Director Shareholding

Crest Nicholson PLC
05 April 2004

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1. Name of company

Crest Nicholson Plc

2. Name of director

P. Callcutt

3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

Director and Director's Spouse

4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)

P. Callcutt and Mrs P. Callcutt

5. Please state whether notification relates to a person(s) connected with the
director named in 2 above and identify the connected person(s)

-

6. Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary

Sale of 7,138 shares by Director's spouse and re-purchase of same amount by 
Director.

7. Number of shares / amount of stock acquired

7,138

8. Percentage of issued class

-

9. Number of shares/amount of stock disposed

7,138

10. Percentage of issued class

-

11. Class of security

10p Ordinary Shares

12. Price per share

Sale price and purchase price 343.75p

13. Date of transaction

2 April 2004

14. Date company informed

5 April 2004

15. Total holding following this notification

110,827

16. Total percentage holding of issued class following this notification

0.10%

If a director has been granted options by the company please complete the
following boxes.

17. Date of grant

-

18. Period during which or date on which exercisable

-

19. Total amount paid (if any) for grant of the option

-

20. Description of shares or debentures involved: class, number

-

21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise

-


22. Total number of shares or debentures over which options held following this
notification

-

23. Any additional information

-

24. Name of contact and telephone number for queries

N.I. Hughes 01932 264330

25. Name and signature of authorised company official responsible for making
this notification

N.I. Hughes

Date of Notification

5 April 2004

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