Director Shareholding

Crest Nicholson PLC
14 January 2005



On 14 January 2005, 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 370.45p and will normally vest after 5
years.




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