Re Joint Venture

Crest Nicholson PLC
31 May 2006


New England Quarter, Brighton


Crest Nicholson Plc (the "Group") is pleased to announce that the Group has
formed a joint venture ("JV") with BioRegional Quintain Limited ("BQL"), itself
a joint venture between leading environmental specialist BioRegional Properties
Limited, and Quintain Estates and Development PLC, to jointly promote and
develop a planned development of up to 51 affordable and 121 open market units
in the New England Quarter, Brighton. The development will be one of the most
environmentally sustainable projects of its kind in the UK and will be designed
to achieve an Ecohomes rating of "Excellent".

Crest Nicholson (South East) Limited ("CNSEL"), a wholly owned subsidiary of the
Group, has entered into a contract to establish Crest Nicholson BioRegional
Quintain LLP ("Crest BioRegional"). Under the agreement Crest BioRegional will
take an assignment from CNSEL of the contract to acquire the site in the New
England Quarter and the JV partners will work together to secure planning
permission before jointly developing the scheme.

Enquiries:

Crest Nicholson Plc

Stephen Stone, Chief Executive Officer

Tel: [phone]


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