Director Shareholding

Crest Nicholson PLC
15 November 2004

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


Director            Shares purchased                Matching Shares to Director

P. Callcutt              35                                 18

D.P. Darby               35                                 18

S. Stone                 35                                 18

The shares were purchased at a price of 359.06p and will normally vest after 5
years.




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