Repayment of preference share

Crest Nicholson PLC
30 September 2005



                                                             30th September 2005
                         Crest Nicholson Plc ("Crest")
                         Repayment of Preference Shares

The Board of Crest Nicholson Plc, the residential and mixed-use development
company, is today giving notice that its 38,036,097 51/2% Cumulative Redeemable
Preference Shares of £1 each ("Preference Shares") will be repaid at par on 2nd
November 2005.

The latest due date for the redemption of the Preference Shares is 1st October
2007. The Preference Shares are no longer convertible and will be categorised as
borrowings under International Financial Reporting Standards which Crest adopt
for the financial year commencing 1st November 2005. The repayment of the
Preference Shares will convert non tax deductible preference dividends into tax
deductible interest charges.

Crest increased its borrowing facilities by £30m in February 2005 to prepare for
early repayment of the Preference Shares.






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