Additional Listing

Crest Nicholson PLC
7 May 2002


Crest Nicholson plc announces the allotment of 211,846 Ordinary shares of 10p
each. These shares, which rank pari passu with the existing ordinary shares in
issue have been allotted in connection with the conversion of 5.5% Convertible
Cumulative Redeemable Preference Shares (the 'Preference Shares').

In accordance with the Articles of Association of the Company, these Preference
Shares ceased to be convertible on 1 May 2002.  The last date for conversion was
30 April 2002. The Preference Shares are redeemable at par at the option of the
Company at any time before 1 October 2007.

Application has been made to the London Stock Exchange and UK Listing Authority
for the admission of these shares to the Official List and listing is expected
to become effective on 10 May 2002.


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