Note) or the Trustee may give notice to the Principal Paying Agent requesting exchange of the Permanent Global Note for definitive Notes.

Payments of principal, interest (if any) or any other amounts on a Permanent Global Note will be made through Euroclear and/or Clearstream, Luxembourg (against presentation or surrender (as the case may be) of the Permanent Global Note if the Permanent Global Note is not intended to be issued in NGN form) without any requirement for certification.

Partial Exchange of Permanent Global Notes

For so long as a Permanent Global Note is held on behalf of a clearing system and the rules of that clearing system permit, the Permanent Global Note will be exchangeable (free of charge to the holder) on or after the Exchange Date in part on one or more occasions for definitive Notes with, where applicable, interest coupons and talons attached if so provided in, and in accordance with, the Conditions (which will be set out in the applicable Final Terms).

Exchange Date means, in relation to a Temporary Global Note, the day falling after the expiry of 40 days after its issue date and, in relation to a Permanent Global Note, a day falling not less than 60 days after that on which notice requiring exchange is given and on which banks are open for business in the city in which the specified office of the Principal Paying Agent is located and in the city in which the relevant clearing system is located.

Legend

The following legend will appear on all Permanent Global Notes and definitive Notes which have an original maturity of more than 365 days and on all interest coupons relating to such Notes:

"ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE."

The sections referred to provide that United States holders, with certain exceptions, will not be entitled to deduct any loss on Notes or interest coupons and will not be entitled to capital gains treatment in respect of any gain on any sale, disposition, redemption or payment of principal in respect of such Notes or interest coupons.

Transfers

Notes which are represented by a Global Note will only be transferable in accordance with the rules and procedures for the time being of Euroclear or Clearstream, Luxembourg, as the case may be.

Pursuant to the Agency Agreement (as defined under "Terms and Conditions of the Notes"), the Principal Paying Agent shall arrange that, where a further Tranche of Notes is issued which is intended to form a single Series with an existing Tranche of Notes at a point after the Issue Date of the further Tranche, the Notes of such further Tranche shall be assigned a common code and ISIN which are different from the common code and ISIN assigned to Notes of any other Tranche of the same Series until such time as the Tranches are consolidated and form a single Series, which shall not be prior to the expiry of the distribution compliance period (as defined in Regulation S under the Securities Act) applicable to the Notes of such Tranche.

Any reference herein to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so permits, be deemed to include a reference to any additional or alternative clearing system specified in the applicable Final Terms or as may otherwise be approved by the Issuer, the Principal Paying Agent and the Trustee.

FORM OF FINAL TERMS

[MIFID II PRODUCT GOVERNANCE – SOLELY FOR THE PURPOSES OF [THE/EACH] MANUFACTURER['S/S'] PRODUCT APPROVAL PROCESS, THE TARGET MARKET ASSESSMENT IN RESPECT OF THE NOTES HAS LED TO THE CONCLUSION THAT: (I) THE TARGET MARKET FOR THE NOTES IS ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ONLY, EACH AS DEFINED IN DIRECTIVE 2014/65/EU (AS AMENDED, MIFID II); AND (II) ALL CHANNELS FOR DISTRIBUTION OF THE NOTES TO ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ARE APPROPRIATE. ANY PERSON SUBSEQUENTLY OFFERING, SELLING OR RECOMMENDING THE NOTES (A DISTRIBUTOR) SHOULD TAKE INTO CONSIDERATION THE MANUFACTURER['S/S'] TARGET MARKET ASSESSMENT; HOWEVER, A DISTRIBUTOR SUBJECT TO MIFID II IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE NOTES (BY EITHER ADOPTING OR REFINING THE MANUFACTURER['S/S'] TARGET MARKET ASSESSMENT) AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS.]

[UK MIFIR PRODUCT GOVERNANCE – SOLELY FOR THE PURPOSES OF [THE/EACH] MANUFACTURER['S/S'] PRODUCT APPROVAL PROCESS, THE TARGET MARKET ASSESSMENT IN RESPECT OF THE NOTES HAS LED TO THE CONCLUSION THAT: (I) THE TARGET MARKET FOR THE NOTES IS ELIGIBLE COUNTERPARTIES, AS DEFINED IN THE FCA HANDBOOK CONDUCT OF BUSINESS SOURCEBOOK, AND PROFESSIONAL CLIENTS, AS DEFINED IN REGULATION (EU) NO 600/2014 AS IT FORM PART OF DOMESTIC LAW IN THE UNITED KINGDOM [(THE UK)] BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 [(EUWA)]; AND (II) ALL CHANNELS FOR DISTRIBUTION OF THE NOTES TO ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ARE APPROPRIATE.

ANY PERSON SUBSEQUENTLY OFFERING, SELLING OR RECOMMENDING THE NOTES (A DISTRIBUTOR) SHOULD TAKE INTO CONSIDERATION THE MANUFACTURER['S/S'] TARGET MARKET ASSESSMENT; HOWEVER, A DISTRIBUTOR SUBJECT TO THE FCA HANDBOOK PRODUCT INTERVENTION AND PRODUCT GOVERNANCE SOURCEBOOK IS RESPONSIBLE FOR UNDERTAKING ITS OWN TARGET MARKET ASSESSMENT IN RESPECT OF THE NOTES (BY EITHER ADOPTING OR REFINING THE MANUFACTURER['S/S'] TARGET MARKET ASSESSMENT) AND DETERMINING APPROPRIATE DISTRIBUTION CHANNELS.]

[PROHIBITION OF SALES TO EEA RETAIL INVESTORS:

THE NOTES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA (THE EEA). FOR THESE PURPOSES, A RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF:

• (A) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF MIFID II; OR
• (B) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE 2016/97/EU (AS AMENDED OR SUPERSEDED) [(THE INSURANCE DISTRIBUTION DIRECTIVE)], WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II.

CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO. 1286/2014, AS AMENDED (THE PRIIPS REGULATION) FOR OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.] 1

[PROHIBITION OF SALES TO UK RETAIL INVESTORS:

THE NOTES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY RETAIL INVESTOR IN [THE UNITED KINGDOM (THE UK)]/[THE UK]. FOR THESE PURPOSES, A RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF:

• (A) A RETAIL CLIENT AS DEFINED IN POINT (8) OF ARTICLE 2 OF REGULATION (EU) NO 2017/565 AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF [THE EUROPEAN UNION (WITHDRAWAL) ACT 2018]/[THE EUWA]; OR
• (B) A CUSTOMER WITHIN THE MEANING OF THE PROVISIONS OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (THE FSMA) AND ANY RULES OR REGULATIONS MADE UNDER THE FSMA TO IMPLEMENT [DIRECTIVE (EU) 2016/97]/[THE INSURANCE DISTRIBUTION DIRECTIVE], WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2(1) OF REGULATION (EU) NO 600/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUWA.

CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY [REGULATION (EU) NO. 1286/2014, AS AMENDED]/[THE PRIIPS REGULATION] AS IT FORMS PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUWA (THE UK PRIIPS REGULATION) FOR OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE UK HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE UK MAY BE UNLAWFUL UNDER THE UK PRIIPS REGULATION.] 2

[NOTIFICATION UNDER SECTION 309B(1)(C) OF THE SECURITIES AND FUTURES ACT 2001 OF SINGAPORE, AS MODIFIED OR AMENDED FROM TIME TO TIME (THE SFA) – [INSERT NOTICE IF CLASSIFICATION OF THE NOTES IS NOT "PRESCRIBED CAPITAL MARKETS PRODUCTS", PURSUANT TO SECTION 309B OF THE SFA OR "EXCLUDED INVESTMENT PRODUCTS" (AS DEFINED IN MAS NOTICE SFA 04-N12: NOTICE ON THE SALE OF INVESTMENT PRODUCTS AND MAS NOTICE FAA-N16: NOTICE ON RECOMMENDATIONS ON INVESTMENTS PRODUCTS)].] 3

[Date]

¹ Legend to be included on front of the Final Terms if the Notes potentially constitute "packaged" products and no key information document will be prepared or the Issuer wishes to prohibit offers to EEA retail investors for any other reason, in which case the selling restriction should be specified to be "Applicable".

