LESNXCONSTRUCTEURS : Les Nouveaux Constructeurs: Quarterly Report for the Nine Months Ended September 30, 2011

Revenue: ?302 Million Orders: up 4% Vs. 9 Months 2010 Orders in France: up 7% in Value and 11% in Volume Sharply Higher Backlog: up 39% Vs. Year-End 2010 Land Potential: up 23% Vs. Year-End 2010 Ongoing Build up of Land Potential in Ile-De-France and the Commercial Real Estate Segment

Regulatory News:

LES NOUVEAUX CONSTRUCTEURS (Paris:LNC), a leading residential and office real estate developer, today released its report for the nine months ended September 30, 2011.

KEY PERFORMANCE INDICATORS (in ? millions)
				9 months ended Sept. 30, 2011				9 months ended Sept. 30, 2010				% change
Net revenue				302				345				- 12	%
Orders (including VAT)				481				461				+ 4	%
				Sept. 30, 2011				Dec. 31, 2010				% change
Backlog, net				723				518				+ 39	%
Land potential, net				1,325				1,077				+ 23	%

Olivier Mitterrand, Chairman of the Management Board, said:

"Sales continued to grow in the third quarter and our order backlog at September 30 was nearly 40% higher than at the start of the year. Deliveries of major programs in Spain and Germany have been going ahead according to plan since the beginning of the second half and our solid land potential build-up offers us significant scope for further growth."

REVENUE

LNC's revenue for the nine months ended September 30, 2011 totaled ?302.4 million, versus ?344.7 million in the same period of 2010, representing a 12% decline. Housing revenue was down by a more modest 5% to ?300.6 million.

REVENUE BY OPERATING SEGMENT
In ? millions excl. VAT				9 months ended Sept. 30, 2011				9 months ended Sept. 30, 2010				% change
France				171.7				204.9				- 16	%
Spain				24.0				30.4				- 21	%
Germany				101.6				79.2				+ 28	%
Of which Concept Bau-Premier				32.1				23.7				+ 35	%
Of which Zapf				69.5				55.5				+ 25	%
Other countries				3.3				1.9				+ 74	%
TOTAL HOUSING				300.6				316.4				- 5	%
COMMERCIAL REAL ESTATE				1.8				28.3				- 94	%
TOTAL				302.4				344.7				- 12	%

In France, housing revenue for the first nine months of the year totaled ?171.7 million, versus ?204.9 million for the same period of 2010. The period-on-period decline stemmed from a temporary reduction in home building activity due to a shortage of land at the end of 2009. The strong sales performances achieved in 2010 and 2011 will feed through into the accounts starting in 2012. The Toulouse-based property developer Cabrita was consolidated from August 1, 2011 and contributed ?3.4 million to third quarter revenue.

In Spain, revenue amounted to ?24.0 million, down ?6.4 million from the first nine months of 2010. A total of 117 housing units were delivered during the first nine months of 2011, including 83 in the third quarter alone. The faster pace of deliveries should continue in the fourth quarter, when another two programs are due to be completed and delivered.

In Germany, Concept Bau-Premier reported revenue of ?32.1 million for the first nine months, an increase of 35% over the same period of 2010. Seventy housing units were delivered during the period, including 43 in the third quarter, with fourth quarter deliveries also set to be high.

Zapf's nine-month revenue amounted to ?69.5 million, versus ?55.5 million in the year-earlier period, representing a 25% increase. Growth was led by strong garage sales, which accounted for 65% of revenue for the period, with over 10,000 units delivered since January 1, 2011.

In the commercial real estate segment, revenue declined to ?1.8 million from ?26.3 million in the first nine months of 2010, following the completion of the two CPI de Montevrain programs.

BUSINESS PERFORMANCE

Orders booked in the first nine months of 2011 concerned 2,241 housing units, an increase of 7% in volume and 4% in value compared with the year-earlier period.

