JOHN LAING PLC - AGM STATEMENT

When the 2005 results were first announced on March 13th 2006, we commented that considerable uncertainty surrounded the timing of major hospital projects reaching financial close in England & Wales.

In the light of this it is pleasing to note that Barts & The London has now reached financial close and work is underway at this the biggest hospital scheme ever commenced under the Private Finance Initiative. As an equity participant,
John Laing Plc has committed £16.9 million of investment to the project company, which has succeeded in raising over £1 billion to finance the overall development.

In relation to the North Staffordshire Fit for the Future & the Leicester Pathways projects - two further hospital projects currently at preferred bidder stage - we continue to make good progress in confirming with the Trusts and the Department of Health the scope of the schemes that will be taken to financial close. Elsewhere in the Health sector, ExcellCare, our joint venture investing in primary health and community based facilities now has 15 operational sites and 21 under construction with a combined construction value of £178 million and with a pipeline of £500 million of planned schemes to 2010 is well positioned to take advantage of changing trends in UK healthcare provision.

We are extremely pleased that Equion was selected earlier this week as preferred bidder for the £300 million Forth Valley NHS Project; John Laing will invest £15 million of equity in this 750 bed hospital project, which has already been cleared for affordability by the Scottish Executive and which is expected to reach financial close early in 2007.

More generally, our portfolio of operational PFI/PPP projects continues to perform to expectations and secondary market valuations are reflecting the continued growth of both institutional and retail interest in the infrastructure asset class.

At Chiltern Railways operating performance is good with 95% of trains on time over the first quarter, but patronage levels continue to reflect the very significant diversionary effect that followed from the closure of the line over a seven week period in mid-2005. In the absence of compensation, the resulting loss of momentum in the business is likely to affect Laing Rail's results in the current year. In 2005 Chiltern Railways contributed £6.5 million towards Laing Rail's profits.

Tesco plc has admitted liability for costs and losses stemming from the collapse of the tunnelling works that precipitated the closure and we are claiming significant compensation under the terms of the relevant indemnity. Resolution of the quantum of the claim is likely to require arbitration. Such proceedings will take some time to conclude and in the interim the Company will continue to adopt a cautious approach to profit recognition in the rail business.

John Laing Plc will continue to invest in the Chiltern franchise and we are pleased that we have reached agreement with the Department for Communities & Local Government and Buckinghamshire County Council to construct a new station at North Aylesbury. Aylesbury Vale Parkway, modelled on our successful Warwick Parkway project, is scheduled to open for passenger traffic in 2009.

The company is today announcing a key management change. After 7 years with the Laing Group, Andy Friend has informed the Board that he wishes to pursue new challenges from autumn 2006. The Board is delighted to announce that Adrian Ewer will take up the role of Chief Executive from 1st June 2006. Adrian has been the Group Finance Director since 1999 working closely with Andy and me in repositioning the company as a specialist infrastructure developer and investor and has therefore played a key role in successfully restructuring our operations
for renewed growth as a focused PFI/PPP investor. As part of the hand over arrangements, prior to his departure, the Board has asked Andy in conjunction with Adrian to update John Laing's plans for substantial medium term expansion both in the UK and overseas. A formal process has been initiated for the appointment of a new Finance Director.

On behalf of the Board I would like to congratulate Adrian on his appointment and also thank Andy for his outstanding contribution to the company. During his time as chief executive, Laing has built an enviable portfolio, and established itself as a leading player in the infrastructure, PFI and PPP markets. Laing is well placed under a strong and experienced management team to continue to pursue our established strategy for delivering value and growth.

(ENDS)

For further information please contact:

John Laing plc
Bill Forrester / Andy Friend / Adrian Ewer
Tel: 020 7901 3200

Finsbury Group
Faeth Birch / Robin Walker
Tel: 020 7251 3801