Posting Announcement

Crest Nicholson PLC
21 March 2007


Crest Nicholson PLC
For Immediate Release
21 March 2007


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

Posting of Scheme Circular

The boards of Crest Nicholson PLC ("Crest Nicholson") and Castle Bidco Limited
("Castle Bidco") announced on 8 March 2007 that they had reached agreement on
the terms of a recommended acquisition of Crest Nicholson by Castle Bidco, such
acquisition to be effected by means of a scheme of arrangement (the "Scheme")
under section 425 of the Companies Act 1985 (the "Act"). Crest Nicholson now
announces that the circular (the "Scheme Circular") containing, inter alia, the
terms of the Scheme, an explanatory statement (in compliance with section 426 of
the Act), notices of the required meetings, a timetable of principal events, and
details of the actions to be taken by Crest Nicholson Shareholders was today
posted to all Crest Nicholson Shareholders and, for information only, to
participants in the Crest Nicholson Share Schemes.

As described in the Scheme Circular, the Scheme will require the approval of
Crest Nicholson Shareholders at the Court Meeting and the passing of a special
resolution at an extraordinary general meeting of Crest Nicholson. The Scheme
will also require the subsequent sanction of the Court. Further details as to
the approvals required and the persons entitled to vote at such meetings are
contained in the Scheme Circular.

Both meetings will be held at Dresdner Kleinwort, 30 Gresham Street, London,
EC2V 7PG on 16 April 2007.

Expected timetable of principal events:

Latest time for receipt by Lloyds TSB
Registrars of the:
  White Form of Proxy for the Court Meeting         10:30 a.m. on 14 April 2007*
  Blue Form of Proxy for the Extraordinary           10:45 a.m. on 14 April 2007
  General Meeting
Voting Record Time                                    6:00 p.m. on 14 April 2007
Court Meeting                                        10:30 a.m. on 16 April 2007
Extraordinary General Meeting                      10:45 a.m. on 16 April 2007**
Court Hearing (to sanction the Scheme)                             2 May 2007***
Last day of dealings in Crest Nicholson                            2 May 2007***
Shares
Scheme Record Time                                    6:00 p.m. on 2 May 2007***
Effective Date of the Scheme                                       3 May 2007***
Cancellation of listing of Crest Nicholson            8:00 a.m. on 8 May 2007***
Shares
Latest date for despatch of consideration       14 days after the Effective Date
payable under the Scheme or credit of such                           
consideration within CREST

Notes:
*     Alternatively, the Form of Proxy for the Court Meeting may be handed
      to the Chairman of the Court Meeting before the start of the Court
      Meeting, and it will still be valid.
**    To commence at 10:45 a.m. or, if later, as soon thereafter as the
      Court Meeting shall have concluded or been adjourned.
***   These times and dates are indicative only and will depend, among
      other things, on the dates upon which the Court sanctions the Scheme
      and confirms the associated Capital Reduction.


UK Listing Authority Viewing Facility

Two copies of the Scheme Circular have been submitted to the UK Listing
Authority and are available for inspection at the UK Listing Authority's
Document Viewing Facility which is situated at:

The Financial Services Authority

25 The North Colonnade
Canary Wharf
London E14 5HS
Tel: [phone]


Any capitalised term used but not defined in this announcement has the same
meaning as is given to it in the Scheme Circular.


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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