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Consensus Estimates

Crest Nicholson invites registered sell-side analysts from the United Kingdom, Australia and North America that monitor Crest Nicholson's stock, to submit their forecasts to an external web-based tool independently managed by Vuma Financial Limited (VUMA), a company independent of Crest Nicholson.

The consensus figures are a collation of aggregated, publicly available forecasts collated exclusively by VUMA, but only on the basis of information submitted by those analysts who choose to participate. The consensus figure for a particular item represents the arithmetic average of all figures for that item submitted to VUMA by analysts. VUMA has no access to Crest Nicholson's internal forecasts, budgets or any other information which is not publicly available.

The consensus figures are not based on Crest Nicholson's own opinions, estimates or forecasts and are compiled and published without comment from, or endorsement or verification by, Crest Nicholson. The consensus figures do not necessarily reflect guidance provided from time to time by Crest Nicholson where given in relation to equivalent metrics, which to the extent available can be found on the Crest Nicholson website.

By enabling publication of the consensus figures and referencing the same on its website, Crest Nicholson does not imply that it endorses, confirms or expresses a view on the consensus figures. The consensus figures are provided for informational purposes only and are not intended to, nor do they, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments. No warranty or representation, either express or implied, is made by Crest Nicholson or its affiliates, or their respective directors, officers and employees, in relation to the accuracy, completeness or achievability of the consensus figures and, to the fullest extent permitted by law, no responsibility or liability is accepted by any of those persons in respect of those matters. Crest Nicholson assumes no obligation to update, revise or supplement the consensus figures to reflect circumstances existing after the date hereof.

Crest Nicholson does not accept any liability whatsoever for reliance upon, or actions taken based on, any of the information set out in these consensus figures. The consensus figures are forward-looking and as such are speculative and rely on assumptions and events in the future (some or all of which may not be satisfied or may not occur).

The consensus figures do not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Before making an investment decision, a prospective investor should consider its particular investment needs, objectives and financial circumstances, and should seek appropriate professional advice, tailored to the investor's circumstances. Any investment in securities is subject to investment risks.

Following the release of Crest Nicholson's Quarterly Operations Review, which happens four times per year, Crest Nicholson invites registered sell-side analysts from the United Kingdom, Australia and North America that monitor Crest Nicholson's stock, to submit their forecasts to an external web-based tool independently managed by Vuma Financial Limited (VUMA), a company independent of Crest Nicholson. Each of the contributing analysts listed on the following page has submitted updated estimates based on Crest Nicholson's most recent Quarterly Operations Review and agreed, as at the date of publication, to their updated forecasts being included in the revised consensus figures. The consensus figures therefore represent the estimates of these analysts only (not necessarily being the same analysts that contributed to consensus figures for previous quarters) at the time of publication. Analyst estimates can change significantly from time to time, as commodity prices, among other things, can change rapidly. Any such changes in analysts' estimates will not be reflected in the consensus figures published on VUMA's website until Crest Nicholson invites sell-side analysts to submit their updated forecasts following the release of Crest Nicholson's next Quarterly Operations Review. All of the analysts who had submitted updated estimates into VUMA based on Crest Nicholson's most recent Quarterly Operations Review and agreed to their updated forecasts being included in the revised consensus figures as at the date of publication have been included in the aggregate consensus figures.

By clicking on the 'accept' button below, you confirm that you understand the nature of these consensus figures as outlined above.

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