AGM Statement

British Land Co PLC
15 July 2005


                                                                    15 July 2005

                         Statement by Mr. John Ritblat,
                    Chairman of The British Land Company PLC
        at the Company's Annual General Meeting on Friday, 15 July 2005

When we recently published our 2005 results we revealed another record and
lively year extending our excellent track record of growth with security.
British Land's compound total shareholder return for the last five years has
been 18% per annum, which means that £1,000 invested in 2000 had risen to £2,288
at March end 2005. On a much longer view, we have increased our dividend every
year without break for over a quarter of a century.

2004/5 was a particularly pleasing year for British Land in showcasing both the
enduring strength of our business model as well as our determination to update
and change elements to assure continued success in the future.

Pre-exceptionals, earnings per share, increased 7.2% and net assets per share
19.1%. This financial success reflected contributions from right across our
business. Rents increased 9.3% reflecting a wide range of asset management
successes. We let 3 million sq ft, delivered 1.1 million sq ft of new
developments and were very active in repositioning our portfolio with both
purchases and sales. The financial side of our business remains a distinctive
strength, with a notable refinancing of Broadgate among our achievements.

Stephen Hester joined as Chief Executive in November and I am pleased that he
has grasped leadership of our Executive team so swiftly and effectively. Our
results announcement in May presented clearly our focused strategy for the
future and the key planks upon which it will be built.

The £811 million takeover of Pillar Property PLC, announced on 23 May, has this
week been approved by its shareholders. We have been preparing for its
assimilation, expected on 28 July 2005, when we will have £17.1 billion of
assets owned and under management. I am confident that the influx of new
properties and new people in the business of fund management will bring
sustained benefits to British Land shareholders.

Elsewhere, British Land is putting together a new 5 year revolving unsecured
bank facility to provide funding for its initiatives. Over £750 million is
already committed. We have also taken profitable advantage of the strong market
to sell the 300,000 sq ft pre-let warehouse we had developed at DIRFT in
Daventry and our half-interest in the ILAC Centre in Dublin, while many other
initiatives are progressing well across the business.
                                                                       
The outlook for the sectors where we are invested remains promising. A tougher
retailing climate will underline the strengths of our prime portfolio,
especially with trends still favouring our distinctive position in out-of-town
locations. In the office sector, potential City of London occupiers remain
active with vacancy rates declining. As we predicted, the market is delivering
more yield shift this year, in recognition of the solid fundamentals relative to
inflation, bonds and equity yields. As always the best properties command most
interest.

Meanwhile we continue to work hard on our entire portfolio, which enjoys high
occupancy, is of prime quality, with excellent covenants on long leases. We
concentrate on recycling capital towards the best opportunities for growth, and
on creating plenty of further opportunities to improve returns on the assets we
own. Of course, all of these efforts rely heavily on the skills and dedication
of our management team. Here too we are changing and renewing whilst asking for
ever higher performance. On your behalf, I would like to thank our colleagues,
old and new, for these continuing endeavours.

The Company is in fine fettle and I remain confident both that the property
industry is the place to be and that British Land's prospects are excellent.



Contacts

John Weston Smith
The British Land Company PLC tel. [phone]

Faeth Birch
Finsbury tel. [phone]



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