Director Shareholding

Crest Nicholson PLC
14 November 2003


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


Director            Shares purchased         Matching Shares to Director  

P. Callcutt         44                       22                           
D.P. Darby          44                       22                           
S. Stone            44                       22                        


The shares were purchased at a price of 287p and will normally vest after 5
years.


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