TOTAL ORDERS
In ? millions incl. VAT				9 months ended Sept. 30, 2011				9 months ended Sept. 30, 2010				% change
France				310				289				+ 7	%
Of which individual homebuyers				254				243				+ 4	%
Of which block sales				56				46				+ 22	%
Spain				16				50				- 69	%
Germany				133				95				+ 39	%
Of which Concept Bau-Premier				82				44				+ 84	%
Of which Zapf (excl. the garage business)				51				51				+ 0	%
Other countries				22				20				+ 11	%
TOTAL HOUSING				480				455				+ 6	%
COMMERCIAL REAL ESTATE				1				6				- 90	%
TOTAL				481				461				+ 4	%

In France, orders were up 11% in volume and 7% in value, with the different rates reflecting a 3% decline in the average unit price.

LNC launched ten new projects on the market during the third quarter, bringing to 27 the total number of launches since the beginning of the year.

Sales to individual homebuyers in the first nine months represented 1,052 units, versus 982 in the same period of 2010. Forty-six per cent of these sales were to buy-to-let investors, the same proportion as in the first nine months of 2010.

Block sales rose 24% in volume, with 329 housing units sold in the first nine months of 2011 versus 265 in the year-earlier period. Totaling ?56 million, they represented 18% of orders booked in France.

In Spain, 10 programs were on the market at September 30, 2011. Orders in the first nine months totaled ?16 million (for 82 housing units) versus ?50 million (245 units) in the same period of 2010. The 82 units comprised 54 affordable housing units, 25 completed homes and three units sold off-plan at market price.

Premier España had 90 completed homes that were unsold as of September 30, 2011, compared with 115 units at December 31, 2010.

In Germany, orders booked by Concept Bau-Premier rose sharply to 228 housing units in the first nine months of 2011 from 103 in the year-earlier period. These solid results were due to the success of programs recently launched in Munich.

At ?51 million, representing some 320 units, Zapf's housing sales for the first nine months were stable compared with the same period of 2010.

BACKLOG

At September 30, 2011, backlog stood at ?723 million (excluding VAT), up 39% from year-end 2010. It represented nearly 18 months of business based on housing revenue over the past 12 months, compared with 12 months of business at December 31, 2010.

BACKLOG
In ? millions excl. VAT				Sept. 30, 2011				Dec. 31, 2010				% change
France				440				331				+ 33	%
Spain				52				61				- 15	%
Germany				213				115				+ 85	%
Of which Concept Bau-Premier				116				66				+ 75	%
Of which Zapf (incl. the garage business)				97				49				+ 98	%
Other countries				18				10				+ 86	%
TOTAL HOUSING				723				517				+ 40	%
COMMERCIAL REAL ESTATE				0				1				- 100	%
TOTAL				723				518				+ 39	%

In France, housing backlog at end-September 2011 came to ?440 million, up 33% from December 31, 2010. Newly consolidated Cabrita contributed ?35 million to the total.

In Spain, backlog totaled ?52 million (275 housing units) at the end of the period, of which 71% for affordable housing.

In Germany, sustained marketing activity and the fairly small number of units delivered in the first nine months helped to drive 85% growth in backlog over the period to ?213 million at September 30, 2011.

Backlog rose by ?50 million for Concept Bau-Premier and ?48 million for Zapf compared with year-end 2010. Of Zapf's total, 2/3rds was for the construction business and 1/3rd for the garage business.

No orders were taken by the commercial real estate business during the first nine months of 2011 and there was no backlog at September 30.

LAND POTENTIAL

LNC's land potential at September 30, 2011 amounted to a net ?1,325 million, an increase of 23% from year-end 2010.

Housing land potential totaled ?1,139 million excluding VAT at September 30, 2011 and represented 5,795 housing units. This represented 28 months of business based on revenue over the past 12 months, compared with 24 months of business at year-end 2010.

