McAlpine - Letter of Intent

Schroders PLC
19 October 2007

Schroders Plc / Schroder Investment Management Limited



Schroder Investment Management Limited announces that it has sent a non-binding
letter of intent to Carillion plc to accept, if made, a possible offer by
Carillion at a value of 570 pence for each McAlpine Share.


The letter of intent relates to 10,582,615 ordinary McAlpine shares held by
Schroder Investment Management Limited (on our own behalf and on behalf of
discretionary clients), representing in total approximately 10.32% per cent. of
McAlpine's issued share capital. The letter will lapse if a formal announcement
of an offer (on these or substantially the same terms) is not released by 1
December, 2007. In addition, the letter will also cease to apply to shares which
are disposed of by the holder.



19 0ctober 2007






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