AGM Statement

British Land Co PLC
14 July 2006







                         Statement by Sir John Ritblat

                    Chairman of The British Land Company PLC

                    at the Company's Annual General Meeting

                              Friday, 14 July 2006


                         Summary points - Board changes





  • Sir John Ritblat announces his intention today to stand down as Chairman
    of the British Land Company PLC on December 31, 2006.


  • The Board has elected Sir John as Honorary President of British Land upon
    his retirement.


  • Sir John will be succeeded as Chairman by Dr Chris Gibson-Smith, currently
    Senior Independent director, on January 1, 2007. He has been appointed
    Deputy Chairman with immediate effect.


  • Sir David Michels will become Senior Independent Non-Executive Director in
    January.


                         Statement by Sir John Ritblat

                    Chairman of The British Land Company PLC

         at the Company's Annual General Meeting, Friday, 14 July 2006



I am pleased to be able to report to you that British Land's 2006/7 financial
year - my 36th with the Company - is off to a thoroughly robust start.  The
property investment market remains strong, particularly for the prime properties
in which we specialise.



Since 31st March 2006 we have taken a further significant step in our European
business with the purchase of a 50% interest in a 2.1 million sq ft mixed retail
and leisure development, at Puerto Venecia, Zaragoza, Spain.  We expect it to
have an end-value of some €500 million.



Just a few days ago we were able to announce the purchase for £253 million of
the half we did not own of BL Davidson.  This joint venture with the Davidson
family has a gross value in excess of £700 million, the assets being prime UK
retail warehousing, overwhelmingly Open A1 Retail, and Central London offices.



At the present time we have a number of UK disposals in course, all at prices
ahead of last March's valuation.



We are seeing some signs of greater discrimination among investors as they
review growth prospects and some slowing of yield shift.  Occupiers too are
becoming more discerning.  The demand from the stronger tenants for quality
buildings in good locations continues unabated.



Now to some personal matters.  We take our leave today of three valued
directors.  Sir Derek Higgs has served with great distinction since 2000,
latterly as Deputy Chairman.  Derek has contributed greatly to our deliberations
over many years, especially on corporate governance, but told us last Autumn
that he wished to focus on his new role as Chairman of Alliance & Leicester.
John Weston Smith, who served successively as Company Secretary, Director,
Finance Director and Chief Operating Officer, has been truly instrumental in the
Company's success over the last 35 years.



And Patrick Vaughan has completed his year of service post the acquisition of
Pillar, the success of which is in no small part due to his efforts.



And finally an even more personal matter.  I have always spoken of property as a
long-term business, and indeed I personally have been actively engaged in it for
over half a century, since 1952.  I first became head of a public company in
1969, as Managing Director of Union Property Holdings, which I merged the next
year with The British Land Company.



I have told the Board that I would like to stand down at the end of 2006.  The
Company is in excellent shape after another record year and with management
transition to Stephen Hester now successfully complete.  I do not think it would
be too immodest to say that he has received a pretty respectable inheritance!
He has already made a distinctive mark on the Company and in our industry as our
Chief Executive, and he has my best wishes for a long and happy future.



I am proud and complimented that the Board has been kind enough to elect me
Honorary President of the Company when I cease to be Chairman.  My successor as
Chairman will be Dr. Chris Gibson-Smith, and he steps up to be our Deputy
Chairman today.



He was a Managing Director of BP, and then took charge of National Air Traffic
Services before being appointed to his present position as Chairman of the
London Stock Exchange.  We are fortunate to have him and I am sure that he will
be a popular choice and will continue the Company's successful path.



He will be succeeded as Senior Independent Non-Executive Director in January by
Sir David Michels, whom we congratulate on his knighthood in the Queen's
Birthday Honours.



We have come a long way.  When I took over Union Property Holdings (London)
Ltd., the precursor of British Land in 1969, it had assets of just £6 million
and a share price of a few pennies - old pennies at that.  Now we have assets
owned and managed in excess of £18 billion and net assets per share of some £15.
I am sure that the future prospects of the portfolio will continue to shine.



For further information contact:
The British Land Company: 020 7486 4466:  Laura De Vere
Finsbury: 020 7521 3801: Faeth Birch




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