British Land

Sustainability Investor and Analyst Event 2nd July 2020

British Land Jo Waddingham, Investor Relations Simon Carter, Chief Financial Officer Juliette Morgan, Head of Sustainable Development Matt Webster, Head of Smart & Sustainable Buildings Cressida Curtis, Head of Corporate Affairs & Sustainability James Pinkstone, Treasury Anna Devlet, Head of Community Tim Downes, Development Director Questions From Seb La Loma, Hopkins - via webcast Joe Baldwin, T Rowe Price - via webcast Oliver Fox - via webcast

Introduction Jo Waddingham, Investor Relations Hello and welcome to our Sustainability event. I’m Jo Waddingham, from the British Land IR team. I’ll shortly hand you over Simon Carter, our CFO and the Sustainability team who will take you through our new strategy. If you’re watching the webcast, feel free to log questions at any time, otherwise there will be two opportunities to ask questions on the phones. Hope you enjoy the event, over to Simon. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simon Carter, Chief Financial Officer Thank you Jo. Good afternoon everyone thanks for joining us. At our results in May we gave you the highlights of our 2030 sustainability commitments. Today, we would like to give you more detail as to why we chose these stretching targets and what we will need to do to deliver them. In particular, we will need to build on past successes, innovate and make sustainability business as usual. We’ll provide some very practical examples of how we’re doing this already. Here is the agenda. Shortly, I’ll hand over to Juliette and Matt to talk about our environmental commitments. Cressida Curtis will then explain our Transition Fund and how we think about the many sustainability indices. James Pinkstone will talk you through our new Sustainable financing framework. Anna Devlet will set out our social commitments and Tim Downes will present a case study of 1 Triton Square. We’ve allowed plenty of time for questions; you can also log these at any time on the website. Sustainability is not new to us at British Land; we produced our first corporate responsibility report back in 2002. In 2015, we embarked on a challenging five-year programme designed to deliver a step change in our environmental performance and contribution to local communities. We’ve achieved many of the goals we set ourselves - reducing our carbon intensity by a massive 73%, our energy intensity by 55% and we’ve supported more than 1,700 people into work. Some of the targets proved quite challenging, as you can see on the slide, but by setting the bar high we’ve made really good progress in these areas as well. A number of things have shaped our new strategy. Firstly, we wanted to be ambitious. The urgency around delivering more sustainable places and making a positive contribution to society has clearly and rightly, increased. Secondly, we wanted the plan which to be completely aligned with our corporate strategy and we were conscious that to be successful it needed to be business as usual.

Third, our own experience shaped our thinking. Our 2020 strategy included a wide range of targets across our business, arguably, too many. This time, we’ve chosen to focus our attention on two key areas where we can really make a difference - achieving a net zero carbon portfolio and rolling out our successful place based approach to social contribution. Finally, we looked at best practice we’ve been a signatory of the UN Compact since 2009 and our work supports 12 of the UN’s 17 sustainable development goals but we’ve really focused on the three that are most relevant to us. For me sustainability is an area where we should proactively share great ideas, rather than regard them as intellectual property. So, we have unashamedly incorporated elements of other leading companies’ sustainability programmes. This gives us confidence that our approach is best in class. On the environmental side, our key commitment is to be net zero carbon by 2030. The main elements of this are; for all future developments to be net zero embodied carbon, but offsetting alone is not enough so by 2030, all developments will have 50% less embodied carbon. We’ll also reduce our operational carbon by a further 75%. We’re taking a whole life approach, which Matt and Juliette will explain, but in summary, our overriding principles are to reuse, recycle and resource sustainably. We’ll only offset as a last resort. We’ve launched an Innovative Transition Fund, which incentivises us to reduce embodied carbon, while funnelling resources to improve the efficiency of the standing portfolio and Cress will talk more about this. On the Social side, we’re rolling out our place-based approach to community engagement. We’ll work with our communities, local authorities, customers, and suppliers to tackle local issues such as education and employment. This strengthens relationships with our stakeholders and deepens connections with our places. We’ve got a good track record of doing this, at Regent’s Place and Fort Kinnaird. Ultimately a more Sustainable approach makes sense because our customers are asking for it. The number of companies based in London who have signed up to science based targets has doubled since 2010. For many companies, the easiest way to reduce their carbon footprint is through more sustainable real estate so we expect the demand for greener buildings to increase significantly. This is reflected in the conversations we’re having we’re seeing more and more evidence that sustainable buildings generate higher rents and lease quicker. JLL estimate that a BREEAM Outstanding or Excellent building achieves a 10% premium to other prime buildings without a rating. We’re also seeing customers look beyond environmental criteria. The ability to make a positive contribution to local communities is increasingly important to their people. It’s part of their brand, helping to attract and retain talent. And it creates loyalty to a place so our customers want to re-commit.

We’ve seen that at Regent’s Place for example where Dentsu Aegis, an existing customer who are very active in our community programme have pre-let 1 Triton Square. So at every level, doing this well, is really additive to our business. On that note, I’ll hand over to Matt and Juliette to talk about our environmental commitments. Matt’s section is pre-recorded - like a lot of us; he’s juggling childcare with the day job. His wife is also key worker, which means he’s on call for their two boys right now, but will join us live for questions later. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Environment Commitments Matt Webster, Head of Smart & Sustainable Buildings Thanks Simon, good afternoon everyone. I’m Matt Webster - I’m probably trying find an episode of Ninjago or make an after-school snack whilst you listen to this, but I look forward to joining you for the Q&A. My role at British Land as Head of Sustainable and Smart buildings considers both the environmental design and performance of our assets, whilst also working in our smart places team, developing and deploying digital technologies to improve the experience and operation of our places. I’ll introduce net zero carbon and consider operational carbon before Juliette looks at embodied carbon. There’s a lot of noise around net zero carbon at present, so I thought it would be useful to set out clearly the definitions and scope we’ve adopted at British Land. Our approach is based on whole life carbon - that is accounting for and reducing carbon throughout the full lifecycle of a property, from a building’s design and development, throughout its operation and all the way through to end of life. Firstly, embodied carbon - these are the emissions associated the materials and components required to develop a building , raw material extraction, processing those materials into useable building components , transporting those components to a development site and then constructing those components into a tenant ready building. There is also embodied carbon associated with operating buildings, when building components, be that air handling units, chillers, heat pumps, reception desks or lighting - any component that requires replacement will have associated embodied emissions. It is also critical to consider how a building's emissions can be mitigated at the end of its useful life; either through re-using as much of the existing building as possible or by circulating materials back into the supply chain. This impacts embodied carbon by extending the life of building components and reducing the footprint of projects where components can be used a second or third time. Secondly, operational emissions, the first step in reducing the amount of operational energy a building needs is to design it efficiently, so it requires less heating, cooling or lighting to provide a comfortable and productive environment. It is also important to

