Redemption of Pref Shares

Morgan Sindall PLC
12 September 2003

NOTICE OF REDEMPTION OF PREFERENCE SHARES

Morgan Sindall plc ('Morgan Sindall' or the 'Company') announces that it is
today posting a circular to Preference Shareholders informing them that it
intends to redeem all of the Company's Cumulative Redeemable Preference Shares
of £1 each (the 'Preference Shares') on 15 October 2003 (the 'Redemption Date').

Under its articles of association Morgan Sindall has been entitled to redeem the
Preference Shares since 30 June 2003; it is required to redeem them not later
than 30 June 2005.  In light of this, the Company has decided that now is an
appropriate time for the shares to be redeemed.

Of the 5,000,000 Preference Shares originally issued, only 623,266 now remain in
issue. The Preference Shares will be redeemed in full at their nominal value of
£1 each.  The Redemption Date is coincidental with the next half - yearly
dividend date and accordingly, this dividend payment will be made in the usual
way to holders of Preference Shares on the register as at 19 October 2003. From
and after the Redemption Date the Preference Shares will cease to be in issue
and the preferential dividend shall cease to accrue. Cheques for the redemption
price will be forwarded separately by 29 October 2003.

Pursuant to the proposed redemption, application has been made for the
Preference Shares to be cancelled from the Official List of the UK Listing
Authority and from trading on the London Stock Exchange with effect from the
Redemption Date.

Copies of the circular have been submitted to the UK Listing Authority and will
shortly be available for inspection at the UK Listing Authority's Document
Viewing Facility, which is situated at:

Financial Services Authority,
25 The North Colonnade,
Canary Wharf,
London E14 5HS
Tel: [phone]

(Documents will normally be available for inspection within six normal business
hours of this notice being given).


ENQUIRIES:

Ray Johnston,                         Tel: [phone] (Direct)
Company Secretary                     Fax: [phone]
Morgan Sindall plc                    Email: [e-mail]


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