Issue of Debt

Taylor Woodrow PLC
18 January 2002




                              TAYLOR WOODROW plc

         Successful pricing of first UK house building sterling bond


Taylor Woodrow plc, the international housing and development Group, announces
the proposed issue of £250,000,000 6 5/8 per cent Guaranteed Bonds due
2012 (the 'Bonds'). Taylor Woodrow plc intends to use the proceeds of the
issue for general corporate purposes and reducing other indebtedness of the
Group.


The issue will be the first issue of a sterling bond by a UK house builder and
it has generated a great deal of interest from the market, the Bond being
greatly oversubscribed.


The Bonds have been priced to yield a margin of 180 basis points over the
gross redemption yield of the 5 per cent. Treasury Stock due 2012. The issue
and re-offer price has been set as 98.913 per cent.


It is expected that interest will be payable annually in arrear on 7 February
in each year, the first such payment being made on 7 February 2003, in respect
of the period 7 February 2002 to 7 February 2003; and that the Bonds will be
redeemed at par on 7 February 2012.


Application will be made for the Bonds to be admitted to the Official List of
the UK Listing Authority, and to trading on the London Stock Exchange. It is
expected that official dealings will commence on 8 February 2002. Prior to
official listing, dealings will be permitted by the London Stock Exchange in
accordance with its rules.


The Joint Bookrunners to the issue are HSBC and UBS Warburg. The listing agent
is HSBC Bank plc


Contact


Adrian Auer, Group Finance Director Taylor Woodrow plc

01784 428650


Miranda Bellord, Group Public Relations Manager, Taylor Woodrow

01784 428678/07946 722381 (Mobile)


Scott Fulton/Peter Otero

Financial Dynamics

020 7269 7157/07788 144993 (Mobile)


In connection with the issue of the Bonds, HSBC Bank plc or any person acting
for it may over-allot or effect transactions with a view to supporting the
market price of the Bonds at a level higher than that which might otherwise
prevail for a limited period after the 7 February 2002. However, there may be
no obligations on HSBC Bank plc or any agent of its to do this. Such
stabilising, if commenced, may be discontinued at any time and must be brought
to an end after a limited period.