have the processes and the technology to track that performance and identify where improvements can be made. So there’s a clear cross over with the work we’re doing to make our buildings smarter. Of course, all buildings will require some energy. We then focus on how we can maximise the use of both onsite and offsite renewable energy. When we’ve done everything to mitigate carbon emissions, to achieve net zero carbon, any unavoidable carbon either embodied or operational needs to be accounted for in a certified offset scheme – reducing or sequestering carbon outside of our footprint boundary. So how are we performing today? It’s worth highlighting a statistic Simon gave in his introduction; we have already decreased carbon emissions by 73% since 2009. So accounting, reporting and reducing carbon isn’t new at British Land, we’ve led the way in our approach to measuring, reporting and reducing embodied carbon in our developments and we have a growing reputation for our progressive approach to managing energy more efficiently. For example, Meadowhall has decreased its operational energy use by 51%. Smart metering, LED lighting throughout, roof top solar and natural ventilation strategies have all helped. Looking forward, some of the buildings we’re developing and delivering today are already in line with the carbon and energy targets we’re proposing for 2030. At 100 Liverpool Street for example, we’ve managed to retain most of the foundations and existing steel structure allowing us to achieve an industry leading result on embodied carbon. Our new strategy sets some challenging targets but we have the experience, the people, the processes and the supply chain to meet this challenge. So how do we transition to a net zero business? Let's consider the operational carbon first. Our target is to reduce operational carbon emissions by 75% from a 2019 baseline. We believe this is an achievable but challenging and necessary target to adopt. Emerging definitions of net zero carbon treat whole buildings as a single entity under the responsibility of the owner, with no differentiation between landlord and tenant procured energy. Our 75% reduction target is consistent with that. Using this approach, external factors like grid decarbonisation and how ambitious our customers are in reducing their own footprint become important. The National Grid is becoming greener over time and this trend is set to continue. This will support our net zero pathway, particularly where we don’t have control over energy procurement. However, our targets go much further than this, so we’re not just relying on this Grid decarbonisation.

And, we see assisting our customers in reducing their emissions as an opportunity for greater collaboration. It’s an area where we can lend expertise and experience and increasingly, this is something our customers appreciate. Energy efficient buildings produce less carbon per metre squared, so a key part of our pathway is to ensure every asset we own is designed and operated as efficiently as commercially viable. We’re seeing emerging industry benchmarks that state what levels of energy efficiency are required for a building to be considered best practice. We’re also expecting regulations to continue to push operational energy efficiency requirements for both new developments and existing assets. So, in the first years of this new strategy we will undertake detailed audits of energy savings opportunities across our standing portfolio, with associated cost plans. Energy management requires real-time data and insights into energy use, identifying where we can make savings or channel resources, in order to run properties optimally. Smart technologies have an important role to play here. Alongside improving the efficiency of the portfolio, it is important to consider where the energy we do need comes from. This means continued focus and investment in opportunities for installing on-site renewable energy where viable, for example solar panels. When we need to purchase energy, there is a hierarchy of renewable energy to consider. This is an emerging area of investigation. We currently purchase all landlord energy from existing renewable sources. The use of a power purchase agreement can protect against energy price increases, whilst ensuring our energy consumption is from renewable sources. So to become operationally net zero by 2030, we can assume that the grid will decarbonise, but we will also need to ensure our buildings are designed and run as efficiently as possible, buy our energy from renewable sources and engage with our customers on how to reduce their own emissions. Linking back to our definition of net zero, any residual carbon will need to be mitigated through a certified offset scheme – but we think of this as an act of last resort. Undertaking the actions highlighted here will help reduce the size of that payment and is really what our approach is about. Over to Juliette to take you through embodied carbon. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Juliette Morgan, Head of Sustainable Development Thank you Matt. Hi, for those of you I haven’t met, I’m Juliette Morgan and my role is Head of Sustainable Development at British. I took on this role a year ago, but prior to that was Head of Campus at Regent’s Place which we established as sustainable London campus focused on social and environmental leadership. From the Regents Place community fund and café and gardening with the

