Scheme of arrangement

Crest Nicholson PLC
03 May 2007


Crest Nicholson PLC
For Immediate Release
3 May 2007


                             Recommended Proposals
                             for the acquisition of
                              Crest Nicholson PLC
                                       by
                             Castle Bidco Limited



Scheme of Arrangement becomes effective


Further to the announcement made on 2 May 2007, Crest Nicholson PLC ("Crest
Nicholson" or the "Company") confirms that the Scheme has today become effective
in accordance with its terms.

In accordance with paragraph 16 of Part 2 (Explanatory Statement) of the Scheme
Document, trading in Crest Nicholson Shares on the London Stock Exchange's
market for listed securities was suspended with effect from close of business on
2 May 2007. Crest Nicholson Shares will be de-listed at 8.00 a.m. on 8 May 2007.

Capitalised terms used but not defined in this announcement have the same
meanings as set out in the Scheme Document.


Enquiries

Crest Nicholson                                                  01932 580 555
John Matthews, Chairman
Stephen Stone, Chief Executive

Dresdner Kleinwort (Financial and Rule 3 Adviser and Broker      020 7623 8000
to Crest Nicholson)
Charles Batten
Michael Covington
Angus Kerr (Corporate Broking)

Brunswick (Public Relations Adviser to Crest Nicholson)          020 7404 5959
Andrew Fenwick
Kate Miller

Dresdner Kleinwort, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting for Crest Nicholson and no-one else
in relation to the Proposals and will not be responsible to anyone other than
Crest Nicholson for providing the protections afforded to customers of Dresdner
Kleinwort or for providing advice in relation to the Proposals or any other
matter referred to herein.




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