² Legend to be included on front of the Final Terms if the Notes potentially constitute "packaged" products and no key information document will be prepared or the Issuer wishes to prohibit offers to UK retail investors for any other reason, in which case the selling restriction should be specified to be "Applicable".

³ Relevant Manager(s)/Dealer(s) to consider whether it / they have received the necessary product classification from the Issuer prior to the launch of the offer, pursuant to Section 309B of the SFA.

THE BRITISH LAND COMPANY PLC

Legal Entity Identifier (LEI): RV5B68J2GV3QGMRPW209

Issue of [Currency] [Aggregate Nominal Amount of Tranche] [Title of Notes] ¹ due [•]

under the £2,000,000,000

Euro Medium Term Note Programme

PART A - CONTRACTUAL TERMS

[Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 30 June 2025 [and the supplement[s] to it dated [date] [and [date]] which [together] constitute[s] a base prospectus (the Base Prospectus) for the purposes of Article 8 Regulation (EU) 2017/1129 as it forms part of domestic law in the UK by virtue of the European Union (Withdrawal) Act 2018 (the UK Prospectus Regulation). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 8 of the UK Prospectus Regulation and must be read in conjunction with the Base Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus has been published on the website of the Regulatory News Service operated by the London Stock Exchange at https://www.londonstockexchange.com/market-data/all and copies may be obtained from the registered office of the Issuer at York House, 45 Seymour Street, London W1H 7LX, United Kingdom and the specified office of the Principal Paying Agent at 160 Queen Victoria Street, London EC4V 4LA, United Kingdom.]

The following alternative language applies if the first tranche of an issue which is being increased was issued under a programme with an earlier date.

[Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the base prospectus dated [original date] [and the supplement[s] dated [date] to such base prospectus], which are incorporated by reference in the base prospectus dated 30 June 2025 . This document constitutes the Final Terms of the Notes described herein for the purposes of Article 8 of Regulation (EU) 2017/1129 as it forms part of domestic law in the UK by virtue of the European Union (Withdrawal) Act 2018 (the UK Prospectus Regulation) and must be read in conjunction with the base prospectus dated 30 June 2025 [and the supplement[s]to it dated [date]] which [together] constitute[s] a base prospectus (the Base Prospectus) for the purposes of the UK Prospectus Regulation. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus has been published on the website of the Regulatory News Service operated by the London Stock Exchange at https://www.londonstockexchange.com/market-data/all and copies may be obtained from the registered office of the Issuer at York House, 45 Seymour Street, London W1H 7LX, United Kingdom and the specified office of the Principal Paying Agent at 160 Queen Victoria Street, London EC4V 4LA, United Kingdom.]

• 1. Issuer: The British Land Company PLC
• 1. (i) Series Number: [•]
  2. (ii) Tranche Number: [•]

¹ If the net proceeds of an issue of Notes is intended to be applied by the Issuer to finance or refinance, in whole or in part, the Sustainable Portfolio, the Issuer shall specify in the title that such Notes are Sustainable, Green and/or Social Bonds.

	(iii)	Date on which the Notes will be consolidated and form a single Series:	[The Notes will be consolidated and form a single series with [•] on the [Issue Date]/[exchange of the Temporary Global Note for interest in the Permanent Global Note as referred to in paragraph 23 below, which is expected to occur on [•]]]/[Not Applicable]
3.		Specified Currency or Currencies:	[•]
4.		Aggregate Nominal Amount:
	(i)	Series:	[•]
	(ii)	Tranche:	[•]
5.	Issue Price:		[•] per cent. of the Aggregate Nominal Amount [plus accrued interest from [•]]
6	(i)	Specified Denomination(s):	[•] [and integral multiples of [•] in excess thereof up to and including [•]. No Notes in definitive form will be issued with a denomination above [•]]
	(ii)	Calculation Amount:	[•]
7.	(i)	Issue Date:	[•]
	(ii)	Interest Commencement Date:	[•]/[Issue Date]/[Not Applicable]
8.	Maturity Date:		[•]/[Interest Payment Date falling in or nearest to [•]]
9.	Interest Basis:		[[•] per cent. Fixed Rate]
			[[EURIBOR/CMS/SONIA] +/– [•] per cent. Floating Rate]
			[Zero Coupon]
			(see paragraph [14]/[15]/[16]below)
10.		Redemption/Payment Basis:	Subject to any purchase and cancellation or early redemption, the Notes will be redeemed on the Maturity Date at [[•] per cent. of their nominal amount]/[par]
11.	Change	of Interest Basis or Redemption/ Payment Basis:	[•]/[Not Applicable]

12.	Put/Call Options:		[Investor Put]
			[Issuer Call]
			[(see paragraph[s] [18]/[19]/[20] below)]
13.	(i)	Status of the Notes:	Senior
	(ii)	[Date [Board] approval for issuance of Notes obtained:	[•]]

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

14.		Fixed Rate Note Provisions	[Applicable]/[Not Applicable]
			(If not applicable, delete the remaining subparagraphs of this paragraph)
	(i)	Rate[(s)] of Interest:	[•] per cent. per annum [payable [annually]/[semi annually]/[quarterly] in arrear]
	(ii)	Interest Payment Date(s):	[•]/[•] and [•]/[•],[•],[•] and [•] in each year up to and including the Maturity Date
	(iii)	Fixed Coupon Amount(s):	[•] per Calculation Amount
	(iv)	Broken Amount(s):	[[•] per Calculation Amount, payable on the Interest Payment Date falling [on]/[in] [•]]/[Not Applicable]
	(v)	Day Count Fraction:	[30/360]/[Actual/Actual (ICMA)]/[•]
	(vi)	Determination Date(s):	[[•] in each year]/[Not Applicable]
15.		Floating Rate Note Provisions	[Applicable]/[Not Applicable]
			(If not applicable, delete the remaining subparagraphs of this paragraph)
	(i)	Specified Period(s)/Specified Interest Payment Dates:	[•]
	(ii)	Business Day Convention:	[Floating Rate Convention]/[Following Business Day Convention]/[Modified Following Business Day Convention]/[Preceding Business Day Convention]
	(iii)	Additional Business Centre(s):	[•]
	(iv)	Manner in which the Rate of Interest and Interest Amount is to be determined:	[Screen Rate Determination]/[ISDA Determination]

(v)	Party responsible for calculating the Rate of Interest and Interest Amount (if not the Principal Paying Agent):	[•]
(vi)	Screen Rate Determination:	[Applicable/Not Applicable]
		(If not applicable, delete the remaining sections of this subparagraph)
	– Reference Rate:	[[•]-month [•] [EURIBOR]/[CMS]/[SONIA]]
	– Relevant Financial Centre:	[London]/[Brussels]/[New York]
	– Interest Determination Date(s):	[First day of each Interest Period]/[Second day on which T2 is open prior to the start of each Interest Period]/[The [first]/[•] London Banking Day falling after the last day of each Observation Period]/[•]
	– Relevant Screen Page:	[•]
	– Reference Swap Rate:	[•]
	– Designated Maturity:	[•]
(vii)	ISDA Determination:	[Applicable/Not Applicable]
		(If not applicable, delete the remaining sections of this subparagraph)
		(If applicable, and "2021 ISDA Definitions" is selected below, note that "Administrator/Benchmark Event", "Generic Fallbacks" and "Calculation Agent Alternative Rate Determination" are not workable in a notes context. Amendments will therefore need to be made to the Conditions which will require a drawdown prospectus for the issue)
	– ISDA Definitions:	[2006 ISDA Definitions]/[2021 ISDA Definitions]
	– Floating Rate Option:	[•]
		(If "2021 ISDA Definitions" is selected, ensure this is a Floating Rate Option included in the Floating Rate Matrix (as defined in the 2021 ISDA Definitions))
	– Designated Maturity:	[•]/[Not Applicable]

