21 JULY 2006 ROSS HOME BUILDERS PLC ("Ross Home Builders" or "the Group") COMMENCEMENT OF TRADING Profitable Northern

Irish house builder joins AIM The Board of Ross Home Builders, the profitable specialist developer brownfield sites in Northern Ireland, announces today the commencement trading in the Group's shares on the Alternative Investment Market ("AIM") the London Stock Exchange. HIGHLIGHTS � � � � faster months � � � Ross Home Builders is focused on a niche section of the market and does not seek to compete with volume home builders; Projected Group Turnover of �3,560,000 and PBT of �973,000 (year to 30 November 2006); 3i holds 70,000,000 shares, representing 7.85% of the issued share capital; In 2005, Northern Ireland's annual house price inflation was more than four times that of the UK as a whole. Northern Ireland has continued to see growth in house prices than any other region of the UK during the first of 2006; The Group aims for, and historically has achieved, an overall Development Profit per year of between 25% and 35%; ARM Corporate Finance Limited and SVS Securities Nominated Adviser and Broker respectively; and The Group's ticker is `ROSS'. Plc are acting as of of of

Commenting today, Managing Director, Simon Ross, said: "The market in Northern Ireland shows very good growth prospects for Ross Home Builders, and today's addition to the AIM market will help the Group to raise its profile and have access to capital to develop its land bank."

Enquires: Ross Home Builders Simon Ross Bishopsgate Communications Ltd Dominic Barretto Scott Robertson SVS Securities plc Tel: 028 2073 0099 Tel: 020 7430 1600

Tel: 020 7638 5600

Ian Callaway Peter Manfield ARM Corporate Finance Ltd. Nick Harriss Tel: 020 7512 0191

ADMISSION STATISTICS � Admission Price � Current Ordinary Shares in Issue � Number of Ordinary Shares on Admission � Market Capitalisation � Director's shareholdings expressed as a percentage of the total shares in issue

0.6 pence 862,000,000 891,693,390 �5,000,000 79.29%

CURRENT BUSINESS The Group specialises in buying brownfield sites in Northern Ireland, which is currently the region of the UK with the fastest increasing property prices. The price of the average house in Northern Ireland increased by more than �14,500 in 2005; this equates to an increase of �40 per day. The Group obtains a good return by increasing each site's value by obtaining new or improved planning permission through careful design and discussion with the planning authority. Brownfield sites are defined as sites that are situated close to urban areas and that have previously been built on. Ross Home Builders typically purchases brownfield land where some form of planning approval has already been received. The Group usually funds its transactions using a combination of bank finance and its own capital resources. Ross Home Builders is focused on a niche section of the market and does not seek to compete with volume home builders. The Group always aims for an overall Development Profit per year of between 25% and 35%. To date, Ross Home Builders has successfully achieved this target. The Group has recently acquired the full issued share capital of Rosslan. Rosslan will continue to actively trade as a wholly owned subsidiary of Ross Home Builders. The Directors believe that the acquisition will considerably enhance the Group's profit and growth prospects, while reducing costs through economies of scale. Rosslan commenced trading in 1999 and is involved with the development of apartments on brownfield sites following successful applications for new or improved planning. Historically Rosslan has successfully worked with Ross Home Builders on several developments, achieving an annual Development Profit. Since 2001, the Group has successfully completed the following developments achieved an annual Development Profit: � � � 4 apartments in Coleraine 4 apartments in Ballymoney 1 bungalow and 4 apartments in Portrush and

The Group has also completed 22 apartments in Bushmills and has contracted sales totalling �1.5 million for the first 15 apartments this site. The remaining 7

apartments have just been released (one of which has exchanged at �215,000) and the Directors expect to generate revenue of �1.5 million from the sale of these properties. This is due to the uplift in prices since the initial release. The Directors expect, assuming the full sale of the remaining properties at their advertised prices, to show a Development Profit of just over �950,000. The Group operates from an office in Bushmills and keeps all overheads to a minimum by outsourcing all processes necessary to facilitate the development of each site. The Group predominantly works with the same companies/contractors on a regular and ongoing basis. CUSTOMERS The Group has three widowers looking to income plus capital estimate that the approximately equal. main customer sectors: older retired couples / widows / downsize from family home; investors looking for rental appreciation; and young, first time buyers. The Directors split between the three categories of customers is

THE MARKET Northern Ireland has recently been the strongest performing sector of the UK housing market. In 2005, the annual house price inflation equated to 13.2%. This is more than four times that of the UK as a whole, which reported inflation of 3.2%. By Q1 2006, a discrepancy of �40,000 remained between the average price in Northern Ireland and the equivalent in the UK or Republic of Ireland. Despite the slower start, house prices in Northern Ireland are now increasing rapidly, rising by �300 per week in the 12 months to mid 2005, the rate of increase doubling to �600 per week (almost 25%) for the 12 months to Q1 2006. The geographic areas in which the Group has been focusing its developments have also demonstrated good increases in value. Coleraine posted an increase of 22% for the 12 months to Q1 2006 and Antrim/Ballymena showed an increase of 23%. Belfast, where the Group expects to commence work during the next year, showed an increase of 11.7% in the 12 month period to May 2005, but this increased to almost 24% for the 12 months to Q1 2006. Affordability remains a key issue for first time buyers and Northern Ireland remains one of the most affordable areas in the UK. Northern Ireland demonstrated the third lowest income multiple for first time buyers from 13 regions tested (where the income multiple represents the level of income required for a 90% mortgage), with payments taking up only 44% of take home pay when compared to 48% for the UK as a whole. This view is supported by the Housing Executive which, in its Northern Ireland Housing Market: Review and Perspective 2006-2009, identifies developing problems in the provision of affordable housing, but notes that affordability problems have not increased at the same rate as the UK as a whole. Stricter planning polices have been announced in Northern Ireland, which aim to reduce the high level of subdivision and sale of new plots of greenfield land. This has further increased the price of existing plots while at the same time placed increasing importance on the re-development of brownfield land. The introduction of stricter planning policies is designed to protect the countryside in Northern Ireland and preserve it for future generations. In terms of property development, this means that companies such as Ross Home Builders with experience in developing and increasing the value of a site by obtaining new or improved planning permission will be in great demand and as a result will be able to command higher prices. The general public is becoming progressively more aware of the increasing price

trend in Northern Ireland through property news-sheets such as those produced by the Nationwide Group. `This is Money' and `Global Property News' which all feature Northern Ireland as a growing property sector set for further price increases. COMPETITION There are a number of volume house builders in the area who from time to time would build apartments; however the Group feels that it has an advantage by usually being involved in the early stages of development in its key areas. There are only a small number of direct competitors to Ross Home Builders. OUTLOOK The Group plans to complete a further four apartments in the Bushmills / Ballymoney area. These will be built on a site already under option to the Group. The Directors hope that planning permission for this phase of the development will be granted prior to December 2007. The Group intends to maintain and grow a land bank with a number of new sites in the latter stages of negotiation. One site in particular, which is in an advanced stage of contract negotiation, will be able to be developed into approximately 71 apartments and some retail space. The Group has an option on a site with planning for five units which the Directors estimate, in total, are worth in the region of �600,000 pre development. This site is currently held by the Managing Director who is under option to sell it to the Group at cost. The Group has a number of sites under review and intends aggressively grow the Group's land bank in the future. THE FULL BOARD COMPRISES Non-Executive Chairman Managing Director Operations Director PROPOSED DIRECTOR Finance Director Peter John Ratcliffe (aged 45) James Lockhart Russell(aged 54) Simon Ross (aged 43) Janice Gault (aged 48) to continue to