local community, to circular economy fit out with customers, we recycled landscaping, worked cross laminated timber construction and the BREEAM outstanding development at 1 Triton Square, which you’ll all come on to hear about. I’m sorry not to be able to share the progress we made on that campus with you in person today, but am bringing that background to the sustainability role, along with a qualification in sustainability leadership from Cambridge. We’ve heard from Matt that operational carbon will reduce so consequently embodied carbon becomes more important over time, moving proportionately from 22% in 2020 to over 60% in 2050. Carbon from the building industry accounts for about 40% or more of global emissions. And the manufacture of concrete and steel each contribute 5%. The product we build is what we are judged on, both now and in the future and customers are demanding low embodied energy buildings now, building greener buildings gives us defensible assets now but preserves future value. The biggest influence we can have on embodied carbon when building is at the brief and commissioning stage and that influence diminishes over time. We have updated the development brief to reflect this, but essentially it means us being more demanding at the beginning and our teams are being measured on how much carbon they reduce in the design phases. Let me take you back. When we built the Leadenhall building, 70% of the embodied energy was on the structure driven by the use of steel and cement. In fact 84% of the embodied energy came from the materials we used. It was carbon intensive emitting close to 100,000 tonnes of carbon at completion or to put it another way, was more than double our 2030 target at over 1000 kilograms of carbon per metre squared. Our 2030 target seeks to be at 500 kilos or less and in many cases within the existing pipeline we are outperforming that with the portfolio average hovering at roughly 650 kilos at the moment. You can see on the left of this slide that steel and concrete are drivers of embodied carbon, because they require smelting. And the chart on the right demonstrates that within buildings it is mostly the structure and floors where concrete is used. So using alternative materials on the floors reduces the embodied carbon. Most of British Land's developments are concrete, glass and steel in their design and construction but we just purchased our first timber led building at Orsman Road for Storey. Cross laminated timber or CLT as its known, has much lower embodied carbon content than alternative materials. So when used as a structural material it lowers the total embodied carbon of a development. Research from Yale suggests that use of timber at mass scale has the potential to make cities carbon stores. And there is much work going on globally and within BL on the structural use of timber, including an emerging industry alliance to progress its use. But by far and away the best way to reduce carbon is to re-use existing buildings. And that’s how we’ve got outperformance on 1 Triton Square and 100 Liverpool Street and

are meeting our 2030 targets on embodied carbon now, with each achieving below the 500 kilo target I mentioned. Recycling structure can save up to 40% of emissions and shows these targets are achievable today. 1 Triton has achieved our 2030 target for embodied carbon through recycling its façade and retaining much of the existing structure. Tim will talk through more of that later. But if we have to build from new we need to be looking at laminated timber and chem free cement or replacements like hempcrete or lymecrete, and other recycled content materials. New innovations are coming through like board made from mycelium and peel, or insulation from wool/paper as opposed to Rockwool. In 1 Broadgate the team has found they can replace air conditioning piping with cardboard rather than metal. And no better is this thinking more perfectly demonstrated than the work the design team are doing at 2-3 Finsbury Avenue Square, where they have reverse engineered the carbon target and are close to parity on embodied carbon comparing the use of timber against chem free and recycled steel. It’s not just materials either, it how we design. We’ve been looking at what happens when you change shape, can it change the amount of materials we use, or orientate a building without full height glazing to reduce solar glare and therefore amount of glass, or how much it needs to be heated and cooled. We also need to increase the recycled content of our buildings, reusing what is already available in its highest possible value state, for example not crushing stone for aggregate, and also designing for disassembly. Many of you will have heard of this as circular economy design thinking and it’s made its way into the new brief. The industry is innovating in its construction methods, materials and approaches. All of which is attracting R&D and collaboration. As we rebalance our materials embodied carbon will reduce. From this year, we commit to making our buildings net zero at completion. That does requires us to make a payment into an accredited scheme to offset the remaining carbon in a building when we’ve done everything we can to minimise our carbon footprint. Our intention is to pay into offsets which will grow the materials that will ultimately be used in the building materials supply chain so we have a circular process and are sequestering carbon into lower impact buildings. We intend to do this mindfully of biodiversity, social impact and traceability, and are in the process of due diligence on how to progress this.

Remember how I said earlier that Leadenhall was nearly 100,000 tonnes of carbon? Contrast that with the completion of 1 Triton at 21,000 tonnes and you can see how successful our teams have been at reducing embodied carbon in buildings. I won’t steal Tim’s thunder, but this was substantially driven by recycling façade and retaining existing structure, which saved circa 40% of embodied carbon. Cress will go on to talk about our approach, but we have calculated that using a carbon price of £60 per tonne, where we have adopted the same value the City of London use, we can mitigate the embodied carbon in completing this building at a price of £1.3m. This is de minimus compared to the cost of construction, but is meaningful to customers and our commitments to develop net zero buildings, and will help underpin the buildings value both now and in future. Finally, we have a roadmap to get the whole portfolio net zero by 2030, not just our developments now. We’ll spend the next couple of years auditing assets identifying where we can upgrade to make buildings run more efficiently. That will help us prioritise where to focus spend, and we will look at that through improving efficiency, embodied carbon, cost to implement and the timing of works. Over the next couple of years we’ll go further with our power strategy. Although we run on 96% renewable energy today anyway, we’ll look at REGO backed or PPA power agreements which add more capacity to the grid and are traceable. This will help us meet science based targets to stay below 1.5 degrees warming. I mentioned earlier that a number of our future developments are meeting 2030 targets today, but generally this is where we are doing substantial refurbishments. The profile of the development pipeline may fluctuate over time where we have more new build than refurb and it's more challenging to meet the 500 kilo target, for example when Canada Water comes online. And so to keep us on track, we intend to have development portfolio average below 750 kilos of carbon by 2025 on a portfolio basis, but we expect to outperform this target as the current average is below this figure. This is to keep us on track to get to 500 kilos by 2030. And we’ll review the strategy by 2025 to see if we can go further. Over the course of the next 10 years we’ll be upgrading the portfolio and working with customers to reduce their footprint too, so that by the time we come to offset portfolio emissions in 2030 we’ll have met our Better Buildings partnership and UK Green Building Council commitments. Over to Cress to explain our mechanism for achieving this. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transition Fund & Indices Cressida Curtis, Head of Corporate Affairs & Sustainability Thanks Juliette and good afternoon everyone. I’m Cressida Curtis, Head of Corporate Affairs and Sustainability.

