Wednesday, May 14, 2003

John Laing plc today announces that Andy Friend, currently Managing Director of the Group's principal operating subsidiary Laing Investments and a main Board director, will be appointed Group Chief Executive effective from 1 July 2003. Bill Forrester, who was appointed executive Chairman in February 2002, is to become non-executive Chairman.

Andy Friend has been Managing Director of Laing Investments Ltd since 1999. He joined John Laing from Macquarie Bank, where he specialised in private financing of public infrastructure. Prior to joining Macquarie Bank, he was Chief Executive of the City of Melbourne where he oversaw an extensive process of public sector reform.

Bill Forrester, executive Chairman of John Laing plc, said:

“Having overseen the transformation of John Laing into a leading infrastructure investment and operations company, I am delighted to be handing over executive management of the company to Andy, who has developed our investments division with such success. I shall stay on as Chairman, and look forward to continuing to work closely with Andy and the rest of the John Laing team to grow value for shareholders.”

Media Enquiries

John Laing plc - Bill Forrester, Executive Chairman - 020 7647 8800
Laing Investments - Andy Friend, Managing Director - 020 7904 9200
Finsbury Group - Edward Orlebar / Faeth Birch - 020 7251 3801

Notes to Editors

John Laing plc has undergone a marked transformation since the sale of Laing Construction in October 2001.

Bill Forrester, who was appointed Executive Chairman in February 2002, launched a strategic review which resulted in the sale of John Laing’s UK Homes business to George Wimpey in November 2002 for £295 million and an asset disposal programme which yielded £122 million. The company is now financially strong and poised to take full advantage of the growing infra-structure investment and development opportunities presented.

John Laing is now a focused infrastructure investment and operations company, and following the purchase of a portfolio of projects from Amey in April this year, the Group is currently invested in 30 signed projects, of which 22 are fully operational. Preferred bidder status has been reached on 11 projects and Laing Investments is short-listed on a further 18 projects.

In addition to Bill Forrester, the Board of Directors includes Andy Friend, Adrian Ewer, Finance Director; and non-executive Directors Tim Boatman, Sir Martin Laing CBE, Paul Meredith and The Baroness Noakes DBE.