AGM Statement

Crest Nicholson PLC
08 April 2005


8th April 2005


Annual General Meeting Announcement

Crest Nicholson PLC, the residential and mixed use development company, today
holds its Annual General Meeting.

Commenting today, John Matthews, Chairman, said:-

"After a slow start in November and December, the first three months of 2005
have seen the return of a more normal housing market. While visitors and net
reservations are less buoyant than in the exceptionally strong opening months of
2004, our housing business continues to perform satisfactorily.

We continue to make good progress bringing land into our short term land bank,
which had a developed sales value of £3.31bn at 31 October 2004, comprising
£2.89bn for 15,060 housing units and £418m for 1.8m square feet of commercial
space. Since then we have contracted 1,175 housing units and 273,000 sq ft of
commercial space which are now included in our short term land bank, with an
expected average unit developed sales value broadly equivalent to our year end
development portfolio. This includes our urban regeneration schemes at Camberley
Town Centre and Bath Western Riverside Phase I.

In addition to the contracted short term land bank, we have a pipeline of agreed
projects not yet contracted of 5,190 housing units and 878,000 sq ft of
commercial space. This pipeline also has an expected average unit developed
sales value broadly equivalent to our year end development portfolio. This
pipeline includes our urban regeneration schemes at Oakgrove (Milton Keynes),
Penarth Heights, Aylesbury Town Centre and Phases II and III of Bath Western
Riverside.

Overall, the short term land bank and agreed pipeline (before deducting current
year sales) now comprises 21,425 units.

In addition to the above, at 31 October 2004 we controlled 13,182 strategic land
plots with a book cost of £9.3m. The strategic land bank contains a mix of
options at discounts to open market value and some historic freehold purchases
and continues to offer good prospects for conversion to the short term land
bank.

Our track record in bringing land through from strategic to the short term land
bank is good. Over the last five years, 38% of additions to the short term land
bank per annum originated from our strategic land bank. As at 31 October 2004,
44% of the units in the short term land bank originated from strategic land
buying.

Currently there are three strategic sites of around 170 acres in all containing
an estimated 2,800 plots which are either included or recommended by a planning
inspector for inclusion in a draft local plan. These sites have an average
discount of 31% on Crest estimates of their future land value.

We have established our track record in the master planning and delivery of
large-scale, sustainable residential and mixed-use developments. Our expertise
in the growing urban regeneration market is creating substantial opportunities
for the Group. The Building for Life Gold Standard which we were delighted to
receive from CABE for Zone 1 of our urban regeneration scheme at Park Central,
Birmingham helps strengthen our position in this important growth market.

Our market position in both traditional and urban regeneration schemes and the
quality of our short term and strategic land banks offer our shareholders
excellent prospects for future growth and increased value."

Enquiries to:

Crest Nicholson PLC                                    Brunswick Group LLP

John Callcutt, Chief Executive                         Andrew Fenwick
Stephen Stone, Chief Operating Officer                 Kate Miller
Peter Darby, Finance Director                          Robert Gardener
Tel: [phone] (on day of announcement)            Tel: [phone]
Tel: [phone] (thereafter)


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