Re Contract

Balfour Beatty PLC 02 April 2003 BALFOUR BEATTY JOINT VENTURE APPOINTED BY NETWORK RAIL FOR INNER LONDON SOUTHERN POWER UPGRADE PROJECT Balfour Beatty, the international engineering, construction and services group, announces today that Balfour Beatty Rail Projects, in joint venture with Seeboard Contracting Services, has been appointed by Network Rail as the preferred contractor to upgrade the power supply to the rail network in the inner London area. Network Rail has signed a seven-year framework agreement with the joint venture which is likely to generate approximately £50 million of work during 2003 and 2004. The framework agreement is one of four such agreements announced today. Commenting today, Balfour Beatty Chief Executive, Mike Welton, said: 'We are pleased to be working with Network Rail and Seeboard on this important project which further extends our existing wide-ranging working relationship with Network Rail and will help facilitate the introduction of new, reliable rolling stock by the train operating companies.' The work involves the design and construction of new and upgraded sub-stations, the design and installation of high voltage switchgear and other equipment and the replacement of cabling systems. The work is due to commence in late spring of this year. Since August 1998, a joint venture between Balfour Beatty and Seeboard has been responsible for operating, maintaining, financing and renewing London Underground's high voltage power distribution network under a 30-year PPP concession. Enquiries to: Tim Sharp Tel: 020 7216 6884 Notes to Editors 1. Balfour Beatty is a leading supplier to Network Rail. Amongst other major projects, it is responsible, in joint venture, for the electrification of the West Coast Main Line from Euston to Glasgow and substantial parts of that line's wider infrastructure upgrade. It is the UK's largest manufacturer of switches and crossings, a leading supplier of specialist rail plant and is involved in over £250 million per annum of track renewals and maintenance work. 2. Balfour Beatty Rail will become a major supplier to the Metronet consortium following the imminent financial close of the London Underground PPP concessions. Trackwork to the value of approximately £500 million will be added to its order book at that time. 3. In 2002, Balfour Beatty's sales in rail engineering and services amounted to £838 million, approximately 50% of which was from outside the UK. The Group has strong market positions in the USA, Germany, Italy, Sweden, Spain, Portugal, Greece, Malaysia and elsewhere. This information is provided by RNS The company news service from the London Stock Exchange CNTEADLAEDSDEFE
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