I started working in sustainability 15 years ago while at a major contractor, where I realised the construction industry sent three times more waste to landfill than all the UK’s households combined. Despite the challenge of getting hardened subbies to segregate waste for recycling, we committed to achieving zero landfill within five years, challenging the status quo in the industry. And we found it was a really effective way of transforming the internal approach, driving change in the industry and building stronger relationships with our customers. I also led work on increasing community cohesion, which kept us firmly oriented towards helping our customers deliver their priorities, before spending a decade at Quintain, where we had a highly progressive environmental agenda. And now at British Land, I lead the Public Affairs, Corporate Communication and Sustainability functions, drawing together the expertise within these three departments to accelerate our progress. So, British Land’s journey to an entirely net zero portfolio will take ten years. Our track record over the last ten years, reducing carbon intensity and energy intensity give us confidence in our ability to deliver this bold ambition. But the journey will involve work across the investment portfolio, so we have created a vehicle that will deliver three priorities. First, it will make carbon impact a simple concept that everyone within BL can grasp and integrate into decision-making at every level, every day, so we make increasingly intelligent decisions. Second, it will provide a ring-fenced source of funding we can use to retro-fit assets. And third, it will enable stakeholders, such as you, to monitor our progress annually towards this long term goal. So how does it work? The vehicle we have designed to deliver this is a Transition Fund. A few minutes ago, Juliette illustrated that our ability to influence the whole life cycle carbon of an asset is at its peak during development. And in some years development itself can represent up to half our carbon emissions. So, to encourage real focus on driving down embodied carbon, we are applying an actual mitigation cost to every tonne of carbon in the BL development pipeline and we’re setting this at £60 per tonne. What does that look like in practice? Well, looking again at 1 Triton Square, there are 21,000 tonnes of embodied carbon in the building and that is about a quarter of the amount that was in the Leadenhall. The carbon mitigation cost applied to this development will be £1.3m. To put that in context, that’s just 0.3% of its net development value. Of this £1.3m, we'll use £400,000 to purchase certified offsets, making the development net zero embodied carbon at PC. The remaining £900,000 will be paid into our Transition Fund.

You can see in the yellow bar the estimated payments we’d expect to make into the fund from forthcoming developments. And we’ll enhance the Fund by £5m each year as a loan, shown in the green bar. Looking to the right hand side of the slide, you can see the three ways we'll use that money. First, in upgrading our standing assets; second, where the industry is moving too slowly for our goal, investing in research and development into low carbon materials and design; and third, loans to customers and the service charge to improve energy performance. We know that for many customers, particularly those in high growth sectors, real estate is the largest element in their carbon footprint and we have the expertise and funding that can help them reduce that impact. Using the Transition Fund in this way helps us not only achieve our goal of reduce the carbon impact of our portfolio but strengthen relationships with our customers, which is key to our wider corporate strategy. This is the first time a UK REIT has committed to paying an actual internal price of carbon on development and we are already seeing our development team pivot towards lower carbon options as a result. Now, although net zero carbon and our place based approach, which Anna will walk you through shortly, are our headline ambitions, there are two other important goals in our strategy. First, we are committed to leadership across environmental indicators, beyond carbon. We feel the best way to maintain focus on the efficient use of energy and water, reduction of waste and the expansion of bio-diversity is to target, within two years, a 5 star rating in the Global Real Estate Sustainability Benchmark, this is our key index. You can see on the slide our 2019 performance across the eight areas GRESB covers. Our performance is shown by the dark blue bars, and the upper quintile that 5 star rating we want to achieve by the red line towards the top of each. To date we've focused attention on the areas we think are most important such as effective management and high quality disclosure, and you can see we score well in seven of the eight areas GRESB measures. But we’re aware that more process oriented areas are given significant weight, and so are investing in a rolling programme of BREEAM certifications to lift performance in that category. These certifications also support our sustainable finance framework, which James is going to talk about in a moment, and our leasing programme. Concurrently, we’re also investing in the performance indicators category, and in the stakeholder communications category where we score well, but think there is more to go after that will help take customer relationships to a new level. Now you’ll be aware that GRESB is just one of a vast range of indices flowing now into the ESG space and it makes no sense to invest substantial resource purely in reporting. For a decade we have published a full set of assured sustainability accounts, with key

information assured, alongside our Annual Report and that enables you, our stakeholders, to draw their own conclusions from our data. With the indices, we focus on those our stakeholders most value, and we’d really value your feedback regarding how we can support you in this regard after the event. Now I mentioned there were two supporting goals in our new strategy, and the second is advocating responsible business. On the right you can see five key areas and you’ll find plenty of information on our website, but we are particularly passionate about integrating wellbeing into our places, for the benefit of all who use them. So they are designed around defined wellbeing principles that we developed with Happy City five years ago. This is particularly pertinent today as we exit the pandemic lockdown. Our Chief Executive, Chris has also long been a vocal advocate of inclusive culture, encouraging employee-led networks on issues as diverse as ethnicity, wellbeing and LGBTQ issues and these regularly channel recommendations to the Executive Committee. Again, you can read more about their work alongside a range of other issues in the sustainability section of our website where we share a great deal of our insight that we hope will help accelerate progress outside our own company and I'd really encourage you to take a look. Now I’m pleased to hand over to James Pinkstone from our Treasury team who is going to talk to you about our sustainable finance strategy, James. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sustainable Finance James Pinkstone, Treasury Thanks Cress and good afternoon everyone. I’m James Pinkstone and I’m part of our Corporate Finance and Treasury team. I joined BL around six years ago and since then I've been involved in a number of areas across the business, including our development function. Over this time, I’ve also worked with both our Sustainability team, and the Prince of Wales’s Accounting 4 Sustainability charity, which Simon is a member of, and we've tried to explore how finance can contribute to the sustainability agenda. The collaboration between sustainability and finance is common across our business, and it’s one of the ways that we ensure that every decision taken is environmentally and socially intelligent, as well as making sound financial sense and we’ve been doing that for a long time now. I’m going to provide a brief overview to you of a couple of recent initiatives that help to demonstrate how finance can support, and drive, our challenging 2030 Sustainability Strategy. Firstly, In March this year, we extended and refinanced one of our main revolving credit facilities. We took the opportunity, working closely with a number of our relationship banks, to include two new sustainability KPIs that were key to our 2030 ambitions.

