Pricing of Sterling Bond

Taylor Woodrow PLC
18 May 2004

     
                               TAYLOR WOODROW plc

                      Successful pricing of sterling bond


Taylor Woodrow plc, the international housing and development Group, announces
the issue of £200,000,000 6 3/8 per cent Bonds due 2019 (the 'Bonds'). Taylor
Woodrow plc intends to use the proceeds of the issue for general corporate
purpose and reducing other indebtedness of the Group.

The Bonds have been priced to yield a margin of 135 basis points over the gross
redemption yield of the 8 per cent Treasury Stock due 2021. The issue and
re-offer price has been set as 98.966 per cent.

It is expected that interest will be payable annually in arrear on 24 May in
each year, the first such payment being made on 24 May 2005, in respect of the
period 24 May 2004 to 24 May 2005, and that the Bonds will be redeemed at par on
24 May 2019.

Application will be made for the Bonds to be admitted to listing on the Official
List of the UK Listing Authority, and to trading on the London Stock Exchange
plc. It is expected that official dealings will commence on 25 May 2004. 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 The Royal Bank of Scotland. The
authorised adviser is HSBC Bank plc.

Contact:

Ian Morris, Director of Corporate Communications Taylor Woodrow plc

0121 600 8520

William Clutterbuck/Emma Burdett

The Maitland Consultancy

020 7379 5151

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. 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.



                      This information is provided by RNS
            The company news service from the London Stock Exchange