Director Shareholding

Crest Nicholson PLC
14 October 2003

On 14 October 2003, the following directors purchased shares under the Company's
Share Incentive Plan:

Director                           Shares purchased         Matching Shares 
                                                            to Director

P. Callcutt                        39                       19

D.P. Darby                         39                       19

S. Stone                           39                       19


The shares were purchased at a price of 313p and will normally vest after 
5 years.




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