(A Designated Maturity period is not relevant where the relevant Floating Rate Option is a risk-free rate)

– Reset Date: [•] (In the case of a EURIBOR based option, the first day of the Interest Period) (N.B. The fallback provisions applicable to ISDA Determination under the 2006 ISDA Definitions are reliant upon the provision by reference banks of offered quotations for EURIBOR which, depending on market circumstances, may not be available at the relevant time) (viii) Linear Interpolation: [Not Applicable]/[Applicable. The Rate of Interest for the [long/short] [first/last] Interest Period shall be calculated using Linear Interpolation]. (ix) Margin(s): [+/-][•] per cent. per annum (x) Minimum Rate of Interest: [•] per cent. per annum (xi) Maximum Rate of Interest: [•] per cent. per annum (xii) Day Count Fraction: [Actual/Actual (ISDA)]/[Actual/Actual]/[Actual/365 (Fixed)]/[Actual/365 (Sterling)]/[Actual/360]/[30/360]/[360/360]/[Bond Basis]/[30E/360]/[Eurobond Basis]/[30E/360 (ISDA)]/[•] 16. Zero Coupon Note Provisions [Applicable]/[Not Applicable] (If not applicable, delete the remaining subparagraphs of this paragraph) (i) Accrual Yield: [•] per cent. per annum (ii) Reference Price: [•] (iii) Day Count Fraction in relation to Early Redemption Amounts: [30/360][Actual/360][Actual/365]

PROVISIONS RELATING TO REDEMPTION

17.	Notice periods for Condition 6(b):	Minimum period: [30] calendar days
		Maximum period: [60] calendar days
18.	Issuer Call:	[Applicable]/[Not Applicable]
		(If not applicable, delete the remaining subparagraphs of this paragraph)

	(i)	Optional Date(s):		Redemption		[•]/[Any date from (and including) [•] to (but excluding) [•]]
	(ii)	Issuer	Call Redemption Amount:		Optional	[Par Redemption Amount]/[EIB Redemption Amount]/[Treasury Stock Redemption Amount]/[In the case of the Optional Redemption Date(s) falling [on [•]]/[in the period from (and including) [•] to but (excluding) [•] [Par Redemption Amount]/[EIB Redemption Amount]/[Treasury Stock Redemption Amount]]
	(iii)	Redemption Margin:				[[+/-][•] per cent. per annum]/[Not Applicable]
	(iv) If redeemable in part:
		(a)	Minimum Redemption Amount:			[•] per Calculation Amount
		(b)	Maximum Redemption Amount:			[•] per Calculation Amount
	(v) Notice period:					Minimum period: [15] calendar days
						Maximum period: [30] calendar days
19.	Investor Put:					[Applicable]/[Not Applicable]
						(If not applicable, delete the remaining subparagraphs of this paragraph)
	Investor Put Optional Redemption Amount:					[•] per Calculation Amount
20.	Final Redemption Amount:					[•] per Calculation Amount
21.	Early Redemption Amount per Calculation Amount payable on redemption for taxation reasons or on					[As per Condition 6(e)]/[[•] per Calculation Amount]

GENERAL PROVISIONS APPLICABLE TO THE NOTES

event of default:

1. Form of Notes: [Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for definitive Notes in the limited circumstances specified in the Permanent Global Note]

[Temporary Global Note exchangeable for Definitive Notes on and after the Exchange Date]

[Permanent Global Note exchangeable for definitive Notes in the limited circumstances specified in the Permanent Global Note]

• 1. New Global Note: [Yes]/[No]
• 1. Additional Financial Centre(s): [Not Applicable]/[•]
• 1. Talons for future Coupons to be attached to Definitive Notes: [Yes, as the Notes have more than 27 coupon payments, Talons may be required if (on exchange of the Notes into definitive form) more than 27 coupon payments are still to be made]/[No]

THIRD PARTY INFORMATION

[[•] has been extracted from [•]. The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information published by [•], no facts have been omitted which would render the reproduced information inaccurate or misleading.]

Signed on behalf of the Issuer:

By:…………………………………

Duly authorised

PART B - OTHER INFORMATION

1 LISTING

• (i) Listing: London
• (ii) Admission to trading: [Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on [the London Stock Exchange's regulated market] with effect from [•]]
• (iii) Estimate of total expenses related to admission to trading: [•]

2. RATINGS

Ratings: The Notes to be issued [have been]/[are expected to be] [have not been rated] [rated [•]] by [Fitch Ratings Limited].

[[Fitch Ratings Limited] is established in the UK and is registered under Regulation (EC) No. 1060/2009 as it forms part of domestic law in the UK by virtue of the EUWA.]

[Include a brief explanation of the meaning of the ratings if this has previously been published by the ratings provider.]

[The above disclosure should reflect the rating allocated to Notes of the type being issued under the Programme generally or, where the issue has been specifically rated, that rating.]

3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

Save for any fees payable to the Manager[s]/Dealer[s], so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer. [The Manager[s]/Dealer[s] and [its]/[their] affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform other services for, the Issuer and its affiliates in the ordinary course of business.]

1. YIELD (Fixed Rate Notes only)

Indication of yield: [•]

The yield is calculated at the Issue Date on the basis of the Issue Price. The yield is not an indication of future yield.

5. OPERATIONAL INFORMATION

(i) ISIN: [•]

(ii) Common Code: [•]

• (iii) Any clearing system(s) other than Euroclear and Clearstream, Luxembourg (together with the address of each such clearing system) and the relevant identification number(s): [Not Applicable]/[•]
• (iv) Delivery: Delivery [against/free of] payment
• (v) Names and addresses of additional Paying Agent(s) (including SONIA Calculation Agent) (if any): [•]
• (vi) Intended to be held in a manner which would allow Eurosystem eligibility: [Yes. Note that the designation "yes" simply means that the Notes are intended upon issue to be deposited with one of the ICSDs as common safekeeper and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met.]

[No. Whilst the designation is specified as "no" at the date of these Final Terms, should the Eurosystem eligibility criteria be amended in the future such that the Notes are capable of meeting them the Notes may then be deposited with one of the ICSDs as common safekeeper. Note that this does not necessarily mean that the Notes will then be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem at any time during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met.]

6. DISTRIBUTION

(i) U.S. Selling Restriction: [Reg S Compliance Category 2; TEFRA [C]/[D]/[not applicable]] (ii) Prohibition of Sales to EEA Retail Investors: [Applicable]/[Not Applicable] (If the Notes clearly do not constitute "packaged" products, or the Notes do constitute "packaged" products and a key information document will be prepared in the EEA, "Not Applicable" should be specified. If the Notes may constitute "packaged"

products and no key information document will be prepared, "Applicable" should be specified.)

(iii) Prohibition of Sales to UK Retail Investors: [Applicable]/[Not Applicable]

(If the Notes clearly do not constitute "packaged" products or the Notes do constitute "packaged" products and a key information document will be prepared in the UK, "Not Applicable" should be specified. If the Notes may constitute "packaged" products and no key information document will be prepared, "Applicable" should be specified.)

(iv) Prohibition of Sales to Belgian Consumers: [Applicable]/[Not Applicable] (N.B. advice should be taken from Belgian counsel before disapplying this selling restriction)

7. USE OF PROCEEDS

The estimated net amount of proceeds from the issue is [•]. The net proceeds from the issue will be applied by the Issuer for [its general corporate purposes]/[financing or refinancing, in whole or in part, the Sustainable Portfolio, which comprises a portfolio of projects meeting the eligibility criteria set out in the Sustainable Finance Framework, as published on the Issuer's website and updated from time to time]/[•]

8. UK BENCHMARK REGULATION

[[Specify benchmark] is provided by [administrator legal name]. As at the date hereof, [administrator legal name] [appears]/[does not appear] in the register of administrators and benchmarks established and maintained by the FCA pursuant to Article 36 of Regulation (EU) 2016/1011 as it forms part of domestic law in the UK by virtue of the EUWA [(the UK Benchmark Regulation)]. [As far as the Issuer is aware, [the transitional provisions in Article 51 of the UK Benchmark Regulation apply, such that [administrator legal name] is not currently required to obtain authorisation/registration (or, if located outside the UK, recognition, endorsement or equivalence).]/[[administrator legal name] does not fall within the scope of the UK Benchmark Regulation by virtue of Article 2 of the UK Benchmark Regulation.]]/[Not Applicable]

USE OF PROCEEDS

The net proceeds from each issue of Notes will be applied by the Issuer for:

• (i) its general corporate purposes; or
• (ii) financing or refinancing, in whole or in part, the Sustainable Portfolio, which comprises a portfolio of projects meeting the eligibility criteria set out in the Sustainable Finance Framework, as published on the Issuer's website and updated from time to time, in which case the applicable Final Terms will specify that such Notes are Sustainable, Green and/or Social Bonds and will provide additional information in relation to the intended use of proceeds in respect of such Notes; or
• (iii) such other reason as may be specified in the applicable Final Terms.

