Development Agreement

Quintain Estates & Development PLC 20 December 2006 20 December 2006 Quintain Estates & Development PLC ('Quintain'/'Company') QUANTUM SIGNS DEVELOPMENT AGREEMENT FOR SCIENCE AND TECHNOLOGY PARK AT BRISTOL Quintain is pleased to announce that Quantum Property Partnership ('Quantum'), the Company's 50/50 specialist science park joint venture with Morley Fund Management ('Morley'), has entered into a development agreement with the South West of England Regional Development Agency to create a new science and technology park, SPark, at Emerson's Green, Bristol. Quantum will fund and procure primary infrastructure and associated servicing for the first 22 hectare phase of SPark. This will include building a 3,200 sq m innovation centre which will act as the hub building on the park and an initial 'grow on' centre which will provide additional space for companies as they expand. Further development will be market led over the ten year duration of the agreement, with Quantum retaining and managing a critical mass of accommodation on the park on a long term basis. When fully built out, the first phase is estimated to have a gross development value of approximately £200 million. Quantum's initial investment is estimated to be £26m. Quintain will provide 50% of the funding for the development, subject to an overall cap of £100m. SPark is a partnership between the South West Regional Development Agency ('South West RDA') and the Universities of Bristol, Bath and the West of England. Outline planning consent has already been granted for a total of 77,000 sq m of science and technology related space on the 22 hectares of land owned by South West RDA between the M4 and the Avon ring road at Emerson's Green on Bristol's north fringe. Subject to detailed planning permission being granted, construction work is expected to start on site in autumn 2007 with the first buildings available for occupation in late summer 2008. Quintain is also pleased to announce that it has entered into formal partnership agreement with Morley in respect of Quantum. Commenting on behalf of Quantum, Tonianne Dwyer, an Executive Director of Quintain and Head of Quintain's Fund Management Division, said: 'The signing of the SPark agreement represents an important step in the development of the Quantum fund. This project will transform the provision of specialist accommodation for science and technology companies in the Bristol area and we are delighted to be moving forward in partnership with South West RDA and the three universities .' For further information, please contact: Quintain Tonianne Dwyer / Rebecca Worthington Tel: 020 7495 8968 Financial Dynamics Stephanie Highett / Dido Laurimore Tel: 020 7831 3113 NOTES TO EDITORS Quintain Estates and Development PLC Quintain is a leading property investment and development company specialising in strategic property acquisition, redevelopment, asset management and regeneration across the UK. Quintain is responsible for the regeneration of 70 acres of land surrounding the new Wembley Stadium and, with their partner Lend Lease, Quintain is also leading the £5bn regeneration of the Greenwich Peninsula. Current land holdings also include 65 acres at Emerson's Green East where Quintain is working to bring forward a major residential led mixed use scheme. Quintain and Morley have been working together since 1998 on the Quercus Healthcare Property Partnership which invests in nursing homes, specialist nursing and learning disability facilities and private hospitals. Quercus currently has over £530m assets under management in the UK. Quintain is listed on the London Stock Exchange and is a member of the FTSE 250. This information is provided by RNS The company news service from the London Stock Exchange

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