Director Shareholding

Bellway PLC
4 January 2002

                                 BELLWAY PLC

                           DIRECTORS' SHAREHOLDINGS

The company was today informed that under terms of the of the Bellway plc
(1996) Employee Share Option Scheme, Mr H C Dawe, a director of the company
today exercised his option to purchase 100,500 Bellway plc 12.5p ordinary
shares as follows:

   No of shares                    Price per share
70,000                              327.50
30,500                              277.30


Immediately thereafter he sold all the shares at a price of 463p per share.


Following the above transactions the beneficial shareholding of Mr Dawe in the
ordinary share capital of the company is as follows:

                  No of shares           %           Previous            %
H C Dawe                       60,352     0.05               60,352        0.05


In addition, the share options outstanding in respect of Mr Dawe following the
above transactions are as follows:

                                No of shares                   Previous
H C Dawe                           369,543                      470,043


The other interests of the directors remain unchanged.


Ends