Exercise of Options

Quintain Estates & Development PLC
12 December 2001

Quintain Estates and Development PLC ('Company')

12 December 2001

Exercise of options

The Company announces that on 11 December 2001 The Standard Life Assurance Co.
exercised options to acquire 1,500,000 ordinary shares in the Company at an
exercise price of 110 pence per ordinary share.

The ordinary shares were allotted on 11 December 2001 and an application will
be made to the UK Listing Authority and the London Stock Exchange for the
shares to be admitted to the Official List and to trading on the London Stock
Exchange.

As a result of the above, The Standard Life Assurance Co. now holds 4,006,667
ordinary shares in the Company (representing 3.11% of the issued share capital
of the Company) and no longer holds options in the Company.

Contact:

Rebecca Worthington, Quintain Estates and Development PLC
Telephone [phone]