Form 8.5 (EPT/RI)-Replacement of British Land

Morgan Stanley & Co. Int'l plc

18 February 2026

 

AMENDMENT(2(a))

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY

Rule 8.5 of the Takeover Code (the "Code")

1.         KEY INFORMATION

(a) Name of exempt principal trader:	Morgan Stanley & Co. International plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates:      Use a separate form for each offeror/offeree	British Land Company plc, The
(c) Name of the party to the offer with which exempt principal trader is connected:	British Land Company plc, The
(d) Date dealing undertaken:	16 February 2026
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?      If it is a cash offer or possible cash offer, state "N/A"	YES-Life Science REIT plc

2.         DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
25p ordinary	PURCHASES	1,861,227	4.1010 GBP	4.0202 GBP
25p ordinary	SALES	2,020,110	4.1040 GBP	4.0240 GBP
25p ordinary	SALES	1	5.5228 USD	5.5228 USD
25p ordinary	PURCHASES	2	5.5377 USD	5.5377 USD

(b)        Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
25p ordinary	CFD	increasing a long position	2,526	4.0500 GBP
25p ordinary	CFD	increasing a long position	179	4.0500 GBP
25p ordinary	CFD	increasing a long position	42,673	4.0500 GBP
25p ordinary	CFD	increasing a long position	48,522	4.0500 GBP
25p ordinary	CFD	increasing a long position	2,201	4.0556 GBP
25p ordinary	CFD	increasing a long position	9,140	4.0573 GBP
25p ordinary	CFD	increasing a long position	2,985	4.0583 GBP
25p ordinary	CFD	increasing a long position	196,254	4.0608 GBP
25p ordinary	CFD	increasing a long position	71,590	4.0661 GBP
25p ordinary	CFD	increasing a long position	8,936	4.0776 GBP
25p ordinary	CFD	increasing a long position	2,833	4.0872 GBP
25p ordinary	CFD	increasing a short position	5,521	4.0268 GBP
25p ordinary	CFD	increasing a short position	7,153	4.0368 GBP
25p ordinary	CFD	increasing a short position	1,762	4.0414 GBP
25p ordinary	CFD	increasing a short position	1,348	4.0414 GBP
25p ordinary	CFD	increasing a short position	582	4.0414 GBP
25p ordinary	CFD	increasing a short position	1,298	4.0439 GBP
25p ordinary	CFD	increasing a short position	663	4.0439 GBP
25p ordinary	CFD	increasing a short position	2,200	4.0442 GBP
25p ordinary	CFD	increasing a short position	13,532	4.0496 GBP
25p ordinary	CFD	increasing a short position	69	4.0500 GBP
25p ordinary	CFD	increasing a short position	79	4.0500 GBP
25p ordinary	CFD	increasing a short position	5,319	4.0500 GBP
25p ordinary	CFD	increasing a short position	68,026	4.0500 GBP
25p ordinary	CFD	increasing a short position	7	4.0500 GBP
25p ordinary	CFD	increasing a short position	132	4.0500 GBP
25p ordinary	CFD	increasing a short position	22,073	4.0500 GBP
25p ordinary	CFD	increasing a short position	63	4.0500 GBP
25p ordinary	CFD	increasing a short position	223	4.0500 GBP
25p ordinary	CFD	increasing a short position	9,113	4.0520 GBP
25p ordinary	CFD	increasing a short position	3,055	4.0559 GBP
25p ordinary	CFD	increasing a short position	115	4.0560 GBP
25p ordinary	CFD	increasing a short position	76	4.0560 GBP
25p ordinary	CFD	increasing a short position	5,953	4.0584 GBP
25p ordinary	CFD	increasing a short position	9,490	4.0588 GBP
25p ordinary	CFD	increasing a short position	27,241	4.0588 GBP
25p ordinary	CFD	increasing a short position	2	4.0630 GBP
25p ordinary	CFD	increasing a short position	13,910	4.0683 GBP
25p ordinary	CFD	increasing a short position	31,105	4.0755 GBP
25p ordinary	CFD	reducing a long position	14,060	4.0279 GBP
25p ordinary	CFD	reducing a long position	3,669	4.0299 GBP
25p ordinary	CFD	reducing a long position	137	4.0300 GBP
25p ordinary	CFD	reducing a long position	677	4.0500 GBP
25p ordinary	CFD	reducing a long position	21,793	4.0503 GBP
25p ordinary	CFD	reducing a long position	112	4.0530 GBP
25p ordinary	CFD	reducing a long position	1,168	4.0560 GBP
25p ordinary	CFD	reducing a long position	17	4.0565 GBP
25p ordinary	CFD	reducing a long position	447	4.0588 GBP
25p ordinary	CFD	reducing a long position	27,558	4.0588 GBP
25p ordinary	CFD	reducing a long position	47,362	4.0607 GBP
25p ordinary	CFD	reducing a long position	2,359	4.0611 GBP
25p ordinary	CFD	reducing a long position	8,336	4.0654 GBP
25p ordinary	CFD	reducing a long position	14,705	4.0694 GBP
25p ordinary	CFD	reducing a long position	4,841	4.0763 GBP
25p ordinary	CFD	reducing a long position	2,259	4.0780 GBP
25p ordinary	CFD	reducing a long position	2,333	4.0800 GBP
25p ordinary	CFD	reducing a long position	516	4.0851 GBP
25p ordinary	CFD	reducing a short position	12,156	4.0380 GBP
25p ordinary	CFD	reducing a short position	1,782	4.0381 GBP
25p ordinary	CFD	reducing a short position	335	4.0420 GBP
25p ordinary	CFD	reducing a short position	76	4.0450 GBP
25p ordinary	CFD	reducing a short position	115	4.0451 GBP
25p ordinary	CFD	reducing a short position	90,555	4.0500 GBP
25p ordinary	CFD	reducing a short position	417	4.0500 GBP
25p ordinary	CFD	reducing a short position	2,200	4.0500 GBP
25p ordinary	CFD	reducing a short position	11,354	4.0508 GBP
25p ordinary	CFD	reducing a short position	1	4.0520 GBP
25p ordinary	CFD	reducing a short position	27,241	4.0573 GBP
25p ordinary	CFD	reducing a short position	5,939	4.0619 GBP
25p ordinary	CFD	reducing a short position	9,205	4.0644 GBP

(c)        Stock-settled derivative transactions (including options)

(i)         Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii)        Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
N/A	N/A	N/A	N/A	N/A

(d)        Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

3.         OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included.  If there are no such agreements, arrangements or understandings, state "none"

NONE

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i)  the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none"

NONE

Date of disclosure:	18 February 2026
Contact name:	Claire Gordon
Telephone number:	[phone]

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. 

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on [phone].

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

 

END