Director Shareholding

Crest Nicholson PLC
16 March 2004

On 15 March 2004, the following directors purchased shares under the Company's
Share Incentive Plan:


Director         Shares purchased       Matching Shares to Director

P. Callcutt         37                   19

D.P. Darby          37                   19

S. Stone            37                   19

The shares were purchased at a price of 341.25p and will normally vest after 5
years.




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