Crescent Entertainment Disposal Leaves No Surplus

Quintain Estates & Development PLC 12 January 2000 Quintain Estates & Development plc Quintain Estates & Development plc and the former non- executive directors of Chesterfield Properties plc ('Chesterfield'), (the latter in their role as Trustees under the Trust Deed dated 16 July 1999 relating to the letters of entitlement issued to former Chesterfield ordinary shareholders ('Trust Deed')) announce, with regret, that there will be no distributable surplus for former Chesterfield ordinary shareholders from the disposal of Crescent Entertainment. Despite intensive negotiations with potential purchasers over (approximately) the last six months, it was not possible to conclude a contract for the disposal of the West End theatres owned by Chesterfield by 31 December 1999, which was the deadline for participation in any distributable surplus. Quintain Estates and Development plc are still actively continuing negotiations for the sale of the theatres. Enquiries: Nick Shattock, Quintain Estates & Development plc 0171 495 8968 Bob Boas, c/o Warburg Dillon Read 0171 568 2913

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