Director Shareholding

Bellway PLC
01 December 2004

                     BELLWAY PLC - DIRECTORS' SHAREHOLDINGS


                               1ST DECEMBER 2004


The company was yesterday informed that under the terms of the Bellway plc
Employee Share Trust (1992) and the Bellway plc (2004) Performance Share Plan
(arrangements used to reward directors and employees) the following directors
were yesterday conditionally awarded ordinary 12.5p shares in the company as
follows:


J K Watson          -      54,016

P J Stoker          -      39,801

A M Leitch          -      34,115

                           127,932


The above Awards will vest only if performance targets, determined at the time
the Awards are made, are achieved over a stated time period (the 'Performance
Period'). The shares, which are existing shares, are to be held in the Bellway
plc Employee Share Trust (1992) until at least 30th November 2007.


The performance targets applying to this grant of awards will be based on a
comparison, over a three year period, of the Total Shareholder Return (TSR) of
the company, with the return achieved by a group of peer companies. If the TSR
achieved by the company is sufficient to place it in the upper quartile, Awards
will vest in full. If it is sufficient to place the company in the top half, the
proportion of Awards that will vest will increase on a straight line basis by
reference to total shareholder return, from one third of Awards where the
company has a median ranking to full vesting where its ranking would place it in
the upper quartile.


The participating directors will, following the end of the relevant performance
period, be notified as to the extent to which performance targets have been
achieved and their Awards have vested. Provided that they remain directors or
employees of the company, they will then have up to six months following the
third anniversary of the date the Awards were made in which to secure the
release of the ordinary shares.


The performance period, which is to be used for assessing TSR, commenced on 1st
August 2004 and ends on 31st July 2007.


Following the above awards, the total number of shares held in the Bellway plc
Employee Share Trust (1992) is 498,452 (0.44%) (498,452; 0.44%). Of these, the
executive directors have a beneficial interest in 309,797 (0.28.%) (309,797;
0.28%).


Under the terms of the Bellway plc (2004) Performance Share Plan arrangement,
each Bellway executive director has a potential further beneficial interest in
up to 302,518 (0.27%) (174,586; 0.16%) shares held in the Trust.


In addition, each Bellway executive director has a potential further beneficial
interest in up to nil (0.0%) (14,069; 0.13%) shares held in the Trust.


The other interests of the directors remain unchanged.


                      This information is provided by RNS
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