Stabilisation Notice - Cairn Homes PLC

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA, SWITZERLAND, THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT

10 June 2015

Cairn Homes PLC

Stabilisation Notice

Credit Suisse Securities (Europe) Limited (contact: Stephane Gruffat; telephone: 020 7888 3692) hereby gives notice that the Stabilising Manager named below may stabilise the offer of the following securities in accordance with Commission Regulation (EC) No. 2273/2003 implementing the Market Abuse Directive (2003/6/EC).

The securities:

Issuer: Cairn Homes p.l.c.

Shares: Ordinary Shares of the Issuer (ISIN No. IE00BWY4ZF18)

Offering size: 400,000,000 Ordinary Shares

Offer price: €1 per Ordinary Share

Stabilisation:

Stabilising Manager: Credit Suisse Securities (Europe) Limited

Stabilisation period expected to commence at: 8.00 a.m. on 10 June 2015

Stabilisation period expected to end no later than: 9 July 2015

Maximum size of over-allotment facility: 40,000,000 Ordinary Shares

Over-allotment Option:

Terms: Cairn Homes p.l.c. has granted Credit Suisse Securities (Europe) Limited, in its capacity as Stabilising Manager (on behalf of the joint global co-ordinators of the offer of Ordinary Shares) the option to acquire, or procure acquirers for, up to an additional 40,000,000 Ordinary Shares.

Duration: This option may be exercised in whole or in part on one or more occasions at any time from 10 June 2015 to 9 July 2015.

DISCLAIMERS

In connection with the offer of the above securities, the Stabilising Manager may over-allot the securities or effect transactions with a view to supporting the market price of the securities at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilising Manager will take any stabilisation action and any stabilisation action, if begun, may be ended at any time.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This notice is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, directly or indirectly, securities to any person in Australia, Canada, Switzerland, Japan, South Africa or in any jurisdiction to whom or in which such offer or solicitation is unlawful. Subject to certain exceptions, the Ordinary Shares may not be offered or sold in Australia, Canada, Switzerland, Japan or South Africa or to, or for the account or benefit of, any resident of Australia, Canada, Switzerland, Japan or South Africa. The offer and sale of the securities referred to herein has not been and will not be registered under the applicable securities laws of Australia, Canada, Switzerland, Japan or South Africa. This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who are high net worth persons or investment professionals within articles 19(5) or 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied upon by other persons in the United Kingdom.

In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive") before the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Member State in accordance with the Prospectus Directive (or which has been approved by a competent authority in another Member State and notified to the competent authority in that Member State in accordance with the Prospectus Directive), this announcement and the offer are only addressed to and directed at persons in that Member State who are "qualified investors" within the meaning of the Prospectus Directive (or who are other persons to whom the offer may lawfully be made) and must not be acted on or relied on by other persons in that Member State.