Director Shareholding

Crest Nicholson PLC
07 September 2004



            Crest Nicholson plc ('Crest Nicholson' or 'the Company')


Crest Nicholson has been advised on 2 September 2004 that John Matthews, a
director, has become interested in a further 1500 ordinary shares in the
Company. This additional interest has arisen following the inheritance of these
shares by his wife and they were registered into her name on 8 April 2004.

Mr Matthews now holds an interest in 212,182 ordinary shares in the Company.



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