Director Shareholding

Crest Nicholson PLC
14 June 2004


On 14 June 2004, the following directors purchased shares under the Company's
Share Incentive Plan:


Director               Shares purchased          Matching Shares to Director

P. Callcutt                   37                            18
D.P. Darby                    37                            18
S. Stone                      37                            18


The shares were purchased at a price of 340p and will normally vest after 5
years.




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