CONFIRMED LAND POTENTIAL
In ? millions excl. VAT				Sept. 30, 2011				Dec. 31, 2010				% change
France				952				708				+ 34	%
Spain				71				91				- 22	%
Germany				83				178				- 53	%
Of which Concept Bau-Premier				83				178				- 53	%
Of which Zapf				0				0				+ 0	%
Other countries				33				25				+ 34	%
TOTAL HOUSING				1,139				1,002				+ 14	%
COMMERCIAL REAL ESTATE				186				76				+ 146	%
TOTAL				1,325				1,077				+ 23	%

In France, housing land potential at September 30, 2011 represented 4,655 units, versus 3,525 units at December 31, 2010. The period-on-period increase (32% in volume and 34% in value) was mainly attributable to successful efforts to build up the land potential in Ile-de-France, and also to the inclusion of Cabrita's land potential in the amount of ?59 million at end-September.

In Spain, land potential stood at 382 housing units at September 30, 2011, versus 395 units at December 31, 2010 and 568 at June 30, 2011. The decline was mainly due to the decision to keep off the market a plot of land in Madrid and part of two programs in Barcelona after a review performed in the third quarter showed that the units could not be sold at a profit in the short-term. Including these lots, a total of seven lots in Spain are intentionally being kept off the market.

In Germany, Concept Bau-Premier's land potential fell to 241 housing units at September 30, 2011 from 483 at December 31, 2010, mainly following the expiry of a call option on a lot in Frankfurt that represented 179 housing units.

Zapf no longer has any land potential due to the discontinuation of its property development business.

Commercial real estate land potential totaled ?186 million net at September 30, 2011, up sharply from ?76 million net at year-end 2010, thanks to the first-quarter signature of an agreement to purchase a lot in Montrouge, south of Paris, where 26,000 square meters of offices will be built.

OUTLOOK

In Spain and Germany, the second half delivery programs went ahead according to plan in the third quarter and are set to continue in the fourth quarter.

In France, a strategic market offering considerable growth potential for Les Nouveaux Constructeurs, the second half of the year should see further purchases of land for both housing and commercial real estate programs.

FINANCIAL CALENDAR

• Fourth-quarter 2011 revenue report: Thursday, February 2, 2012, (before the opening of the NYSE-Euronext Paris stock exchange)

LES NOUVEAUX CONSTRUCTEURS

Les Nouveaux Constructeurs, founded by Olivier Mitterrand, is a leading developer of new housing, as well as offices, in France and two other European countries.

Since 1972, Les Nouveaux Constructeurs has delivered nearly 60,000 apartments and single-family homes in France and abroad. It has an extensive presence in France, where its operations in the country's six largest metropolitan areas and high-quality programs have made Les Nouveaux Constructeurs one of the most well known names in the industry.

Les Nouveaux Constructeurs has been listed on the NYSE Euronext Paris, compartment C, since November 16, 2006 (code LNC; ISIN code: FR0004023208) and is included in the SBF 250 index.

All LNC press releases are posted on its website at: http://www.lesnouveauxconstructeurs.fr/fr/communiques

APPENDICES

QUARTERLY REVENUE - BY COUNTRY
In ? millions excl. VAT				2011																2010
				Q1				Q2				Q3				Q4				Q1				Q2				Q3				Q4
France (Housing)				50.3				65.0				56.4								52.7				76.4				75.8				89.9
France (Commercial real estate)				1.3				0.5				0.0								6.5				10.3				11.4				6.3
Spain				2.2				5.5				16.3								16.0				10.9				3.6				11.8
Germany (Concept Bau-Premier)				6.1				4.9				21.1								12.6				2.5				8.7				36.4
Germany (Zapf)				14.3				25.5				29.7								10.2				20.7				24.5				43.4
Other countries				0.6				1.8				0.9								0.4				0.8				0.7				7.5
Total				74.8				103.2				124.4								98.4				121.6				124.7				195.3