The Issuer may amend or update the Sustainable Finance Framework from time to time, and will publicly announce any change to the Sustainable Finance Framework on its website (https://www.britishland.com/about-us/corporate-governance/policies/sustainable-financeframework).

The Issuer may use the net proceeds of an issue of Sustainable, Green and/or Social Bonds, in whole or in part, for the repayment of outstanding indebtedness or other capital management activities or in accordance with its existing financing policies. The Issuer will monitor and account for the net proceeds of an issue of Sustainable, Green and/or Social Bonds relative to the Sustainable Portfolio. However, no assurance is or can be given by the Issuer, the Dealers, the Trustee, the Paying Agents or any other person that the Sustainable Portfolio will meet any criteria, expectations and objectives of investors regarding the environmental or social impact of sustainability performance of any "green", "social", "sustainable" or equivalently labelled projects or that adverse environmental, social and/or other impacts will not occur during the implementation of any projects within the Sustainable Portfolio.

None of the Dealers or the Trustee or any of their respective affiliates will verify the proposed use of proceeds of any issue of Notes, nor shall they be responsible for the ongoing monitoring of the use of proceeds in respect of any issue of such Notes.

None of the Issuer, the Dealers, the Trustee, the Paying Agents or any other person shall be responsible for assuring that the use of such proceeds will satisfy, in whole or in part, any present or future investor expectations or requirements as regards any investment criteria or guidelines with which any investor or its investments are required to comply (in particular with regard to any direct or indirect environmental, sustainable or social impact of any projects or uses, the subject of or related to, the relevant projects in the Sustainable Portfolio).

DESCRIPTION OF THE ISSUER AND THE GROUP

The legal and commercial name of the Issuer is The British Land Company PLC. The Issuer was registered and incorporated in England and Wales on 26 February 1959 under registration number 621920 and operates under the Companies Act 2006 as a public limited company. The Issuer's registered office is located at York House, 45 Seymour Street, London W1H 7LX and the telephone number is +44 (0)20 7486 4466.

The Issuer is the parent company of the Group. As the parent company of the Group, the Issuer is in part dependent on receiving dividends and revenues from its subsidiaries.

The Issuer became a REIT in the UK on 1 January 2007, broadly allowing the Issuer and certain of its subsidiaries exemption from UK corporation tax on income from its property rental business and gains arising on disposal of investment properties that were used for the purposes of its property rental business and significantly increased flexibility for asset management. The Issuer is listed on the London Stock Exchange.

To the knowledge of the Issuer, it is not directly or indirectly controlled by any single shareholding group.

Activities of the Group

The Group's portfolio of high quality UK commercial property is focused on office-led campuses in Central London, retail across the UK and London urban logistics. The Group owns and/or manages a portfolio valued at £14.6 billion (Issuer share: £9.5 billion) as at 31 March 2025, making it one of Europe's largest listed real estate investment companies.

The Group's purpose is to create and manage outstanding places that deliver positive outcomes for all the Group's stakeholders on a long term, sustainable basis – "Places People Prefer". The Group's strategy is to leverage its strengths in development and asset management, with the aim of generating an income focused total accounting return (TAR) through the cycle, investing behind two key themes – Campuses and Retail & London Urban Logistics.

Strategy

The Group's strategy is to actively focus its capital on the development, active management and repositioning of assets. Investment is focused on two strategic themes:

• Campuses buildings focused on customers in growth and innovation sectors including science and technology, engineering and health; and
• Retail & London Urban Logistics retail parks and London Urban Logistics aligned to the growth of convenience, online and last mile fulfilment.

Campuses

The Group's Campuses and standalone offices together account for 58 per cent. of the Group's portfolio. The Group's campuses are located close to key transport hubs and bring together office, retail and residential buildings with leading sustainability and design credentials, surrounded by attractive public spaces and a range of amenities.

The Group continues to allocate capital towards the development of modern sustainable buildings, with an 8.9 million square feet development pipeline to deliver sustainable space across the Group's Campuses. Demand for these buildings remains strong, with low vacancy rates and continued rental growth based on recent transactions.

The Group continues to target science and technology occupiers at its campuses, and in particular at Regent's Place and the Peterhouse campus in Cambridge. Regent's Place is a 13 acre campus located in the centre of London's Knowledge Quarter, which is home to leading research institutions including The Francis Crick Institute, The Wellcome Trust, The Alan Turing Institute and University College London. The Group is well placed to benefit from its privileged location within this wellestablished innovation ecosystem. In Cambridge, the Peterhouse campus is a 14 acre campus, part of which is let to ARM Holdings Plc. In the first quarter of 2025, the Group let the entirety of The Optic, a 101,000 square feet office and lab building located on the Peterhouse Technology Park to ARM Holdings, demonstrating the strength in demand from science and tech occupiers for new space in Cambridge.

In 2023, the Group established an Innovation Advisory Council to support its growth in this area, advise on customer requirements, provide insight on future trends, help the business build connections and underwrite new acquisitions.

Retail & London Urban Logistics

Retail & London Urban Logistics accounts for 42 per cent. of the Group's portfolio and is focused on retail parks and London Urban Logistics aligned with the growth of convenience, online and last mile fulfilment.

The Group continues to focus on retail parks and acquisition opportunities where supply is relatively tight, with less than 5 per cent. of new supply of retail parks added in the last 10 years. The Group is one of the UK's largest owners and operators with around 10 per cent. of the retail park market. Retail parks are the preferred format for many retailers due to their affordability, adaptability and accessibility. Customer demand is driving high occupancy rates, reflected in the 99 per cent. occupancy of the Group's retail park portfolio.

The Group has a development-led approach in London Urban Logistics with six sites in Zone 1 of London and within the M25. Demand is high due to the long term growth of e-commerce combined with rising consumer expectations for priority delivery, which, combined with little supply is driving rental growth. Vacancy in inner London is 0.2 per cent. The Group's strategy is to deliver new space in London by repurposing assets, like the Finsbury Square carpark, or densifying existing industrial land with multistorey schemes like Mandela Way in Southwark.

Sustainability

Sustainability is embedded throughout the Group's business. In 2020, the Group set out its Sustainability Strategy, committing to decarbonising the portfolio by 2030 with a clear set of targets to reduce both the embodied carbon in the Group's developments and the operational carbon across the Group's portfolio. The standards and guidance on net zero carbon continue to evolve with climate science and to ensure best practice, the Group is in the process of reviewing set Science Based Targets initiative (SBTi) targets in line with the Building sector guidance. Whilst targets are being reviewed, the Group's internal 2030 sustainability targets remain the same and will continue to reduce embodied and operational carbon across the portfolio. The percentage of the Group's portfolio with a rated energy performance certificate (EPC) of A or B as a proportion of ERV, increased to 68 per cent. as at 31 March 2025, up from 58 per cent. at 31 March 2024. The Group considers the proposed Minimum Energy Efficiency Standard (MEES) for all non-domestic buildings, where we are targeting buildings to be rated 'B' or above by 2030.

