Purch/Cancellation of shares

Mountview Estates PLC 12 November 2001 MOUNTVIEW ESTATES P.L.C. ('MOUNTVIEW' OR 'THE COMPANY') Mountview announces that, pursuant to the approval of the special resolution at the Extraordinary General Meeting held earlier today, the Company has purchased, and subsequently cancelled, 688,061 ordinary shares of 5p each in the capital of the Company (representing 14.99% of the Company's ordinary share capital at the time of purchase) at a price of £24 per share as detailed in the circular to shareholders dated 18 October 2001.