The first KPI is linked to the BREEAM certification coverage of our developments and major refurbishments - it's an area where we’ve historically performed well. This KPI includes a minimum certification level consistent with our new sustainability brief for developments and these required levels will push us to build more sustainably across our significant capital projects, work even closer with our supply chain, and in doing so, will support our net zero carbon goals. The second KPI relates to the BREEAM certification coverage of our standing portfolio. As Cressida has outlined, while we are focused on creating more sustainable space what we haven’t always done, is paid for the formal certification. This KPI will incentivise us to do that. Both coverage targets increase over the term of the facility, and outperformance could lead to a modest margin adjustment which, over five years or so, could represent a meaningful saving for the company. Importantly though, the Increased certification coverage means we can learn more about our portfolio, helping us to identify, and prioritise, opportunities to improve our sustainability performance. And as Cressida has explained, increasing our building certification levels will really help us to achieve our goal of GRESB 5 star. The second initiative I'm going to talk to you about now is our sustainable finance framework, which we published last month. The approach we set out is to maintain a sustainable portfolio comprised of all of our eligible projects. These projects align with the UN Sustainable Development Goals and the framework will enable us to raise sustainable, green, or social finance up the value of the portfolio. We expect the portfolio to develop over time, both as we commit to development projects, and certify more assets, but also as we evolve and improve the framework as best practice emerges. On day 1, the portfolio primarily includes Green Buildings, which are also subject to minimum certification requirements, such as the BREEAM Outstanding 1 Triton Square development, which Tim will talk to you about shortly. Aside from Green Buildings, there will also be a number of other initiatives that we undertake across the business that are eligible for inclusion, these could include renewable energy projects, such as the solar panel installation works at Meadowhall and Hull, or energy efficiency projects relating to our lighting, heating, and management systems. We have included a list of these sorts of projects in the framework which we’ve published on our website. We also expect the portfolio to include a number of social projects, such as at Canada Water where our first phase will cover three buildings delivering a total of 265 homes, of which, around 35% will be affordable. The framework has been assured by DNV, who are a recognised and independent expert in assurance and the framework aligns with the prevailing LMA Green Loan Principles, as well as the ICMA Sustainability, Green, and Social Bond Principles at the time of issue.

And as I've noted, we will continue to develop this framework over time, both as best practice emerges, and new guidance is published. But for now I’m now going to hand over to Simon for any questions on what you’ve heard so far. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simon Carter, Chief Financial Officer Great thank you James. I understand we've had a couple of problems with the audio, particularly on the GRESB section, so if there are any questions in particular there, please do ask them if anything was unclear. We have a couple of questions that have been submitted already, Jo, do you want to read those out, that would be great? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Questions and Answers Jo Waddingham, Investor Relations Our first question is from Seb La Loma, from Hopkins who asks; will the £60 per tonne internal carbon price change over the decade, responding to industry consensus such as the Draft London Plan, potentially raising it to £95 per tonne? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simon Carter, Chief Financial Officer It's a great question Seb and absolutely we're intending to evolve our strategy over time, both in terms of the targets we set ourselves, you know those could well become more stretching over time, but one area in particular is the cost of carbon that we use internally and we will likely increase that as market convention moves forward. I don't know Juliette if you would like to add anything to that? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Juliette Morgan, Head of Sustainable Development Thanks Simon, yes only that at the time of writing the transition plan the price of £60 per tonne was adopted by the City of London and we were basing it on developments at Broadgate that fell into that area. We are aware of different pricing across London and it's something that we keep under review. But essentially it's a price that we use for an internal function to feed into the Transition Fund. And actually what it's doing is encouraging our teams to price in carbon into developments and having them think much more about the embodied carbon, which is what drives the investment into the Fund. So it remains under review, but that's why we adopted that price. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simon Carter, Chief Financial Officer Great thanks Juliette.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jo Waddingham, Investor Relations Thank we have two questions from Joe Baldwin at T Rowe Price. The first is - the cost of carbon offsets are still small today, around £3 per tonne, which is economically cheap, why have we not see more real estate companies offset carbon emission to date, given the limited impact on NOI? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simon Carter, Chief Financial Officer Another good question, I think a bit related to the question that was asked previously. There are differing prices that are used for offsets, as you've seen you can offset for as low as £3 or £4, market standard seems to be about £20 today. As Juliette flagged we've set it higher at £60, so that we get the appropriate pricing. I think one of the reasons perhaps we haven't seen as much offset by property companies in the past is that for many years businesses weren't necessarily aware of their carbon footprint. And I think as data has improved and has been more collected then it's enabled this to move forward as an initiative. And you know we're very supportive of the idea of offsetting as you've heard. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jo Waddingham, Investor Relations And our second question is on how achievable is a 75% reduction in operational carbon is by 2030. Joe has asked - most companies utilise low hanging fruit like LED lighting and more efficient HVAC units, what other decarbonisation options are there? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simon Carter, Chief Financial Officer I think it's clear that we obviously focused initially on the low hanging fruit; we managed to make really good progress on reducing our emissions as you say by 73%. A further 75% when we set that target it did and does feel quite a stretch. But as you heard from Matt's presentation there are quite a few ways that we will be able to strive to hit that target. We will be helped by decarbonisation of the grid as Matt set out. We also feel that another good area to look at is monitoring and energy management and smart technology. That will be a fruitful source for energy savings for us, as well as retrofits. And interestingly although retrofits obviously have a cost associated with them, some of the payback periods are very good and short and represent a good financial and energy efficiency return. And I think the other aspect is around power agreements, by entering into power agreements we lock in the cost of our energy, but also we're creating additionality for the grid and that will help. Matt I don't know if there's anything else you would like to add in this aspect? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Matt Webster, Head of Smart & Sustainable Buildings I think you’ve covered it all really nicely. I guess just a bit more flavour on the retrofits. We think there are still opportunities out there; the 75% target is a whole building target, which means close collaboration with our customers is going to be really important here as well. And the target is - as it's set on a whole building we will consider on floor energy consumption, which is not traditionally an area where we're focused. On the base field side of things where we're completing the retrofits, we kind of try to split it into three categories, deep retrofits, which would be capital projects relating to fabric, façade, glazing and things like that, they tend to only be viable, and rightly so, both commercially but also from an embodied carbon perspective, at the end of that component's life. And then there are more moderate retrofits around the HVAC and M&E, now that technology is moving at quite a pace, so there's a lot more to be done around heat recovery. We were one of the first landlords to retrofit and air source heat pump at 350 Euston Road and that has saved about 90% of the gas there. So although a lot has already been done I think there are still further opportunities to save more energy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simon Carter, Chief Financial Officer Thank you Matt. Do we have any questions on the phone at all? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jo Waddingham, Investor Relations No I don't think so. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simon Carter, Chief Financial Officer Okay I think if there are no further questions at this stage we'll hand over to Anna, who is going to run through the social commitments that we've made. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Social Commitments Anna Devlet, Head of Community Thank you Simon and good afternoon everyone. I’m Anna Devlet, I am Head of Community and lead on the social remit for the company. A bit about me, I was lucky to start my career working in local government on what was the first ever social legacy programme for the Manchester Commonwealth Games back in 2002. This was innovative, and both commercially and socially extremely successful. It focused on active partnerships and leveraging investment to create social impact. It hugely influenced my thinking and much of the work I do even today.

