Director Shareholding

Crest Nicholson PLC
11 December 2001


The Trustees of the Crest Nicholson Qualifying Employee Share Trust, operated
through the company Crest Nicholson Quest Trustee Ltd, have on 11th December,
2001 transferred 13,991 Ordinary Shares of 10p to participants in the Crest
Nicholson Savings Related Share Option Scheme.

All directors of Crest Nicholson Plc who are members of the Scheme are deemed
to be interested in the shares held in the Quest by virtue of being potential
beneficiaries and disclose such interest in the shares of the Company.

The Directors are;  J. Callcutt, P. Callcutt, J.C. Littler, P.R. Murray,
D. Ross, S. Stone, B.G. Walker.