AGM Statement

AGM Statement 

    LONDON--(BUSINESS WIRE)--May 13, 2003--

                        Annual General Meeting
                        Tuesday, 13th May 2003

Chairman's remarks

We reported very fully on our current activities in the Annual Report
published a few weeks ago. As I commented in my Statement, 2002 was a
very challenging year for all businesses and as a Group we are, of
course, extremely dependent upon the well-being of our customers.

Property markets across the world, particularly in the UK, were
bifurcated with demand for well-leased investment properties remaining
positive, which has resulted in stability in property values.
Conversely occupancy demand has weakened over the year and these
conditions continue to prevail into 2003.

The demand for offices in central business districts and high-tech
locations has been particularly affected by the downturn in world
trade but industrial usage has remained more stable and retail space
has remained very positive.

In general the rate of rental growth has declined, though it remains
positive for both industrial and retail property.

I am pleased to be able to report that since the year-end occupancy
across the Group has improved, albeit by a small proportion. When we
link this to the fact that some 80 per cent of current rental income
is contracted for 10 years and beyond, we are in a very strong
position.

Looking towards the future, market recovery does depend upon business
confidence being restored but it is difficult in times of geopolitical
turmoil and economic uncertainty to predict both the rate and timing
of such recovery. There is no doubt that the greater clarity over the
Iraq situation has improved sentiment but it still has a long way to
go to restore confidence within our customer base to invest and
expand. These conditions could well present us with attractive
opportunities to expand our portfolio in the nearer term.

Our new Chief Executive, Ian Coull, has been conducting a thorough
review of the Group's business and the Board will be discussing this
with management in the coming weeks. Ian has confirmed that he
believes our overall strategy is sound and that he sees the priorities
in delivering our activities in a more efficient and effective way. We
will report further on this review in due course.

In the meantime Slough Estates has a resilient strategy, a strong core
income stream, a powerful balance sheet and a well-leased development
programme. We have a very talented and experienced management team
here in the UK and overseas who can deliver our expectations. We
therefore remain confident that these strengths will ensure that the
Group's prospects continue to be sustainable.


For further information, please contact:

Slough Estates plc                                                  Shared Value Limited
Sir Nigel Mobbs, Chairman                                           Andrew Best
Tel: [phone]                                                   Tel: [phone]

   Short Name: Slough Estates PLC
   Category Code: AGM
   Sequence Number: 00004759
   Time of Receipt (offset from UTC): 20030513T103841+0100