Now we launched our new social commitments at a time when public focus on social issues has never been higher; and public expectations around the role of big business have never been greater. Both COVID-19 and the Black Lives Matter movement have accelerated that. It's something I'm sure you will have also experienced in the everyday media, and your conversations day to day. Our new approach reflects these broader concerns and the key takeaway from this section, is that we are elevating and integrating the role of community within our business. That means it’s core to our business decisions and an intrinsic part of our offer, making us more attractive to our customers and differentiating us from our competitors to support our business and deliver real social value. Our place based approach is what builds on the solid connections we have made across our places. The strength of these partnerships meant that when the COVID crisis hit, we were able to quickly and efficiently direct resources to our community partners. You can see from this slide we have responded and are continuing to in range of different ways, reflecting different needs. For instance, we funded expert strategic advice in crisis management to support our community partners and also immediately focused all our employment programmes onto resilience training so people are better equipped to improve their situation, develop new skills and where possible find jobs. Just to add, our work continues to evolve and respond to the crisis. We have seen an uptake in interest from our customers in how we can help them engage locally. And for example at Regent’s Place we have almost 100 virtual work experience placements starting next week which we facilitated through our customers for local young people. So when we launched our new strategy, we were starting from a good place. And I’ll start, if I may, with explaining the three business drivers for our work as they form the essence of our new strategy. Planning and development is an area we have excelled in for 10 years. Our local relationships and the award winning education and employment programmes we have delivered across the country play a key role in ensuring we achieve the permissions we need to both invest in and develop our places. We use the strengths of our programmes to articulate our social impact, it's what as a business we call our license to operate. It is imperative that we are able to demonstrate the positive contribution we make, and this is not only as a FTSE listed company, but also to our customers; because their customers and their people are increasingly demanding it. Our success in this area is demonstrated by The Queen’s Award for Enterprise which we were awarded back in 2016 and we are entitled to hold it for five years. This is the UK’s highest accolade for business success, recognising our lasting economic, social and environmental achievements.

Moving onto our customers, we have been successfully piloting customer led, community facing programmes for a few years and with good results and feedback. We see a clear opportunity here to leverage our knowledge and skills further so that making a positive social impact becomes an essential element of our customer offer. That’s where a place based approach makes sense. So what does this mean? It means devolving decision making away from site teams or our head office and giving key local stakeholders more of a say in the things that impact them. And how that might look in practice will depend very much on each place. We’ll pilot that approach in three different locations around the country. Where we have existing, strong local relationships or appropriate networks, we’ll look to leverage those. But where we don’t we will introduce new forums, where stakeholders can come together. Our overarching framework is to pool resources and ideas to achieve shared objectives. A great example of how this is already working is at Regent’s Place. It's here we have undertaken, what we like to call, socially intelligent business decisions for many years. Our approach at Regent’s Place working with key stakeholders has delivered the mix of uses we have on the campus today. We have everything there, from a theatre, an arts organisation, an employment centre. And it continues to evolve with our affordable workspace offer as you’ll hear from Tim shortly. A review of our social contribution after 30 years of ownership showed that the reduction in levels of deprivation was in the top 1% of all London areas there. Our successful community fund, which is made up of our customers, is increasing in its role. And with a range of external endorsements from the leader of Camden Council to local, grass roots organisations we are viewed as an authentic anchor in the area. Importantly for our wider business, as more of our customers look for ways to make a positive difference, this social expertise has become a critical part of our offering. For instance, we are in early discussions with one of our occupiers to help them develop and deliver a bespoke programme, targeting unemployed local people. We were approached on the back of our successful Bright Lights programmes to do this. So how are we going to do this over the 10 years? We’re starting by reviewing our local context, undertaking a benchmarking exercise across our places combining key data such as labour market and business insights. We will work at local, regional and national levels to identify common themes and areas of focus to best inform our decision making and the way we respond. Where it makes sense we’ll roll out that approach across our places and a good example is the responsible procurement review we're undertaking. But we also recognise the need for place specific solutions because while a lot of issues are common across communities, there will be local differences as well, and that means local solutions. And we will track our performance at each place, in terms of the number of partners, beneficiaries, education and employment initiatives. This is what we mean by a place based approach.

