Directors' Dealings

Crest Nicholson PLC
14 January 2000


Schedule 11 - Notification of interests of Directors and Connected Persons

1   Name of company:
Crest Nicholson Plc

2   Name of director:
J. Callcutt; J.C. Littler; P.R. Murray; D. Ross; S. Stone; B.G. Walker.

3   Please state whether notification indicates that it is in respect of     
holding of the director named in 2 above or holding of that person's spouse or
children under the age of 18 or in respect of a non- beneficial interest:
Each of the directors in 2 above has a non-beneficial interest as a potential
beneficiary.

4   Name of registered holder(s) and, if more than one holder, the number of 
shares held by each of them (if notified):
Crest Nicholson Quest Trustee Ltd

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:
Transfer of shares to employees following exercise of options under SAYE
Scheme.

7   Number of shares/amount of stock acquired:
-

8   Percentage of issued class:
-

9   Number of shares/amount of stock disposed:
9,000

10  Percentage of issued class:
0.01%

11  Class of security:
10P Ordinary Shares

12  Price per share:
Exercise price of 69p

13  Date of transaction:
14.1.00

14  Date company informed:
14.1.00

15  Total holding following this notification:
98,400

16  Total percentage holding of issued class following this notification:
0.09%

If a director has been granted options by the company, please complete the
following fields:

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  Contact name for queries:
William Hague

24  Contact telephone number:
01932 847272

25  Name of company official responsible for making notification:
William Hague