The Group is a Global Sector Leader in sustainable development, retaining its Global Real Estate Sustainability Benchmark (GRESB) 5-star rating and achieving a score of 100/100, whilst being a European Sector Leader for standing investments retaining a rating of 5-star with a 90/100 score as at 31 March 2025.

The Group has developed its Sustainable Finance Framework to enable it to issue sustainable, green, and/or social finance. The Framework aligns with the 2021 Green Bond Principles (with June 2022 Appendix 1), the 2021 Social Bond Principles (with June 2022 Appendix 1) and the 2021 Sustainability Bond Guidelines, as published by the International Capital Market Association. The framework also aligns with the Loan Market Association's Green Loan Principles and the Social Loan Principles, and the principles contained therein support several of the United Nation's Sustainable Development Goals.

Portfolio

As at 31 March 2025, the Group had total assets in the UK which are owned or managed, valued at £14.6 billion (of which the Issuer's share is £9.5 billion). The European Public Real Estate Association (the EPRA) topped up net initial yield including rent contracted from expiry of rent free periods and fixed uplifts not in lieu of rental growth was 5.5 per cent. and the portfolio had an annualised rent on a valuation basis of £449 million.

An analysis of the Group's portfolio valuation by sector as at 31 March 2025 is set forth below:

As at 31 March 2025	Total	Portfolio	EPRA Topped up Net Initial Yield(1,2,3)	Net Equivalent Yield(1,2)
	£m	%	%	%
City	2,646	27.9	4.2	5.5
West End	2,097	22.1	4.8	5.7
Other Campuses	605	6.4	4.0	6.3
Residential	153	1.6	1.2	5.5
Campuses	5,501	58.0	4.3	5.6
Retail Parks	3,018	31.8	6.6	6.4
Shopping Centres	435	4.6	8.7	8.4
London Urban Logistics	324	3.4	3.5	5.0
Other Retail	208	2.2	6.3	7.0
Retail & London Urban Logistics	3,985	42.0	6.6	6.6
Total	9,486	100.0	5.5	6.1

Notes:

On a proportionally consolidated basis including the Group's share of joint ventures and excluding non-controlling interests.

• (1) Including notional purchaser's costs.
• (2) Excluding committed developments and assets held for development.
• (3) Including rent contracted from expiry of rent-free periods and fixed uplifts not in lieu of rental growth.

Strategic Partnerships

The use of partnerships is an integral part of the Group's business and a key way in which it extends its capital base. Around 36 per cent. of the Group's assets are in joint ventures, including three of its largest assets – Broadgate, an office Campus in the City; Paddington Central, an office Campus in the West End; and a mixed-use campus in Canada Water.

In July 2024, the Group completed the sale of its 50 per cent. stake in Meadowhall Shopping Centre to its joint venture partner, Norges Bank Investment Management, for £360 million. The cash consideration received by the Group, taking into account net debt and other customary transaction adjustments, totalled £156 million and was materially in line with the carrying value of the joint venture as at 31 March 2024. This follows the sale of some ancillary land by the Issuer and Norges Bank Investment Management for £7 million (the Issuer's share) earlier in 2024.

In January 2025, the Group sold 50 per cent. of its stake in the 750,000 square feet 2 Finsbury Avenue development to Modon Holding and received cash proceeds of £100 million, retaining a 25 per cent. interest.

The Issuer's joint ventures with other commercial real estate developers, investors and occupiers enables the Issuer to leverage their equity, achieve benefits of scale and spread risk. The joint ventures enable the Group to access attractive investment opportunities alongside like-minded partners with complementary skills. Separate entities are formed for this purpose, controlled on a joint voting basis by a board carrying representation from each partner. The entities are able to raise finance on the strength of their assets, with no recourse to the partners, thereby significantly lowering the initial equity investments. The enterprise is shared by the partners, over an agreed lifetime for the venture.

Development Programme

Committed developments total 2.4 million square feet delivering £83.5 million of estimated rental value (ERV) and are 29.9 per cent. pre-let or under offer. As of 31 March 2025, total development exposure is 3.5 per cent. of portfolio gross asset value. Speculative exposure, which is based on ERV and includes space under offer, is 8.2 per cent..

Construction cost inflation appears to be levelling off. The Group regularly reviews inflation drivers to ensure its contingencies and cost plans are robust to deal with market fluctuations. The Group has built up excellent relationships with Tier 1 contractors and throughout its supply chain so the Group is confident of placing mutually attractive contracts for its near term developments.

Campuses Portfolio

The Campuses Portfolio had a total value of £5.5 billion as at 31 March 2025 on a proportionally consolidated basis (including the Group's share of joint ventures). The Campuses Portfolio had occupancy of 96.5 per cent. and an average lease length of 7.6 years to expiry (6.2 years to break).

Campuses account for 58 per cent. of the Group's property portfolio on a proportionally consolidated basis (including the Group's share of joint ventures). The Campuses benefit from excellent transport locations, providing high quality workspaces that meet high standards of sustainability and wellbeing, and provide a wide range of amenities and public realm. As demand is focused on high quality spaces, these Campuses are well placed to benefit.

The Group benefits from a diverse portfolio of high quality occupiers focused on financial, corporate, science and technology, health and media sectors.

Campus lettings and renewals in the year to 31 March 2025 totalled 1.5 million square feet, with deals over one year 7.5 per cent. ahead of ERV. As at 31 March 2025, The Group had a further 250,000 square feet under offer, 9.2 per cent. ahead of ERV. As of 16 May 2025, there were 1.7 million square feet in negotiations on 1.5 million square feet of space.

Retail & London Urban Logistics Portfolio

As at 31 March 2025, the Retail & London Urban Logistics Portfolio had a total value of £4 billion on a proportionally consolidated basis (including the Group's share of joint ventures). The Retail & London Urban Logistics Portfolio had occupancy of 98.5 per cent. and an average lease length of 6.1 years to expiry (4.6 years to break with like-for-like rental income up 5 per cent.

Retail & London Urban Logistics leasing volumes in the year to 31 March 2025 totalled 1.8 million square feet, of which 1.1 million square feet was at the Group's retail parks. Overall deals were 10.5 per cent. ahead of ERV and 8.6 per cent. below previous passing rent.

Key activity in the year includes:

• Leading omni-channel retailers continue to expand on retail parks, with 78,000 square feet let or under offer to Marks and Spencer and 54,000 square feet let or under offer to Next.
• Smyths Toys signed four deals covering 63,000 square feet, including a new 15,000 square feet unit at Biggleswade.
• JD Sports signed four deals across 37,000 square feet including new units at Colchester and Giltbrook.
• Mango signed two new leases at Teesside and Broughton totalling 10,000 square feet.
• Mountain Warehouse signed two new leases at Milton Keynes and Didcot totalling 16,000 square feet.
• B&Q signed the 43,000 square feet former Homebase unit at Biggleswade.
• Following the opening of InHealth in the financial year ended 31 March 2024 at Denton, we have further diversified the occupier line up on the park, including MyDentist, and CVS Vets by signing 5,000 square feet and 2,000 square feet leases respectively.

In London Urban Logistics, the Group has assembled a 1.2 million square feet pipeline. In the financial year ended 31 March 2025, the Group started on site at Mandela Way in Southwark, building a 144,000 square foot multistorey scheme in Central London. In addition, in the financial year ended 31 March 2025, the Group also achieved planning consent for a multi-storey logistics hub at Verney Road, located approximately a mile from Mandela Way. This means that 3 out of 5 sites in the development pipeline now have consent.

