Interserve to Appoint New Group Finance Director

14 April 2003

Interserve Plc ("Interserve") announces that Stuart Lee has decided to take early retirement and will be succeeded as Group Finance Director by Tim Jones.

Tim, 39, is currently Group Director of Financial Operations for Novar Plc, having held this position since 2001.  Prior to joining Novar, Tim spent six years in a variety of senior roles at Exel Plc and held positions in the Acquisitions team at British Gas Plc and the Corporate Finance department at Hambros Plc, having originally qualified as a chartered accountant at Coopers & Lybrand. Tim is expected to join Interserve in Summer 2003, at which time Stuart Lee will retire from the Board.

Mike Bottjer, Chairman, commented: "During nearly 14 years with Interserve, Stuart has helped to steer the Company through its substantial strategic development, and will retire with our very best wishes."

"We are delighted that Tim is to join Interserve.  His skills and experience will complement those of the other board members and help to ensure that Interserve continues to be well positioned for the future."