Director Shareholding

Crest Nicholson PLC
19 January 2004

On 16 January 2004, the following directors purchased shares under the Company's
Share Incentive Plan:


Director          Shares purchased          Matching Shares to Director

P. Callcutt       40                        20

D.P. Darby        40                        20

S. Stone          40                        20

The shares were purchased at a price of 317p and will normally vest after 5
years.



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