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Mowlem Plc (MWLM)

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Wednesday 24 December, 2003

Mowlem Plc

Disposal


24 December 2003

MOWLEM SELLS INTEREST IN CGL RAIL LINK

Mowlem plc announces that it has today completed the sale of its 40% equity
interest in City Greenwich Lewisham Rail Link plc, the company which operates
the Docklands Light Railway extension to Lewisham, to a subsidiary of
Infrastructure Investors LP, a fund jointly managed by subsidiaries of Barclays
and Societe Generale.

The purchase price paid in cash on completion was £19.45 million.

The investment was carried in the books at a value of £3.4 million and the sale
is expected to generate a net exceptional profit of £15.6 million. During 2002,
the investment contributed an operating profit of £1.1 million before tax.

The sale proceeds will be reinvested in the Group's business.

Commenting on the transaction, Sir John Gains, Mowlem's Group Chief Executive
said:

"We are delighted with this transaction. This has been a very successful
project but there is now little future value that we can add. Realising the
investment demonstrates how such projects can create value and provides us with
resources to invest in the new PFI projects now at Preferred Bidder stage."

Enquiries: Jonathan Rooper CardewChancery 0207 930 0777 mobile 0774 0099868

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