Slough Estates Plc AGM

Slough Estates PLC
15 May 2001


                     SLOUGH ESTATES PLC
                   ANNUAL GENERAL MEETING


Chairman, Sir Nigel Mobbs commented:

'I am pleased to say that so far the Group has not been
greatly affected by any weakening in demand despite the
changing economic conditions having had some impact upon
business confidence. The Group's strengths do provide
protection as our portfolio is diversified by location,
range of customers and spread of uses.

'Our continuing development programme is significant but
much of it is already pre-leased. In the light of prevailing
economic conditions, we will adopt a measured approach to
new projects but we do believe that our focus on strong
market analysis, conservative cost estimation and knowledge
of locations will enable us to maintain positive momentum.

'Here in the UK we are concentrating new construction at
Farnborough, Cambridge and Slough. In Europe we continue
with the development of the successful Pegasus Park in
Brussels and with logistics buildings in Belgium. France and
Germany.

'In California pre-leasing demand for laboratories at our
new Oyster Point location is healthy.

'The successful issue of £150-million 7% 21-year-bonds in
March has further strengthened our balance-sheet and we have
the financial strength to pursue our strategy of substantial
development in prime business centres to enhance shareholder
value.'

For further information please contact:

Andrew Best / Emily Bruning   [e-mail]
Shared Value Limited          [e-mail]
020 7321 5010