To finish, I’d like to link back to our purpose - places people prefer. Community is what I have always thought of as the hidden ingredient in achieving that. It goes beyond the enlivenment of a place and it’s a distinctive shift to an authentic place - that’s somewhere people want to spend time in. And it’s one of the reasons as a business; we are so passionate about community. Before I hand over to Tim, I’d like to show you a short video, featuring some of our community partners, all shot from home, which illustrates some of the work we’ve been doing across the UK and the impact that’s had. Thank you. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Video Played - Community Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Triton Square Tim Downes, Development Director Thanks Anna. Good afternoon, I'm Tim Downes, Development Director at British Land. I have been part of the BL development team for eight years and in that time have delivered projects across our many different asset classes within the portfolio, including the 400,000 square foot, 1 Triton Square office development at Regent's Place. In 2017 we secured the biggest West End pre-let for 20 years when we let this building to Dentsu an existing occupier on the campus. As well as prime large floorplate office space, the development includes 22 affordable residential units in an adjacent standalone block and 10,000 square feet of affordable workspace, which will be let to local start-up businesses or organisations with a strong social purpose at a 50% discount to market rates. This overall package of uses was very attractive to Camden Council and forms part of British Land's comprehensive community offer. For those of you that don’t know, Regents Place is located on the northern side of the West End and is immediately adjacent to Regents Park. In recent years, growing demand and an imperative to decarbonise legacy assets across our portfolio has driven us to consider building re-use and refurbishment as the first option when considering the renewal of assets coming to the end of their life. 1 Triton is a great example of where we have put this strategy into action and we are close to completing what will be one of British Land’s most sustainable buildings. 1 Triton is a story of marginal gains, a phrase coined by Team Sky, the principle where dozens of adjustments and refinements are made to each cyclist and their bike to push the boundaries of performance. The Triton team took the same approach, delivering over 70 such gains in order to achieve BREEAM Outstanding certification set around a central theme of saving as much of the buildings existing fabric as possible, but not ignoring dozens of small scale efficiencies, like stair cores thermally separated from the main building envelope and reducing the need for heating them at most times of the year.

This has resulted in a saving of over 40,000 tonnes of carbon, equivalent to the annual energy consumption in over 10,000 London homes. The building was designed by Arup for British Land and completed in 1998 where it became an HQ for a global bank. The initial high quality specification gave it the potential to be extended and future proofed its continued use. That’s a really important point if we consider in context of new buildings. In the future, to deliver and maintain zero embodied carbon, new buildings must be designed with future transformation and reuse in mind. On this building for instance, its kit of parts style construction meant, where required key components could be dismantled, refurbished and enhanced without destroying them through the demolition process saving time, material and energy. The original building was constructed with a 32 metre atrium at its centre, specifically designed for use as a trading pit, there was significant potential to gain back floor space. And by enhancing the building structural capacity we were able to add three floors, and partially infill the atrium adding 57% more net area. Importantly we’ve worked the building’s fabric and services very hard, doubling the number of people that can work in the building but without increasing the volume of plant spaces. Because we’ve done more with less, we’ve significantly reduced the amount of embodied carbon in the building’s services by installing less plant and smaller ductwork. We’re delivering the project 30% faster by refurbishing, and in doing so made 6000 less lorry journeys. The largest large carbon saving has been made by retaining substantial volumes of existing steel and concrete which account for about 45% of our total carbon savings on the project. Where possible we have innovated such as the carbon fibre column wraps used to strengthen parts of the original concrete frame. Here, up to certain loads, 4mm of carbon fibre can do the job of 200mm of reinforced concrete, again using less material and less energy. Where we have had to use concrete, we’ve used a low carbon alternative which is a by-product of blast furnaces and uses 58% less carbon than standard concrete. We have also found other areas to innovate and my personal favourite is our implementation of circular economy principles. For example, standard practice when refurbishing a 20 year old building is to replace the façade with something brand new. We wanted to challenge this notion and asked the original manufacturer to consider if they could refurbish the original components of the façade rather than just sending them for material recycling. To our surprise, they agreed and even better they would provide a new 20 year warranty to go with it.

