Director Shareholding

Crest Nicholson PLC
16 September 2004

On 14 September 2004, the following directors purchased shares under the
Company's Share Incentive Plan:


Director       Shares purchased      Matching Shares to 
                                     Director

P. Callcutt          34                17

D.P. Darby           34                17

S. Stone             34                17

The shares were purchased at a price of 369.63p and will normally vest after 5
years.




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