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Balfour Beatty Communities Selected as Highest Ranked Offeror by the Air Force for Western Group Housing Privatization Project

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February 15, 2011

Project Covers Four Air Force Bases and Estimated 3,264 End-State Units

NEWTOWN SQUARE, PA --- February 15, 2011 --- Balfour Beatty Communities, LLC (BBC), a subsidiary of Balfour Beatty Capital Group, Inc., and one of the leading Public-Private Partnership (PPP or P3) providers of housing, lifestyle and community solutions for members of the U.S. military and their families, is pleased to announce that it has been selected by the Department of the Air Force as the Highest Ranked Offeror (HRO) for the privatization of family housing under the Western Group Housing Privatization Project. The project includes four Air Force bases, including Beale AFB located near Marysville, CA; F.E. Warren AFB, located near Cheyenne, WY; Malmstrom AFB, located near Great Falls, MT; and Whiteman AFB, near Knob Noster, MO. As a result of the HRO selection, BBC will participate in exclusive negotiations with the Department of the Air Force for the development, management, construction and renovation of high-quality homes and other ancillary facilities and amenities to meet the community housing needs at each of the four bases. The 50-year project is expected to have a five-year initial development period (IDP), with estimated project costs valued at approximately $350.0 million and covering an estimated 3,264 end-state housing units.

“We are extremely honored to have been chosen as the HRO for the Western Group project, and look forward to expanding our ongoing commitment to improving Air Force family housing,” commented Bruce Robinson, President and CEO of Balfour Beatty Capital Group, Inc. “This opportunity allows us to broaden our geographic presence throughout the U.S., increasing our military housing footprint to 47 military installations within 22 states and Washington, D.C.”

“Balfour Beatty Communities is dedicated to providing high-quality housing, superior community-based programs and first-class resident services,” commented Chris Williams, Division President of Balfour Beatty Communities, LLC. “We are excited to embark upon our mission of enhancing the quality of life for Airmen and their families at Beale, F.E. Warren, Malmstrom and Whiteman Air Force bases.”

Congressionally authorized since 1996, the Military Housing Privatization Initiative (MHPI) allows the Department of Defense and the Department of the Air Force to work with the private sector to upgrade the quality of family housing and operate and maintain that housing. The family housing assets are typically leveraged with private investment to accomplish housing construction and renovation goals faster and at a lower cost than military construction.

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