The catch was we needed to send 3,500 glass cladding panels and 25,000 other components on a round trip to Germany and back which felt was inherently unsustainable. So we challenged further, this time working closely with our main contractor Lend Lease alongside the cladding manufacturer. The outcome was the creation of a pop-up factory in Essex, saving 25,000 vehicle miles and generating more local jobs in the process. The cladding panels are now nearly all safely back where they should be on 1 Triton Square. Having tested and proved the circular economy process we will be exploring its potential across other projects. The culmination of all these separate marginal gains and the unique collaboration of Team Triton which sits behind them is a carbon saving which offsets the buildings operational carbon output for around 40 years. By reusing this building imaginatively we have made a massive leap forwards on British Land’s journey to zero carbon. One of the outcomes of all these project is that the carbon savings achieved at 1 Triton Square exceed the targets set by the UK Climate Change Act 2008, required to meet the UK’s commitment to the Paris Climate Agreement. This focusses on the downtrend, shown in red here, which all industries must adhere to, in 2020 we must be 40% better than 1990 emission levels. Triton is 44% better. I appreciate 2008 may seem like the distant past, but bear in mind this building was designed over four years ago, so its satisfying to know we have beaten what was considered a stretch target. Of course our ambitions for the next generation of buildings will go further. We’re sorry we can’t take you round the building in person but here are a few shots as the scheme has developed to date. Of course most of what you’ve just seen was documented well before the Lockdown and sadly, moments like this are currently not possible. I wanted therefore to touch briefly on a topical update so you can see the impact COVID has had on our day to day operations and how we are overcoming the challenge. Over the last few weeks our project teams have begun re-populating the site and moving the job forwards, albeit whilst employing social distancing guidelines. This image, taken from one of our Broadgate developments, shows what that means for site workers on the ground, almost exam room type eating conditions in the canteen and complex logistics and site movement arrangements, all of which require workers to undergo intensive re-training. Inevitably this has led to a programme extension, one which we will continue to mitigate through innovation. Our current anticipated programme completion is now summer 2021. Thank you very much for listening and we'll be glad to take any questions you have. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Questions and Answers Simon Carter, Chief Financial Officer Thanks Tim. I think we have a few questions that have been submitted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jo Waddingham, Investor Relations Yes, we've got two questions on the website from Joe Baldwin of T Rowe. The first is, interesting to hear the results of the JLL study and how we are looking to increase the number of Green Building certificates, do we have an internal target on the percentage of the property portfolio covered under a certificate by 2030? And the second question is to ensure accountability are the interim results targets of the strategy included in Board or Exec remuneration and how do we balance a ten year sustainability strategy with LTIPs which have a shorter timeframe, i.e. three years? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simon Carter, Chief Financial Officer Okay, I think I will take the second one first there, just so I get it in my mind. In terms of executive remuneration, yes we are aligning our executive remuneration with our sustainability strategy and of course our overall corporate strategy. So in terms of shorter term and interim measures they will be picked up in our annual incentive scheme and effectively we will incorporate various targets each year. And that will effectively track the pathway to net zero that Juliette set out in her section. And I guess, the longer term nature of sustainability and the benefits will be captured via our LTIPs indirectly because they are based on the performance of the company whether that's total shareholder return or total accounting return. And as you've heard from the team we believe that as we deliver more sustainable buildings there will be increased demand for those buildings, generating higher rents and leasing more quickly, and so that will improve our performance as a Group. So both in terms of doing the right thing but also driving performance we're convinced that this sustainability strategy is important to us. And then going to the first question around certifications, we want to increase the certifications over time and as James mentioned those are embedded in the ESG linked RCF we signed a few months ago. And there are progressively harder targets to achieve. Cressida I don't know if you want to expand on that in terms of the trajectory of where we're trying to get to and whether we are aiming for all of the portfolio to be certified by 2030? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cressida Curtis, Head of Corporate Affairs & Sustainability It's a really interesting question isn't it? We don't have a specific target for 2030, though we've mapped out where we want to get to over the next few years internally. And you'll see from our sustainability accounts that we increased certification by about 6% across the portfolio, which is - it's a fairly large portfolio, in the last 12 months. So

you can expect that to be a rolling programme going forwards, because it does make such a contribution in so many ways. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simon Carter, Chief Financial Officer Great, thank you Cress. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jo Waddingham, Investor Relations The next question is from Oliver Fox. As the occupiers contribute significantly to the operation on sustainability of a property to what level will you be asking them to be involved with the new targets? Are new leases or leases being revised to incorporate enhanced sustainability clauses so that a whole building approach can be achieved? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simon Carter, Chief Financial Officer Yes, it's an area we've been giving increasing thought to, because as Matt set out in his prepared remarks, what we're doing with this target around energy efficiency is we're incorporating the space that's occupied by our customers and we don't necessarily today acquire that energy, particularly in the retail portfolio, and don't have full control over how that space is used. So it's definitely going to have to be a partnership going forward. At this stage we're not thinking of going as far as embedding into leases, but I think we're helped because, as I mentioned earlier, our customers are really focused on this area, it's really important for them, for their staff that they improve their environmental footprint. So I think there's a natural alignment. But Juliette I don't know if you want to expand on that and how we're thinking about it? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Juliette Morgan, Head of Sustainable Development Yes thanks Simon. I was just going to say that you mentioned about sustainability objectives and it's within the ExCo team's sustainability objectives to align with customers through our CRM strategy, to look at energy sharing and information sharing. And because we have to offset customers' emissions by 2030 it's in everyone's interests to align these sooner rather than later. We also want to ensure that we work with customers, both through the investment and the transition fund, but also how we operate buildings when they are handed over. So we have a scheme called Soft Landings and really the importance of that is to make sure that when a customer takes over a building it is being operated in the way that it was designed to in its highest and best use. We want to work with customers on fit out, which over the whole lifecycle of the building can account for up to 40% of the emissions. And so there is a lot of opportunity within our fit out guides to look at sustainable materials and how we can make contributions thought fit outs in the customer side.

And the last thing I'd say is that the leasing team are looking at a green leasing strategy. Historically they have been quite constraining and so we're trying to make sure that as we progress that and it really is in partnership and customer conversations that it becomes a more bespoke relationship as opposed to a one size fits all leasing strategy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simon Carter, Chief Financial Officer Thank you Juliette. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jo Waddingham, Investor Relations Felicia, do we have any questions on the line? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Telephone Operator No questions at this moment. So as a reminder ladies and gentlemen please press *1 on your telephone keypad if you want to register for a question. No questions yet, so back to you. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Simon Carter, Chief Financial Officer Great, okay well I think if there are no further questions we'll wrap up. Hopefully we've given you a good idea of why a more sustainable approach makes sense for our business and also helped set out the framework we're beginning to put in place to deliver this. Clearly these are quite stretching targets, but we think based on the progress we've made in the past and the plan that we've got in place we will deliver against them. As you may know we recently launched 100 Liverpool Street, the agent's launch was last week, in this virtual world; Chris recorded a video for that. And given this is one of our most sustainable buildings we thought you would like to see the video to close with. But thank you very much for listening, I hope you found this afternoon useful. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Video Played - 100 Liverpool Street Launch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . END