AGM Statement

British Land Co PLC
13 July 2007

                          The British Land Company PLC
                        Annual General Meeting Statement
                              Friday 13 July, 2007


British Land holds its Annual General Meeting this morning at 11.30 a.m. at the
Landmark Hotel, London.

Extracts from comments by the Chairman, Chris Gibson-Smith, to be made at the
meeting are as follows:

"British Land has made a good start to the financial year.  Our strategy is
unambiguously 'customer-centric' and throughout our business evidence is visible
of the appeal of our buildings and locations.  As a result, we enjoy a very high
occupancy rate and the longest leases in our sector.  In London, good progress
on developments and capturing rental increases across the office sector is being
made.  In the retail portfolio, our market leadership in out-of-town retail
parks and superstores positions us in the strongest segments of customer demand.

"The Company has also continued to recycle capital aggressively.  Our REIT
status makes this more tax efficient than hitherto.  In the 3 months since the
start of this financial year we have completed or exchanged on £1,161 million
(BL share) of property sales across the portfolio, at an average premium of 2.5%
to March valuations.  This level of activity, following on from £7 billion of
sales and purchases in the previous 2 years, has given us significant advantage
in improving our portfolio's appeal to customers and its corresponding financial
prospects.

"We continue to look actively at new investment, whether through our 5m sq.ft
development programme (£500 million spend expected in 2007/8) or elsewhere.

"The potential impact of higher interest rates on the property investment market
has been widely discussed.  At present occupier markets are generally in good
shape.  As a result the principal changes in property pricing relate to areas of
occupancy strength (where pricing is strong) or weakness (where some outward
yield shift is evident).  This type of realignment we have been anticipating for
some time.  We believe that British Land's portfolio, development, financial and
management strengths will continue to show through clearly even in a tougher
environment should that transpire.

"Our next financial results, for the quarter to 30th June, 2007, will be
announced on August 16th.  We anticipate reporting a further advance in net
asset values at that time.

"The Board is particularly conscious of demonstrating its regard for shareholder
value at a time of market uncertainty.  The best way to do this is through
successful prosecution of our added-value strategies which, as outlined, are
progressing well.  However we are also focused on conversion of our efforts to
cash for shareholders.  In this context we announced a £250 million share
buyback programme last week since when we have already repurchased £65 million.
Today, complementing that effort, I can announce increased ordinary dividends.
We previously set these at a minimum of 33p/share (8.25p/quarter) for 2007/8.
We now intend to pay out 35p/share for the current financial year (8.75p/
quarter) - a further 6% increase on the previously announced 94% increase
compared to our last full year before REIT status.  We continue to expect to
operate a policy of progressive dividend growth in future years.

"This is my first AGM "in the Chair" at British Land.  May I close by paying
compliments, on shareholders behalf, to our people.  Firstly to John Travers,
who tragically died last month having joined our Board as a non-Executive
earlier in the year.  Our thoughts are with his family.  Sir John Ritblat, our
honorary president, has presided at this event for many years.  We are delighted
he is here today and continues to actively support our work.  Finally, to
British Land's people, continuing thanks and appreciation are due.  Your
unstinting efforts position us well for the future."

Media Enquiries:
British Land: Laura De Vere
Tel: [phone]/Mobile: + 44 (0)7739 292920

Finsbury: Ed Simpkins
Tel: [phone]/Mobile:+ 44 (0) 7947 740 551




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