AGM Statement

British Land Co PLC
18 July 2003

                                                                    18 July 2003





                    Statement by Mr. John Ritblat, Chairman

                        of The British Land Company PLC,

        at the Company's Annual General Meeting on Friday, 18 July, 2003


Your Company has tripled earnings per share and net assets per share over the
last decade, and has a 24 year record, which stands comparison with any company,
of increasing dividends.  For the last 6 years it has also been able to record
sales of property at prices ahead of the latest valuation for every sector in
which it is invested, and that on selling every year on average some £500
million of property.

Our strategy is to seek long-term value for shareholders through owning and
developing prime assets, using optimal financing and joint ventures to maximise
returns.  Our business model concentrates on strong tenants on long leases, in
properties with growth potential.  Though we are primarily invested in the
office and retail sectors, we have the flexibility to make money from shifts in
the property market elsewhere - for example in residential where we have a long
and profitable run, as we are always ready to make a turn.


The diversity of our portfolio has shown to particular advantage in the testing
year just ended.  We provide stability which is seen to best advantage when
market conditions are unstable.



Viewing British Land as a quoted property company in the context of the entire
stock market, we
-   show transparency on income and financing

-   are marked to market by independent external valuers every 6 months

-   and have not merely survived the recent turbulence, but have continued to grow net assets per share.


The retail elements of our portfolio are still performing well, and there are
now some signs of improvement in City of London business which can be expected
to help property sentiment there too.

We reassert our confidence in both the relative and absolute merits of property
in general and British Land's in particular.


                                  Attachment: List of Awards won by British Land


Contacts

The British Land Company PLC:
John Ritblat, Chairman                                tel. [phone]
John Weston Smith, Chief Operating Officer            tel. [phone]
Finsbury:
Faeth Birch                                           tel. [phone]


Award                                                                                    Date


Investor Relations Magazine UK Awards 2003                                               July 2003
Best Annual Report - FTSE 100 Company
Best Investor Targeted Advertising Campaign
Commended/runner up:
Best Disclosure Practice - FTSE 100 Company
Most Progress in IR - FTSE 100 Company

Retail Property Awards 2003                                                              June 2003
Best New Retail Park or Refurbishment - Orbital Shopping Park, Swindon
Most Innovative Accessible Retail Store/Warehouse or Supermarket Design
- Multiyork, The Beehive Centre, Cambridge



Association for Commuter Transport (ACT) Awards 2003                                     June 2003
Travel Planner of the Year 2003 - Miles Price

London Borough of Camden Built in Quality Awards 2003                                    June 2003
Large Commercial Award - 350 Euston Road

The Worshipful Company of Gardeners                                                      June 2003
Flowers in the City - Broadgate

Investor Relations Best Practice Website Awards 2003                                     April 2003
Commended/runner up:
Best Institutional Investor Website

International Council of Shopping Centres (ICSC) Awards 2003                             April 2003
Best Sales Promotion Campaign - Meadowhall

Marketing Magazine                                                                       Feb 2003
Commended/runner up:
Best Use of the Internet for Consumer Communications - Meadowhall

British Council Shopping Centre (BCSC) Awards 2003                                       Feb 2003
Merit Award for Best Sales Promotion Campaign - Meadowhall
Merit Award for Internal Communications - Meadowhall
Merit Award for Best Use of Innovation - Meadowhall

Corporation of London                                                                    Jan 2003
Clean City Award - Broadgate

BDO Stoy Hayward Property Accounts Awards 2002                                           Nov 2002
Best Annual Report & Accounts

Industrial Agents Society and Office Agents Society Awards 2002                          Oct 2002
Finalist:
Best Development - 350 Euston Road
Commended/runner up:
Developer of the Year


European Public Real Estate Association (EPRA) 2002                                      Sept 2002
Commended/runner up:
Best Annual Report



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