AVERAGE UNIT PRICE - HOUSING ORDERS
In ? thousands incl. VAT				9 months ended Sept. 30, 2011				9 months ended Sept. 30, 2010				% change
France - including block sales(1)				224				232				- 3	%
France - excluding block sales(1)				242				248				- 2	%
Spain(2)				192				204				- 6	%
Germany(3)				241				222				+ 8	%
Other countries(4)				98				111				- 12	%
Total				214				217				- 1	%
(1) Including VAT of 5.5% or 19.6%. (2) Including VAT of 7% for first-time homebuyers. (3) No VAT. (4) Including 10% sales tax in Indonesia.
NUMBER OF HOUSING ORDERS, NET
Number of units				9 months ended Sept. 30, 2011				9 months ended Sept. 30, 2010				% change
France				1,381				1,247				+ 11	%
Spain				82				245				- 67	%
Germany (Concept Bau-Premier)				228				103				+ 121	%
Germany (Zapf)				323				326				- 1	%
Other countries				227				179				+ 27	%
Total				2,241				2,100				+ 7	%

QUARTERLY ORDERS BY COUNTRY
In ? millions excl. VAT				2011																2010
				Q1				Q2				Q3				Q4				Q1				Q2				Q3				Q4
France (Housing)				82				112				116								76				119				95				119
France (Commercial real estate)				0				0				0								0				6				0				1
Spain				5				7				4								15				14				21				15
Germany (Concept Bau-Premier)				26				15				41								13				17				14				21
Germany (Zapf)				22				19				11								9				19				23				5
Other countries				8				7				7								3				8				9				8
Total				143				159				179								116				184				161				169
BACKLOG BY QUARTER (PERIOD END)
In ? millions excl. VAT				2011																2010
				Q1				Q2				Q3				Q4				Q1				Q2				Q3				Q4
France (Housing)				347				373				440								297				322				331				331
France (Commercial real estate)				0				0				0								28				19				8				1
Spain				63				64				52								42				43				59				61
Germany (Concept Bau-Premier)				86				95				116								60				75				81				66
Germany (Zapf)				70				88				97								57				78				87				49
Other countries				16				16				18								10				15				21				10
Total				582				636				723								494				552				586				518

LAND POTENTIAL - HOUSING
Number of units				Sept. 30, 2011				Dec. 31, 2010				% change
France				4,655				3,525				+ 32	%
Spain				382				395				- 3	%
Germany (Concept Bau-Premier)				241				483				- 50	%
Germany (Zapf)				0				0				+ 0	%
Other countries				517				327				+ 58	%
Total				5,795				4,730				+ 23	%

LAND POTENTIAL BY QUARTER (PERIOD END)
In ? millions excl. VAT				2011																2010
				Q1				Q2				Q3				Q4				Q1				Q2				Q3				Q4
France (Housing)				710				831				952								617				684				619				708
France (Commercial real estate)				190				189				186								29				29				29				76
Spain				90				118				71								116				116				97				91
Germany (Concept Bau-Premier)				169				181				83								162				142				186				178
Germany (Zapf)				0				0				0								2				1				0				0
Other countries				21				18				33								12				15				15				25
Total				1,179				1,337				1,325								938				986				946				1,077

DISCLAIMER

The statements on which the Company objectives are based may contain forward-looking statements. Such forward-looking statements involve risks and uncertainties regarding the economic, financial, competitive, and regulatory environment and the completion of investment programs and asset transfers. In addition, the occurrence of certain risks [see chapter 4 in the Document de Base registered with the French Stock Exchange Commission (AMF) under number I.06-155] could affect the business of the Company and its financial performance. Moreover, the achievement of the objectives supposes the success of the marketing strategy of the Company (see chapter 6 of the Document de Base). Therefore, the Company hereby makes no commitment nor gives any guarantee as to the fulfillment of objectives. The Company does not undertake to update any forward-looking statement subject to the respect of the principles of the permanent information as provided by articles 221-1 et seq. of the AMF's general regulations.

Les Nouveaux Constructeurs
Investor Relations
Paul-Antoine Lecocq, + 33 (0)1 45 38 45 45
Vice President Finance
[e-mail]
or
LT Value
Investor Relations
Nancy Levain / Maryline Jarnoux-Sorin, [phone]
[e-mail]
[e-mail]
or
Cap & Cime
Financial Media
Capucine de Fouquières, + 33 (0)6 09 46 77 33
[e-mail]
or
Real Estate Media
Virginie Hunzinger, + 33 (0)1 55 35 08 18 / + 33 (0)6 10 34 52 81
[e-mail]