AGM Statement

TBI PLC
01 August 2003



                                   TBI PLC

                             ('TBI' or 'the Group')



                                 AGM Statement



TBI plc, one of the leading operators of regional airports in the UK, is holding
its AGM today at 12 noon.  At the meeting, G Stanley Thomas, Chairman, made the
following comments to shareholders:



'The current year has started well with growth in traffic at each of our four
core European airports in the first quarter.  This trend has generally continued
in recent weeks.  However many of the challenges which beset the air transport
sector last year have continued into the current year.  Whilst overall trading
remains broadly in line with expectations, conditions remain challenging.



'That said, TBI remains well placed to capitalise upon sustained growth in air
travel and we remain confident that the Group will continue to benefit from the
success of the growth in low cost traffic, particularly intra Europe.



'In addition, TBI should see the benefits of improved facilities at a number of
its locations. The newly improved retail and catering concessions at Belfast
International are now complete in anticipation of further expansion of low cost
operations at this airport.



'The success of bmibaby, which established a second UK base at Cardiff in
October 2002, has been a positive influence on accelerating plans to build a new
hotel and leisure complex at Cardiff International.  Planning permission has
been granted for a 150-room low cost development, including an additional 400
car parking spaces, situated on the business park adjacent to the airport, which
will complement recent improvements to airport facilities.   Similarly, the
expansion of new terminal facilities is currently underway at Stockholm-Skavsta
to accommodate increasing passenger numbers as a result of Ryanair establishing
a base at this location.



'Luton remains optimistic that it will benefit from the Government's review of
airport policy in the South East (SERAS) and recently submitted a viable
alternative to existing proposals.   Further expansion of low cost operations is
also anticipated at this location in due course.'

                                                                   1 August 2003



ENQUIRIES:


TBI plc                                              Tel:  [phone]
Keith Brooks
Caroline Price

College Hill                                         Tel:  [phone]
Justine Warren
Gareth David




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