RNS Number:9756S
McAlpine (Alfred) PLC
08 December 2003


                      Alfred McAlpine plc ("the Company")

                   Notification of Senior Executive Interests

Alfred McAlpine plc ("the Company") has been notified that following the sixth
anniversary of their original award, a number of the Company's senior executives
who have participated in the Alfred McAlpine plc Restricted Share Plan ("the
Plan"), have had shares released to them as a result of the Company's
outperformance against its peer group. These senior executives have sold some
shares in order to meet the tax liability arising on this award and, in part, to
release capital for personal reasons whilst significantly increasing their
shareholdings in the Company.

The Plan was approved by shareholders at the 1996 Annual General Meeting. The
key feature of the Plan offered senior executives a long term, performance
related award as part of their remuneration package thus providing incentives
for outperformance. In order for the award shares to be released, the
performance tests required the Company to outperform, relative to a peer group
of comparator companies, both in terms of total shareholder return ("TSR") and
earnings per share ("EPS") over a six year period. Since 1997, the Company has
outperformed this peer group.

Following the release on 4 December 2003 of awards under the Plan, 686,873
ordinary shares were sold on 5 December 2003 on behalf of the senior executives
listed below at a price of 277.5p per share. The sale was arranged by the
Company's brokers Cazenove & Co Limited.

Details of the disposals are as follows.


                                                                           Title
                                 Number of shares held in Company prior to award
                                                        Number of shares awarded
                                                           Number of shares sold
                       Total number of shares held in the Company following sale

G O Whitehead
                                                                        Chairman
                                                                         198,811
                                                                         629,200
                                                                         357,972
                                                                         470,093
I M Grice
                                                                 Chief Executive
                                                                          20,421
                                                                         386,100
                                                                         203,301
                                                                         203,220
G J Forster
                                                         Group Company Secretary
                                                                          30,080
                                                                         208,780
                                                                         125,600
                                                                         113,260

In addition to his award under the Plan, Mr I M Grice also exercised an SAYE
share option on 4 December 2003 over 14,870 ordinary shares at an option price
of 116p per share, and all 14,870 shares were sold on 5 December 2003 at a price
of 277.5p per share.

On 4 December 2003, Mr D Lavelle was granted an award under the Plan, which
represents a deferred right to receive 35,000 ordinary shares in the Company
subject to the satisfaction of performance tests as outlined above. The earliest
normal date of vesting for this award is 4 December 2006.

On 5 December 2003, Mr D Lavelle bought 5,000 ordinary shares in the Company at
a price of 277.5p per share, and on the same date Mr M D Swan bought 3,500
ordinary shares in the Company at a price of 277.5p per share.

On 4 December 2003, Mourant & Co. Trustees Limited, as Trustee of the Alfred
McAlpine Employee Benefit Trust subscribed at par value for 1,269,880 ordinary
shares of 25p each in the Company, and on 5 December 2003 bought 250,000
ordinary shares in the Company at a price of 277.5p per share.

Following this announcement, the interests of Mr Whitehead, Mr Grice, Mr Lavelle
and Mr Swan as directors of the Company are as follows:

                               Mr Whitehead    Mr Grice    Mr Lavelle    Mr Swan
Ordinary Shares                     470,093     203,220         5,000      3,500
Restricted Share                    312,816     268,652        35,000     76,111
Plan Awards
Executive Share                     120,000           0             0          0
Options
SAYE Share                                0       4,442             0          0
Options
Total                               902,909     476,314        40,000     79,611
%age of issued Share Capital           0.88%       0.46%         0.04%      0.08%

All of the above interests are beneficial interests. As potential beneficiaries,
the executive directors are each also deemed to have a beneficial interest in
the 2,450,340 ordinary shares in the Company currently held by the Trustee of
the Alfred McAlpine Employee Benefit Trust.

                                     -ends-



Notes to Editors

1. The release of these shares from the Restricted Share Plan ("the
Plan") is the result of long-term (6 years) performance.

2. The Plan is a share incentive plan aligning executives' interests with
those of shareholders. It was approved by shareholders on 22 May 1996,
and has been amended by shareholders at three subsequent AGMs in May
1997, May 2000 and May 2002. The plan has been fully disclosed in each
of the Company's annual report and accounts since it was approved.

3. Since January 1997, McAlpine's share price has outperformed the FTSE
100 by 105.99%, the FTSE 250 by 70.15%, and the Construction and
Building sector by 44.53%.

4. McAlpine is now a service business focused on the built environment.
It employs 8,000 people and operates through three principal business
streams: Business Services, Capital Projects and Infrastructure
Services.

5. McAlpine has restructured its business over the last two years, moving
out of house-building (it sold its homes business to Wimpey in 2001) and
making seven acquisitions to establish its Business Services and
Infrastructure Services operations.



Date: 8 December 2003
For further information contact:


Alfred McAlpine plc               020 7930 6255
Garry Forster


City Profile                      020 7448 3244
Simon Courtenay


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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