Centex Announces Third Consecutive Navy Federal Credit Union Project.

FAIRFAX, Va.--(BUSINESS WIRE)--Sept. 11, 1997--Centex Construction Company, Inc. (NYSE:CTX) was selected by the Navy Federal Credit Union for 300,000 square feet of interior construction in the Credit Union's Headquarters and Operations Center in Vienna, Va.

The project, which involves renovations to and interior retrofit of existing space, is the third consecutive Navy Federal Credit Union project for which Centex has served as general contractor.

Notice of selection for the interior construction project follows Centex's recent substantial completion of construction for the 392,478 square foot, $58 million Phase III Navy Federal Credit Union Headquarters and Operations Center Expansion, and prior to that, completion of a 409,000 square foot, five-level parking garage to serve the Headquarters and Operations Center. Navy Federal Credit Union is the largest credit union in the world and serves over 1.6 million members through its branch offices around the globe. Einhorn Yaffee Prescott, Architecture & Engineering, P.C. of Washington, D.C., has provided complete design services for all three projects.

Ward W. deGroot, former Executive Vice President and Special Assistant to the President of Navy Federal Credit Union, oversaw the Phase III Headquarters and Operations Center Expansion and asserted, "We have been pleased with the care and planning taken by the Centex team to minimize disruptions to the 2,500 employees of Navy Federal Credit Union occupying the existing building and in avoiding outages to our data center, which controls our worldwide network of member service centers."

He added, "Our employees are delighted with the new spaces. It has been a pleasure to work with Centex."

Centex Construction Company, Inc., a leader in the commercial construction industry for more than 60 years, provides general contracting, at-risk construction management, and design/build services for corporate office, education, hospitality, multi-family, and government-related facilities. Centex Construction Company operates two full-service divisions, one in Fairfax, Va., serving the Washington, D.C. metropolitan area, and the other in Dallas, Texas, serving the Southwest marketplace and National projects. In addition, the company operates a fully-owned subsidiary, Centex-Landis Construction Company in New Orleans, La. Centex Construction Company is a subsidiary of Centex Construction Group, a division of Dallas-based Centex Corporation (NYSE:CTX). Centex Construction Group is listed for the third year in a row as the nation's #1 domestic general building contractor by Engineering News-Record.

CONTACT: Centex Construction Company, Dallas

Connie S. Oliver, 214/902-6286