Re Contract

Crest Nicholson PLC 13 June 2006 Crest Nicholson PLC Major new residential development in West Lothian Scotland Crest Nicholson PLC today announces that it has exchanged contracts with joint venture partners including the Royal Bank of Scotland to design and oversee the delivery of a major sustainable community at Heartlands in West Lothian, Scotland. The development is expected to be in full production for the 2007/08 financial year with an overall 15 year development programme. The gross development value of the initial residential scheme is approximately £300m. Heartlands is located at Whitburn which lies close to the M8 between Edinburgh and Glasgow. Already benefiting from Outline Planning Permission, the first phase of the development comprises 2,000 dwellings and associated community infrastructure. Crest Nicholson has also taken options over future phases which are already allocated for development and could total a further 3,000 dwellings. Crest's role is initially to master plan the development area and establish design principles for the site as a whole. The majority of the development value created will be realised through sales of serviced land, but Crest will retain at least 30% of the site for its own residential development. Joint venture partners will be responsible for developing the adjacent 100 acre business park and two championship quality golf courses. Crest Nicholson will deliver the supporting retail and community facilities. Stephen Stone , Chief Executive of Crest, said "The Heartlands development represents a new departure for Crest and gives us our first project in Scotland. We are delighted that our reputation for creating well conceived high quality communities in England has enabled us to secure this development opportunity and we look forward to working with our partners to set a new standard for high quality sustainable development in the central belt of Scotland." Enquiries to: Stephen Stone/Peter Darby Crest Nicholson PLC Tel: 01932 847 272 Andrew Fenwick /Robert Gardener Brunswick Group LLP Tel: 020 7404 5959 Notes to editors Crest Nicholson PLC (Crest) Crest, the residential and mixed used development company, is a leading developer of sustainable communities and large scale urban regeneration schemes throughout the UK. The Company's vision and values, combined with its experience gained from its existing portfolio of major projects, makes the company well equipped to lead the complex and challenging process of delivering sustainable communities. Current urban regeneration projects include developments at Port Marine (Portishead), Bristol Harbourside, Ingress Park (Greenhithe), Park Central (Birmingham) and Riverside (Hemel Hempstead). In addition the Company has a significant pipeline of agreed urban regeneration projects including Oakgrove (Milton Keynes), Penarth Heights (Cardiff), Bath Western Riverside and Woolston Riverside (Southampton). For further information see www.crestnicholson.com. This information is provided by RNS The company news service from the London Stock Exchange TMATMMTBBBF
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