AGM Statement

Artisan (UK) PLC
03 September 2004


                                Artisan (UK) plc
                          ('Artisan' or the 'Company')
                            AGM CHAIRMAN'S STATEMENT

Welcome to the sixth Annual General Meeting of Artisan (UK) plc. For Artisan the
strategy of investment in the core trading businesses of Housebuilding and
Business Park development is already producing a more stable and profitable
return.

The strategy involves continuing to increase our investment in housing through
widening the Rippon Homes geographic base and looking to faster growth through
acquisition when a suitable target can be identified at a sensible price. I
judge the longer term prospects for the new housebuilding sector to hold great
promise, with political recognition swinging behind the industry to address the
nation's housing shortage.

High demand levels for Rippon's houses in the early months of 2004 led to some
stock shortage in the first few months of the current financial year as new
sites were being started. Therefore as in earlier years turnover at Rippon Homes
will be weighted towards the second half. Based upon a continuation of the
positive mood in the housing market, volume for the full year is expected to
show modest growth, although in response to current planning policies values
will reflect a smaller average house size. However despite increased land prices
and above inflation rises in material costs, we expect housing margins to be
close to last year's levels.

Despite some caution on business confidence in the economy the current level of
enquiries for our business park product is more positive, which we expect to
soon be translated into higher sales figures. High material prices, especially
for steel, are holding back an improvement in commercial margins on
developments, but for the first half year the commercial operation has returned
to a profitable position and this is expected to be maintained for the remainder
of the year. Looking forward, I believe the level of growth in the economy will
sustain increasing development volumes and that Artisan will benefit from the
planned longer term expansion in the Cambridge region.

In conclusion, the housebuilding industry is forecasting a slowdown in growth,
but not a market reversal. My view is that this is probably correct, and your
Board anticipates an improved performance from the commercial division in the
second half. Consequently your board are confident of the outcome for the
current year.

Artisan (UK) plc 01480 436666
Michael Stevens, Chairman
Martyn Freeman, Chief Executive 07879 412773
Chris Musselle, Finance Director 07879 412779

Hansard Communications 020 7245 1100
Adam Reynolds 07785 908158
Ben Simons 07713 090135

Seymour Pierce Limited 020 7107 8000
Sarah Wharry


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