Morgan Sindall STRATFORD-UPON-AVON

Our Businesses From Construction and Infrastructure to Fit Out, Property Services, Partnership Housing, Urban Regeneration and Investments, we deliver complex projects that create a real difference. Our Board The Board recognises the importance of maintaining a high standard of corporate governance in its management of the Group’s affairs and its dealings with all its stakeholders. At Morgan Sindall Group good governance involves establishing appropriate policies, procedures and guidelines to ensure that the Company’s core values and standards are embedded within the Group, whilst allowing each division to operate within a decentralised, empowering environment. Our People Morgan Sindall is the construction and regeneration group. Talented people are the key to our success. We employ around 6,000 people, working on everything from small scale fit outs and utilities projects to major urban regeneration schemes. Our strength comes from this balance of activity and our ability to provide integrated solutions comprising a range of our services. Across our six divisions of Construction and Infrastructure, Fit Out, Property Services, Partnership Housing, Urban Regeneration and Investments, we deliver complex projects that create a real difference. We call it Perfect Delivery. Our Approach The Group has made great progress over the past five years towards becoming a more responsible business. With the key environmental aspects now being measured and managed with high levels of confidence and certainty, our focus is shifting more to what more we can do on the social agenda. Investors Morgan Sindall Group is a leading construction and regeneration group with six divisions operating across a wide range of markets. Our Strategy Our objective is to be recognised as the leading UK construction and regeneration company and the supplier, partner and employer of choice. The Group’s overall strategy is to invest cash generated by construction activities into long-term regeneration schemes. To achieve this, the following strategic priorities are embedded across the Group: Win in targeted markets We target markets that offer the best opportunity for growth and where we have a competitive advantage. This enables our divisions to build long-term relationships with clients. We use our specialist skills across the Group to meet our clients’ needs. Our culture, driven by our Perfect Delivery philosophy and our aim to provide a positive customer experience, contributes to our client relationships and helps us to secure repeat business. We select suppliers with a similar outlook and approach and develop strong working relationships with those we trust to deliver. We are also rigorous in selecting contracts that can provide the best potential for superior returns. Develop and retain talented people Talented people enable us to provide industry-leading performances and successfully deliver our strategy. We operate in a highly competitive industry and want to be recognised as the employer of choice. Protecting our employees from the risk of injuries at work is a key priority for the Group and we ensure that robust health and safety procedures are put in place. We also invest continuously in our people, arranging detailed personal and professional development programmes to enable them to succeed. Our goal is to develop and retain our talent and ensure robust succession planning. Disciplined use of capital The Group maintains financial discipline through robust management of overheads, cash and working capital. Our approach to working with local authorities and landowners minimises the use of our own funds and avoids the need to purchase land on the open market. We use opportunities to forward sell schemes when favourable opportunities arise. Maximise efficiency of resources Maximising efficiency is a strategic priority to drive profitability and ensure that benefits are shared with our stakeholders. Resource efficiencies are achieved through initiatives that span the entire business. These initiatives include working collaboratively with a limited number of trusted suppliers and subcontractors, negotiating Group-wide procurement agreements, optimising our business processes and support functions, and using advanced technology. Pursuing innovation Innovation is fundamental to winning work, adding value for our stakeholders and breaking down barriers to success. Our divisions are empowered to make decisions in response to their respective markets and business needs and our culture encourages individuals to think creatively. We want to attract innovators and motivate our people to convert their ideas into valuable business benefits.