Director Shareholding

Crest Nicholson PLC
11 February 2004

Crest Nicholson Plc advises that on 10 February 2004 the following directors
have been given awards of ordinary shares in the Company as follows;

Crest Nicholson Deferred Share Bonus Plan

Directors Name           Normal Vesting Date      No. of shares     Date award made
                                                  Awarded

J. Callcutt              10 February 2007         23,528            10 February 2004
S. Stone                 10 February 2007         16,522            10 February 2004
P. Callcutt              10 February 2007         11,566            10 February 2004



Crest Nicholson Long Term Share Incentive Plan

Director           No. of ordinary shares

J. Callcutt        53,160

S. Stone           40,229

D.P. Darby         28,304

P. Callcutt        27,298


Performance period is 1 November 2003 to 31 October 2007.


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