Development Programme

The Group's development programme consists of committed projects where construction is underway and development prospects. Recently completed and committed developments are set out below:

As at 31 March 2025	Sector	BL Share	Square feet	PC Calendar Year	Current Value	Cost to Come	ERV	Let and under offer
		%	'000		£m	£m(1)	£m(2)	£m
Aldgate Place: Phase 2	Residential	100	148	Q2 2024	148	6	6.9	2.1
The Priestley Centre	Science & Technology	100	86	Q2 2024	41	1	3.5	2.1
Norton Folgate	Office	100	335	Q3 2024	381	20	26.3	14.6
Canada Water: Dock Shed (Plot A2)	Mixed Use	50	245	Q1 2025	51	8	5.6	-
The Optic	Science & Technology	100	101	Q1 2025	70	2	4.5	4.5
Total Recently Completed			915		691	37	46.8	23.3
1 Broadgate	Office	50	546	Q2 2025	310	47	20.2	17.4
Canada Water: Plot A(3)	Mixed Use	50	264	Q2 2025	97	22	3.6	0.1
1 Triton Square	Science & Technology	50	306	Q3 2025	210	38	17.3	0.2
Mandela Way	London Urban Logistics	100	144	Q3 2025	48	16	4.2	-
The Broadgate Tower	Office	50	396	Q4 2026	149	73	18.5	6.0
2 Finsbury Avenue(4)	Office	25	749	Q2 2027	115	134	19.7	6.2
Total committed			2,405		929	330	83.5	29.9

Notes:

On a proportionally consolidated basis including the Group's share of joint ventures and funds (except area which is shown at 100 per cent.).

• (1) From 31 March 2025, Cost to come excludes notional interest as interest is capitalised individually on each development at the Group's capitalisation rate.
• (2) Estimated headline rental value net of rent payable under head leases (excluding tenant incentives).
• (3) Canada Water Plot A1 includes Three Deal Porters Way and The Founding.
• (4) Pre-let & under offer excludes 121,000 square feet of office space under option.

Portfolio Statistics

The Group's property portfolio is characterised by high occupancy rates and long leases as shown in the following table.

As at 31 March 2025		Average Lease Length (years)	Occupancy Rate (%)
	To Expiry	To Break	EPRA Occupancy	Occupancy(1)(2)(3)
City	8.1	6.5	83.7	97.4
West End	6.1	5.0	89.0	96.4
Other Campuses	13.6	11.7	64.0	86.2
Residential	11.0	10.7	30.4	100.0
Campuses	7.6	6.2	82.5	96.5
Retail Parks	6.1	4.6	97.4	98.6
Shopping Centre	6.0	4.4	94.5	98.4
London Urban Logistics	2.9	2.3	100.0	100.0
Other Retail	7.7	6.2	96.9	96.9
Retail & London Urban Logistics	6.1	4.6	97.1	98.6
Total	6.7	5.3	90.0	97.7

Notes:

(1) EPRA Occupancy vs Occupancy: Occupancy excludes recently completed developments at Norton Folgate, Aldgate, The Priestley Centre, The Optic and the Dock Shed at Canada Water.

(2) Space allocated to Storey is shown as occupied where there is a Storey tenant in place otherwise it is shown as vacant. Total occupancy for Campuses would rise from 96.5 per cent. to 96.8 per cent. if Storey space was assumed to be fully let.

(3) Where occupiers have entered administration or CVA but are still liable for rates, these are treated as occupied. If units in administration are treated as vacant, then the occupancy rate for Retail & London Urban Logistics would reduce from 98.6 per cent. to 97.4 per cent., and total occupancy would reduce from 97.7 per. cent. to 97.0 per cent..

The Issuer believes that the Group's broad customer base provides diversification of risk.

Directors of the Issuer

The directors and senior management of the Issuer, their position and principal activities outside the Group, where those are significant, are as follows:

Name	Position	Outside Directorships/Activities
William Rucker	Non-Executive	Chairman UK DRI
	Director and Chairman	Chairman ICG
Simon Carter	Chief Executive	-
David Walker	Chief Financial Officer	-
Mark Aedy	Non-Executive Director	Chairman of EMEA & APAC of Moelis & Company
Lynn Gladden	Non-Executive Director	Shell Professor, University of Cambridge
Alastair Hughes	Non-Executive Director	Chairman of Schroders Real Estate Investment Trust Limited
		Non-executive Director of Tritax Big Box REIT plc
		Non-executive Director of QuadReal Property Group
Loraine Woodhouse	Non-Executive Director	Non-executive Director and member of Audit, Remuneration, Nomination and the ESG & H&S Committees of Pennon Group plc
		Non-executive Director & Chair of Audit Committee of associated British Foods
Amanda Mackenzie	Non-Executive Director	Non-Executive Director of Lloyds Banking Group PLC
Mary Ricks	Non-Executive Director	-
Amanda James	Non-Executive Director	Non-executive director and member of Audit, Remuneration, corporate responsibility and Nomination committees of Auto Trade Group PLC
		Non-executive director and member of the Audit, Corporate Social Responsibility and Nomination Committees of Rightmove plc.
Brona McKeown	HR Director, General Counsel	—
	and Company

Secretary

The business address of the directors of the Issuer is c/o The British Land Company PLC, York House, 45 Seymour Street, London W1H 7LX. There are no potential conflicts of interest between the duties to the Issuer of the directors and their private interests and/or other duties, save for a potential conflict of interest arising from Amanda Mackenzie's role as a Non-Executive Director of Lloyds Banking Group PLC, which is a Dealer under the Programme. However, the Issuer has appropriate measures in place to ensure that no actual conflict of interest will arise as a result of this potential conflict of interest.

TAXATION

United Kingdom Taxation

The comments below, which are of a general nature and are based on the Issuer's understanding of current United Kingdom law and published His Majesty's Revenue and Customs (HMRC) practice as at the date of this Base Prospectus, relate only to the United Kingdom withholding tax treatment of payments of interest (as that term is understood for United Kingdom tax purposes) in respect of Notes. They do not deal with any other United Kingdom taxation implications of acquiring, holding or disposing of Notes. Some comments do not apply to certain classes of persons (such as dealers and persons connected or associated with the Issuer for relevant tax purposes) to whom special rules may apply. The comments relate only to the position of persons who are absolute beneficial owners of the Notes. Prospective holders of Notes should be aware that the particular terms of issue of any Series of Notes as specified in the applicable Final Terms may affect the tax treatment of that and other Series of Notes. The United Kingdom tax treatment of prospective holders of Notes depends on their individual circumstances and may be subject to change in the future. Prospective holders of Notes who are in any doubt as to their tax position or who may be subject to tax in a jurisdiction other than the United Kingdom are strongly advised to consult their own professional advisers.

• (1) Payments of interest on the Notes may be made without withholding or deduction for or on account of United Kingdom income tax as long as the Notes carry a right to interest and are and continue to be listed on a recognised stock exchange within the meaning of section 1005 of the Income Tax Act 2007 or admitted to trading on a multilateral trading facility operated by a regulated recognised stock exchange within the meaning of section 987 of the Income Tax Act 2007. In the case of Notes to be listed on the London Stock Exchange, which is such a recognised stock exchange, this condition will be satisfied if the Notes are included in the Official List (within the meaning of and in accordance with the provisions of Part 6 of the Financial Services and Markets Act 2000) by the FCA and admitted to trading on the London Stock Exchange. Provided, therefore, that the Notes carry a right to interest and are and remain so listed on a "recognised stock exchange", interest on the Notes will be payable without deduction of or withholding on account of United Kingdom income tax.
• (2) In addition to the exemption referred to above, where the maturity of the Notes is less than 365 days and those Notes do not form part of a scheme or arrangement of borrowing intended to be capable of remaining outstanding for more than 364 days, payments of interest on the Notes may be made without withholding or deduction for or on account of United Kingdom income tax.
• (3) In other cases, an amount must generally be withheld from payments of interest on the Notes that has a United Kingdom source on account of United Kingdom income tax at the basic rate (currently 20 per cent.), subject to any other available exemptions and reliefs. However, where an applicable double tax treaty provides for a lower rate of withholding tax (or for no tax to be withheld) in relation to a Noteholder, HMRC can issue a notice to the Issuer to pay interest to the Noteholder without deduction of tax (or for interest to be paid with tax deducted at the rate provided for in the relevant double tax treaty).
• (4) If Notes are redeemed at a premium, as opposed to being issued at a discount, then any such element of premium may constitute a payment of interest for United Kingdom tax purposes. In that event, payments thereof would be subject to the treatment outlined in Paragraphs 1 to 3 above.

