NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. UPON PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.

The boards of directors of Life Science REIT and British Land are pleased to announce that they have reached agreement on the terms and conditions of a recommended cash and share offer by British Land for the entire issued and to be issued share capital of Life Science REIT (the "Acquisition"). It is intended that the Acquisition will be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act.

Under the terms of the Acquisition, each Life Science REIT Shareholder will be entitled to receive:

for each Life Science REIT Share: 14.1 pence in cash and 0.07 New British Land Shares (the "Transaction Value")

Based on British Land's closing share price of 410.0 pence on 27 January 2026 (being the Business Day immediately prior to the date of this Announcement) the Transaction Value values each Life Science REIT Share at approximately 42.8 pence and the entire issued and to be issued share capital of Life Science REIT at approximately £150 million, representing:

·     a premium of approximately 21 per cent. to the closing price of 35.4 pence per Life Science REIT Share on 27 January 2026, being the Business Day immediately prior to the date of this Announcement;

·     a premium of approximately 15 per cent. to the volume-weighted average price per Life Science REIT Share of 37.3 pence for the 3-month period prior to 27 January 2026, being the Business Day immediately prior to the date of this Announcement; and

·     a discount of approximately 26 per cent. to the unaudited EPRA NTA of Life Science REIT as at 31 December 2025 of 57.7 pence per Life Science REIT Share. The Scheme Document will contain a valuation in respect of Life Science REIT's property portfolio as at 31 December 2025 in accordance with Rule 29 of the Code.

Immediately following completion of the Acquisition, Life Science REIT Shareholders will hold approximately 2.4 per cent. of the Enlarged Group and existing British Land Shareholders will hold approximately 97.6 per cent. of the Enlarged Group.