Crest Nicholson Regulatory News (CRST)

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Crest Nicholson Holdings plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Värde Partners, Inc. (for itself and related general partners and investment managers)

4. Full name of shareholder(s)  (if different from 3.):iv

The Värde Fund VI-A, L.P.

The Värde Fund VIII, L.P.

The Värde Fund IX, L.P.

The Värde Fund IX-A, L.P.

The Värde Fund X (Master), L.P.

Värde Investment Partners (Offshore) Master, L.P.

Värde Investment Partners, L.P.

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

19 November 2014

6. Date on which issuer notified:

19 November 2014

7. Threshold(s) that is/are crossed orreached: vi, vii

Aggregate holding has reduced from 10.1% to 0%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GB00B8VZXT93

25,367,986

25,367,986

0

0

0%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

0

0%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Värde Partners Inc. is making this notification in its capacity as general partner of Värde Partners, L.P., which is the managing member of each of the following entities:

· Värde Investment Partners G.P., LLC, which is the general partner of The Värde Fund VI-A, L.P.

· Värde Fund VIII G.P., LLC, which is the general partner of The Värde Fund VIII, L.P.

· Värde Fund IX G.P., LLC, which is the general partner of The Värde Fund IX, L.P.

· Värde Fund IX G.P., LLC, which is the general partner of The Värde Fund IX-A, L.P.

· The Värde Fund X GP, LLC which is the general partner of The Värde Fund X (GP), L.P. which is the general partner of The Värde Fund X (Master), L.P.

· Värde Investment Partners G.P., LLC, which is the general partner of Värde Investment Partners, L.P.

· Värde Investment Partners G.P., LLC, which is the general partner of Värde Investment Partners (Offshore) Master, L.P.

(together the registered shareholders in the issuer)

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

14. Contact name:

Brett Barbour

15. Contact telephone number:

001 952 374 6982

Note: Annex should only be submitted to the FCA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

Värde Partners Inc.

Contact address

(registered office for legal entities)

c/o Värde Management Inc.

8500 Normandale Lake Boulevard,Minneapolis, MN 55437, USA

Phone number & email

001 952 374 6982

LegalNotices@Varde.com

Operations@Varde.com

Other useful information

(at least legal representative for legal persons)

Brett Barbour, Operations Manager

B: Identity of the notifier, if applicable

Full name

Brett Barbour

Contact address

c/o Värde Management Inc.

8500 Normandale Lake Boulevard,Minneapolis, MN 55437, USA

Phone number & email

001 952 374 6982

bbarbour@varde.com

Operations@Varde.com

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

For notes on how to complete form TR-1 please see the FCA website.