AGM Statement

Crest Nicholson PLC
25 March 2004

                                                        Thursday 25th March 2004

                            
                                CREST NICHOLSON PLC

                                   AGM STATEMENT

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

Commenting today, John Matthews, Chairman, said:-

"Crest's housing business continues to perform well. After a quiet start in the
run up to Christmas, we have seen strong demand for our homes in the first three
months of 2004 and open market net reservations are 30% up in terms of sales
value on the 2003 comparative period. This will benefit second half completions.

"As expected, our housing association business is on track to more than double
this year in unit terms. The growth in this business gives us a better risk and
cash profile.

"We have continued to receive awards for quality and service, gaining three
stars in all categories in the recent MORI National Customer Satisfaction Survey
and the Quality Service Award for the third year running at the Daily Express
Housebuilder Awards.

"Crest continues to create value from its strong land bank and, as part of our
strategy, we capture added value through land sales. This year, such sales are
planned principally for the second half.

"The commercial elements of our mixed use schemes are on track. Our retail
scheme at Hemel Hempstead has been sold to Aberdeen Property Investors who are
funding the development. At Bristol Harbourside, contracts have been exchanged
both for the letting to the Clerical Medical Insurance Group (HBOS) of 170,000
sq.ft. of office space and for the sale of the investment to a fund subject to
the clearance of planning and other conditions.

"Overall, we have made a strong start to the current year and we are confident
that we are on course for another year of good progress."

                                    - Ends -
Enquiries:

Crest Nicholson  John Matthews, Chairman                          01932 847272
                 John Callcutt, Chief Executive
                 Peter Darby, Finance Director

Brunswick        Andrew Fenwick                                  020 7404 5959
                 Robert Gardener


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