AGM Statement

Slough Estates PLC
                  

                          SLOUGH ESTATES PLC
                        ANNUAL GENERAL MEETING
                        Tuesday, 11th May 2004

Chairman's Remarks

As I commented in my statement, 2003 was not a vintage year for any business and
as a Group we are, of course, extremely dependent upon the prosperity of our
current and prospective customers. Property markets across the world, and in
particular in the UK, were strong for investment purposes but occupancy demand
was very sluggish. So far this year we have been encouraged by an improvement in
business sentiment and are optimistic that this recovery in business confidence
will result in improved leasing.

I am pleased to be able to report that since the year-end we have taken a number
of steps to strengthen the business and in particular the development prospects
going forward. We announced the formation of a new joint venture company with
Helios Properties to develop a number of large scale distribution parks in the
United Kingdom with £150-million of funding available to invest in this sector.
This is an exciting venture which complements our UK activities and builds upon
the success we have achieved in Belgium, France and Germany with logistics
buildings.

We also announced in April that we had acquired a 2.8 hectare site adjoining our
Winnersh Triangle land which will enable us to expand this successful estate
with further buildings when the current occupant, Royal Mail, vacates the site
in 2005.

In the United States we have acquired some 14 hectares of land in an established
business park at Poway, a growing community in the San Diego market.

These three opportunities and others which are under negotiation will enable us
to expand our development programme to meet anticipated demands.

At the time of the Government's budget in March, the Treasury published a
consultation document suggesting that a UK real estate investment trust vehicle
might be introduced into Britain. We have been studying this document and will
be responding to the consultation process. I am bound to say that the way in
which the Government's questions are drafted does suggest a mindset which would
introduce an extremely restrictive vehicle and one which would not necessarily
be appropriate for Slough Estates. As the consultation progresses and when the
Government's proposals are more certain in content, we will further advise
shareholders as to our views.

In concluding my remarks I would remind you of the comments I made in my
Chairman's Statement, namely that your Board is confident that the company is
well placed to meet what are expected to be better market conditions in the next
few years and it believes that the long-term outlook for property remains good.
This view means that we are confident about the prospects for the company and
this is reflected in the proposed dividend increase of 7.1% which is underpinned
by a secure and growing rental stream.

Slough Estates is a leading provider of flexible business space in business
parks in Western Europe and North America, with over 1700 customers occupying
2.9 million square metres of business space, with a total value of £3.6 billion.
Slough Estates' properties are in suburban locations in close proximity to the
main business centres, where there is long term demand for business
accommodation to serve these key economic regions. The company's main activities
are currently based around London, Brussels, Paris, Düsseldorf, San Francisco
and San Diego and the company continues to develop new business parks with the
long term objective of building shareholder value and enhancing its reputation
for quality buildings offering excellent value to customers.

For further information, please contact:

Andrew Best / Emily Bruning, Shared Value Ltd
Tel: [phone]

www.sloughestates.com