AGM Statement

TBI PLC
4 August 2000


Contact:      Keith Brooks, Chief Executive
              Caroline Price, Finance Director
              TBI plc                                     020 7408 7300

              David Bick
              Holborn Public Relations                    020 7929 5599
                                             [e-mail]



                                 TBI plc

                              AGM STATEMENT

In his address to shareholders at today's Annual General Meeting, Stanley
Thomas, the Chairman, said:

'The disposal of our commercial property portfolio in June last year, followed
by the acquisition of AGI last September, has transformed TBI into a leading
and highly focused owner, operator and manager of regional airports.

'We continue to examine opportunities to make further airport acquisitions
which meet our usual strict criteria in our core territories of Europe and the
Americas. We will also look to dispose of peripheral equity interests in
airports where we are unlikely to become the principal operator, but have an
opportunity to crystallise increases in capital value. An example of this was
the disposal in March of over half of our interest in the Northern Territory
Airports in Australia for around £8.2m, a 22% premium to the original price
paid for that part of the stake.

'Following the announcement last November of a 20 year management contract for
Juan Santamaria International, Costa Rica's main airport, we now expect to
complete detailed negotiations very soon and financially close the deal by the
end of this calendar year.

'Overall in the first three months of the current financial year to the end of
June, the group's trading performance has been in line with expectations. 

'Passenger numbers during this period have shown impressive gains with
increases of 5% at Belfast, 14% at Cardiff, 16% at Orlando Sanford and 23% at
Stockholm Skavsta, although the latter is still experiencing soft cargo
volumes. 

'Belfast is enjoying a 30% increase in cargo volume year on year and a 20,000
sq.ft. facility has been built for the freight forwarder, City Link. easyJet
has announced that, from Autumn 2000, it will be doubling its Belfast to
Liverpool frequency from 3 to 6 flights a day and increasing the number of
Belfast to London Luton flights from 4 to 5 a day. 

'At Cardiff, British Regional Airlines, operating services for British
Airways, has started a Dublin service timed to link conveniently with an Aer
Lingus service to New York, has increased the number of flights to Glasgow
from 3 to 4 and has introduced jets on to its Paris and Brussels routes. Also
at Cardiff, KLM has increased the number of flights to Amsterdam from 4 to 5 a
day. 

'In Sweden, we look forward to receiving Government ratification regarding
Skavsta's status as Stockholm's second airport. 

'At Orlando Sanford we have a new 30 year agreement to run the domestic
terminal and the new facility should be fully operational by the autumn. This
will mean that Orlando Sanford will have more than 60 check in desks, 12 air
gates and flexible usage between the international and domestic terminals.

'We now have an expanded management team with a large skills base, a strategic
collection of airport interests capable of further performance improvement and
a healthy balance sheet. This is a very encouraging combination of factors for
the future.'