FATCA

Pursuant to certain provisions of the U.S. Internal Revenue Code of 1986, commonly known as FATCA, a "foreign financial institution" may be required to withhold on certain payments it makes (foreign passthru payments) to persons that fail to meet certain certification, reporting, or related requirements. A number of jurisdictions (including the United Kingdom) have entered into, or have agreed in substance to, intergovernmental agreements with the United States to implement FATCA (IGAs), which modify the way in which FATCA applies in their jurisdictions. Under the provisions of IGAs as currently in effect, a foreign financial institution in an IGA jurisdiction would generally not be required to withhold under FATCA or an IGA from payments that it makes. Certain aspects of the application of the FATCA provisions and IGAs to instruments such as the Notes, including whether withholding would ever be required pursuant to FATCA or an IGA with respect to payments on instruments such as the Notes, are uncertain and may be subject to change. Even if withholding would be required pursuant to FATCA or an IGA with respect to payments on instruments such as the Notes, such withholding would not apply prior to the date that is two years after the date on which final regulations defining "foreign passthru payments" are published in the U.S. Federal Register, and Notes characterised as debt (or which are not otherwise characterised as equity and have a fixed term) for U.S. federal tax purposes that are issued on or prior to the date that is six months after the date on which final regulations defining "foreign passthru payments" are filed with the U.S. Federal Register generally would be "grandfathered" for purposes of FATCA withholding unless materially modified after such date (including by reason of a substitution of the Issuer). However, if additional notes (as described under "Terms and Conditions of the Notes ― Further Issues") that are not distinguishable from previously issued Notes are issued after the expiration of the grandfathering period and are subject to withholding under FATCA, then withholding agents may treat all Notes, including the Notes offered prior to the expiration of the grandfathering period, as subject to withholding under FATCA. Holders should consult their own tax advisers regarding how these rules may apply to their investment in the Notes. In the event any withholding would be required pursuant to FATCA or an IGA with respect to payments on the Notes, no person will be required to pay additional amounts as a result of the withholding.

The proposed financial transaction tax (FTT)

On 14 February 2013, the European Commission published a proposal (the Commission's Proposal) for a Directive for a common FTT in Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia (the participating Member States). However, Estonia has since stated that it will not participate.

The Commission's Proposal had a very broad scope and their proposed FTT could, if introduced, apply to certain dealings in the Notes (in particular secondary market transactions) in certain circumstances. The issuance and subscription of Notes should, however, be exempt.

Under the Commission's Proposal the FTT could apply in certain circumstances to persons both within and outside of the participating Member States. Generally, it would apply to certain dealings in Notes where at least one party is a financial institution, and at least one party is established in a participating Member State. A financial institution may be, or be deemed to be, "established" in a participating Member State in a broad range of circumstances, including (a) by transacting with a person established in a participating Member State or (b) where the financial instrument which is subject to the dealings is issued in a participating Member State.

However, the Commission's Proposal remains subject to negotiation between the participating Member States. It may therefore be altered prior to any implementation, the timing of which remains unclear. Additional EU Member States may decide to participate.

Prospective holders of the Notes are advised to seek their own professional advice in relation to the FTT.

SUBSCRIPTION AND SALE

The Dealers have, in an amended and restated programme agreement dated 30 June 2025 (as further amended, restated, modified and/or supplemented from time to time, the Programme Agreement) agreed with the Issuer a basis upon which they or any of them may from time to time agree to purchase Notes. Any such agreement will extend to those matters stated under "Terms and Conditions of the Notes". In the Programme Agreement, the Issuer has agreed to reimburse the Dealers for certain of their expenses in connection with the Programme and the issue of Notes under the Programme and to indemnify the Dealers against certain liabilities incurred by them in connection therewith.

United States

The Notes have not been and will not be registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act. Terms used in this selling restriction have the meanings given to them by Regulation S under the Securities Act.

The Notes are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to a United States person, except in certain transactions permitted by U.S. tax regulations. Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code of 1986 and regulations promulgated thereunder. The applicable Final Terms will identify whether TEFRA C Rules or TEFRA D Rules apply or whether TEFRA is not applicable.

Each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that it will not offer, sell or deliver Notes (i) as part of their distribution at any time or (ii) otherwise until 40 days after the completion of the distribution of all Notes of the Tranche of which such Notes are a part, within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S under the Securities Act. Each Dealer has further agreed, and each further Dealer appointed under the Programme will be required to agree, that it will send to each dealer to which it sells any Notes during the distribution compliance period a confirmation or other notice setting forth the restrictions on offers and sales of the Notes within the United States or to, or for the account or benefit of, U.S. persons. Terms used in this paragraph have the meanings given to them by Regulation S under the Securities Act.

Until 40 days after the commencement of the offering of any Series of Notes, an offer or sale of such Notes within the United States by any dealer (whether or not participating in the offering) may violate the registration requirements of the Securities Act if such offer or sale is made otherwise than in accordance with an available exemption from registration under the Securities Act.

Prohibition of Sales to EEA Retail Investors

Unless the Final Terms in respect of any Notes specifies the "Prohibition of Sales to EEA Retail Investors" as "Not Applicable", each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by this Base Prospectus as completed by the Final Terms in relation thereto to any retail investor in the EEA. For the purposes of this provision, the expression "retail investor" means a person who is one (or more) of the following:

• (a) a retail client as defined in point (11) of Article 4(1) of MiFID II; or
• (b) a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.

United Kingdom

Prohibition of Sales to UK Retail Investors

Unless the Final Terms in respect of any Notes specifies the "Prohibition of Sales to UK Retail Investors" as "Not Applicable", each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by this Base Prospectus as completed by the Final Terms in relation thereto to any retail investor in the UK. For the purposes of this provision, the expression "retail investor" means a person who is one (or more) of the following:

• (a) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law in the UK by virtue of the EUWA; or
• (b) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law in the UK by virtue of the EUWA.

Other UK Regulatory Restrictions

Each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that:

• (a) in relation to any Notes having a maturity of less than one year, (i) it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business and (ii) it has not offered or sold and will not offer or sell any Notes other than to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or as agent) for the purposes of their businesses or who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses where the issue of the Notes would otherwise constitute a contravention of Section 19 of the FSMA by the Issuer;
• (b) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer; and
• (c) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Notes in, from or otherwise involving the United Kingdom.

Belgium

Other than in respect of Notes for which "Prohibition of Sales to Belgian Consumers" is specified as "Not Applicable" in the applicable Final Terms, each Dealer has represented and agreed that an offering of Notes may not be advertised to any individual in Belgium qualifying as a consumer within the meaning of Article I.1 of the Belgian Code of Economic Law, as amended from time to time (a Belgian Consumer) and that it has not offered, sold or resold, transferred or delivered, and will not offer, sell, resell, transfer or deliver, the Notes, and that it has not distributed, and will not distribute, any prospectus, memorandum, information circular, brochure or any similar documents in relation to the Notes, directly or indirectly, to any Belgian Consumer.

Japan

The Notes have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No.25 of 1948, as amended, the FIEA) and each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that it will not offer or sell any Notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (as defined under Item 5, Paragraph 1, Article 6 of the Foreign Exchange and Foreign Trade Act (Act No. 228 of 1949, as amended)), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations and ministerial guidelines of Japan.

Singapore

Each Dealer has acknowledged, and each further Dealer appointed under the Programme will be required to acknowledge, that this Base Prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that it has not offered or sold any Notes or caused the Notes to be made the subject of an invitation for subscription or purchase and will not offer or sell any Notes or cause the Notes to be made the subject of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, this Base Prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Notes, whether directly or indirectly, to any person in Singapore other than (A) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 274 of the SFA, or (B) to an accredited investor (as defined in Section 4A of the SFA), pursuant to and in accordance with the conditions specified in Section 275 of the SFA.

