Director Shareholding

Crest Nicholson PLC
14 October 2004


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


Director               Shares purchased          Matching Shares to Director

P. Callcutt            36                        18
D.P. Darby             36                        18
S. Stone               36                        18


The shares were purchased at a price of 347.5p and will normally vest after 5
years.


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