AGM Statement

British Land Co PLC
16 July 2002

THE BRITISH LAND COMPANY PLC

AGM STATEMENT

16th July 2002



Extracts from the Chairman's Address to Shareholders at the Annual General
Meeting - Tuesday, 16 July 2002

Speaking at the Annual General Meeting of British Land today, the Chairman, John
Ritblat, said:

"It may be gloom in the stock market but our business is in fine fettle. There
are not many companies, and very few in the Footsie, that can match our record
of sustained growth in shareholders' funds and in dividends for more than 20
years. Over the last 10 years £1,000 invested in British Land has grown to more
than £4,000 and the total return to shareholders has been 15% compound per
annum.

The business achieves its results primarily through its focus on prime retail
such as the Meadowhall Shopping Centre and offices such as Broadgate, both of
which are largely occupied by strong tenants on long leases.

Overall our tenants are committed for an average of over 18 years, paying us
more than half a billion pounds a year in rent. The Company has dedicated and
specialised property management teams to seek out profitable opportunities from
and for our £9 billion portfolio. They control a £1.6 billion development
programme which is creating an extra 8.3 million sq ft of quality space.

We maximise returns to shareholders by recycling capital through the 15 joint
ventures with £3.2 billion of assets, and through financing initiatives such as
the £2.9 billion of securitisations. We snap up opportunities, such as the £80
million of realised gains over the last 3 years from the disposal of interests
in Selfridges, Haslemere and Liberty International. We have earned profits from
trading properties for an unbroken 25 year period.

Looking forward, we remain optimistic on prospects. Investor demand for property
is strong, and there are indications of some tightening in yields which bodes
well for prospective capital values. Our development programme is being timed to
bring assets, particularly Central London offices, on stream when supply has
diminished over the next two years. The retail portfolio is currently enjoying
rental growth and we expect this to continue. Cash flow from our strong rental
income will produce £88.5 million of extra income from rent reversions. This
will finance higher dividends, while our largely fixed-rate debt book locks in
our interest costs at 61/2%.

Now I come to the three resolutions, numbered 14, 15 and 16 on the agenda, which
have been put forward by 105 Isle of Man companies controlled by Laxey Investors
Ltd. I think I am right in saying that no other shareholder in the Company was a
party to these requisitions. You may have seen yesterday our announcement that
they now claim to own 9% of British Land. Let me tell you that yesterday they
had to own up to the fact that some 90% of this holding is stock they borrowed
from the market. This is not shareholder activism - it appears to be just
Rent-A-Share greenmail for the AGM.

It is the Board's job to manage the Company. You may have noticed that Laxey has
gone on record in their circular as recommending all shareholders to vote for
the re-election of management. I am sure that they will follow their own advice.
Nevertheless these Laxey resolutions seek to interfere with the managerial
enterprise that has enabled us to deliver excellent returns for shareholders.
For instance it seems rather odd, to put it mildly, to require us to put out
property management to external managers when you know that major British
companies such as Tesco, GUS, Scottish & Newcastle and House of Fraser have
handed over £3.2 billion of their properties for us to manage.

These oppressive and selfish Laxey resolutions are designed solely to make a
fast buck for Laxey and would destroy your long-term value and security.

There is one further matter on which I wish to elaborate, amplifying the
statements you will have seen in our letter to shareholders of 14th June 2002,
concerning the evolution of the Board.

In this letter it was stated that the non-executive directors of the Company
have orderly succession planning and continuity as one of their
responsibilities. It was also explained that we intend to appoint additional
non-executive directors. We have appointed recruitment consultants and the
search for candidates is under way.

British Land wishes to make clear that as part of the process referred to above,
the Board intends to move towards splitting the Chairman and Chief Executive
roles based on an orderly timetable which allows for planning and continuity.
The additional independent directors will be appointed as soon as possible and
by 31st March 2003 there will be an independent additional Deputy Chairman. It
is expected that one of the independent members of the expanded Board will
become Chairman in due course.

With your support we are entirely confident of our ability to continue to
deliver excellent capital returns to all shareholders, coupled with increasing
dividends, in the years ahead."

The results of the poll to be taken at the Annual General Meeting will be
announced when available.

Contacts
The British Land Company PLC:
John Ritblat, Chairman                                tel: [phone]
John Weston Smith, Chief Operating Officer            tel: [phone]

Finsbury:
Edward Orlebar       )                                tel: [phone]
Faeth Birch          )





For the purposes of compliance with the Financial Services and Markets Act 2000,
please note that in relation to the comment regarding historical returns, past
performance cannot be relied on as a guide to future performance.





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