General

Each Dealer has agreed and each further Dealer appointed under the Programme will be required to agree that it will (to the best of its knowledge and belief) comply with all applicable securities laws and regulations in force in any jurisdiction in which it purchases, offers, sells or delivers Notes or possesses or distributes this Base Prospectus and will obtain any consent, approval or permission required by it for the purchase, offer, sale or delivery by it of Notes under the laws and regulations in force in any jurisdiction to which it is subject or in which it makes such purchases, offers, sales or deliveries and neither the Issuer nor any of the other Dealers shall have any responsibility therefor.

None of the Issuer, the Trustee and the Dealers represents that Notes may at any time lawfully be sold in compliance with any applicable registration or other requirements in any jurisdiction, or pursuant to any exemption available thereunder, or assumes any responsibility for facilitating such sale.

With regard to each Tranche, the relevant Dealer will be required to comply with such other restrictions as the Issuer and the relevant Dealer shall agree and as shall be set out in the applicable Subscription Agreement or Dealer Accession Letter or such other document as the Issuer and the relevant Dealer shall agree.

GENERAL INFORMATION

Authorisation

The establishment of the Programme and the issue of Notes have been duly authorised by resolutions of the Board of Directors of the Issuer dated 23 November 2005. The update of the Programme has been authorised by a resolution of the Investment Committee of the Board of Directors of the Issuer dated 26 June 2025.

Listing of Notes

It is expected that each Tranche of Notes which is to be admitted to the Official List and to trading on the Market will be admitted separately as and when issued, subject only to the issue of a Global Note or Notes initially representing the Notes of such Tranche. Application has been made to the FCA for Notes issued under the Programme to be admitted to the Official List and to the London Stock Exchange for such Notes to be admitted to trading on the Market. The listing of the Programme in respect of Notes is expected to be granted on or around 1 July 2025.

Documents Available

For the period of 12 months following the date of this Base Prospectus, copies of the following documents will, when published, be available from the registered office of the Issuer and from the specified office of the Paying Agent for the time being in London, and on the Issuer's website at https://www.britishland.com/ and/or the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism:

• (i) the Articles of Association of the Issuer;
• (ii) the 2024 Annual Report and the 2025 Annual Report;
• (iii) the most recently published audited annual financial statements of the Issuer and the most recently published unaudited interim financial statements (if any) of the Issuer, in each case together with any audit or review reports prepared in connection therewith;
• (iv) the Agency Agreement, the Trust Deed and the forms of the Global Notes, the Notes in definitive form, the Coupons and the Talons;
• (v) a copy of this Base Prospectus;
• (vi) a copy of the base prospectus relating to the Programme dated 8 August 2017 and 26 June 2024; and
• (vii) any future offering circulars, base prospectuses, information memoranda, supplements to this Base Prospectus, Final Terms and any other documents incorporated herein or therein by reference.

Clearing Systems

The Notes are expected to be accepted for clearance through Euroclear and Clearstream, Luxembourg (which are the entities in charge of keeping the records). The appropriate Common Code and ISIN for each Tranche of Notes allocated by Euroclear and Clearstream, Luxembourg will be specified in the applicable Final Terms. If the Notes are to clear through an additional or alternative clearing system the appropriate information will be specified in the applicable Final Terms.

The address of Euroclear is Euroclear Bank SA/NV, 1 Boulevard du Roi Albert II, B-1210 Brussels, Belgium and the address of Clearstream, Luxembourg is Clearstream Banking, 42 Avenue JF Kennedy, L-1855 Luxembourg.

Conditions for determining price

The price and amount of Notes to be issued under the Programme will be determined by the Issuer and the relevant Dealer at the time of issue in accordance with prevailing market conditions.

Significant or Material Change

There has been no significant change in the financial performance or financial position of the Issuer or the Group taken as a whole since 31 March 2025.

There has been no material adverse change in the prospects of the Issuer or the Group since 31 March 2025.

Litigation

There are no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware), nor have there been such proceedings in the 12 months preceding the date of this document, which may have, or have had in the recent past, significant effects on the Issuer and/or Group's financial position or profitability.

Independent Auditors

PricewaterhouseCoopers LLP of 7 More London Riverside, London SE1 2RT, United Kingdom audited the Issuer's consolidated financial statements, without qualification, in accordance with the International Standards on Auditing (UK) for each of the financial years ended 31 March 2024 and 31 March 2025. PricewaterhouseCoopers LLP is a member of the Institute of Chartered Accountants of England and Wales. PricewaterhouseCoopers LLP has no material interest in the Issuer.

Trustee's reliance on Auditors' certificates and/or reports

The Trust Deed provides that the Trustee may rely on certificates and/or reports from Auditors (as defined therein) or any other expert in accordance with the Trust Deed whether or not such certificate or report or any engagement letter or other document entered into by the Trustee and the Auditors or such other expert in connection therewith contains any limit on the liability of the Auditors or such other expert. Under the terms of the Programme, the Trustee will not necessarily receive a legal opinion in connection with each issue of Notes.

Dealers transacting with the Issuer

Certain of the Dealers and their affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform services to the Issuer and its affiliates in the ordinary course of business. Certain of the Dealers and their affiliates may have positions, deal or make markets in the Notes issued under the Programme, related derivatives and reference obligations, including (but not limited to) entering into hedging strategies on behalf of the Issuer and its respective affiliates, investor clients, or as principal in order to manage their exposure, their general market risk, or other trading activities. They have received, or may in the future receive, customary fees and commissions for these transactions.

In addition, in the ordinary course of their business activities, the Dealers and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of the Issuer or Issuer's affiliates. Certain of the Dealers or their affiliates may hedge their credit exposure to the Issuer from time to time consistent with their customary risk management policies. Typically, such Dealers and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in securities, including potentially the Notes issued under the Programme. Any such positions could adversely affect future trading prices of Notes issued under the Programme. The Dealers and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

REGISTERED AND HEAD OFFICE OF THE ISSUER

The British Land Company PLC

York House 45 Seymour Street London W1H 7LX United Kingdom

TRUSTEE

Apex Corporate Trustees (UK) Limited 6th Floor, 125 London Wall London, EC2Y 5AS United Kingdom

PRINCIPAL PAYING AGENT

The Bank of New York Mellon, London Branch 160 Queen Victoria Street London EC4V 4LA United Kingdom

LEGAL ADVISERS

To the Issuer

To the Dealers and the Trustee

Simmons & Simmons LLP CityPoint One Ropemaker Street London EC2Y 9SS United Kingdom

Allen Overy Shearman Sterling LLP One Bishops Square London E1 6AD United Kingdom

INDEPENDENT AUDITORS TO THE ISSUER

PricewaterhouseCoopers LLP

7 More London Riverside London SE1 2RT United Kingdom

ARRANGER

NatWest Markets Plc

250 Bishopsgate London EC2M 4AA United Kingdom

DEALERS

ABN AMRO Bank N.V.

Gustav Mahlerlaan 10 1082 PP Amsterdam The Netherlands

Banco Santander, S.A.

Ciudad Grupo Santander Edificio Encinar Avenida de Cantabria s/n 28660 Boadilla del Monte Madrid, Spain

BNP PARIBAS

16, boulevard des Italiens 75009 Paris France

DBS Bank Ltd.

12 Marina Boulevard Level 42, MBFC Tower 3 Singapore 018982

Lloyds Bank Corporate Markets plc

33 Old Broad Street London EC2N 1HZ United Kingdom

NatWest Markets Plc

250 Bishopsgate London EC2M 4AA United Kingdom

Bank of China Limited, London Branch

1 Lothbury London EC2R 7DB United Kingdom

Crédit Agricole Corporate and Investment Bank

12 place des Etats-Unis, CS 70052 92547 Montrouge CEDEX France

Goldman Sachs International

Plumtree Court 25 Shoe Lane London EC4A 4AU United Kingdom

MUFG Securities EMEA plc

Ropemaker Place 25 Ropemaker Street London EC2Y 9AJ United Kingdom

SMBC Bank International plc

100 Liverpool Street London EC2M 2AT United Kingdom

UBS AG London Branch

5 Broadgate London EC2M 2QS United Kingdom