Director Shareholding

Crest Nicholson PLC
01 February 2005

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1. Name of company

Crest Nicholson Plc

2. Name of director

J. Callcutt; P. Callcutt; D.P. Darby; S. Stone

3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

Each of the directors has a non-beneficial interest as a potential beneficiary

4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)

Rood Nominees Ltd. Des. 085690

5. Please state whether notification relates to a person(s) connected with the
director named in 2 above and identify the connected person(s)

-

6. Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary

Sale and transfer of shares following vesting of awards of shares under the
Company's Long Term Share Incentive Plan and Deferred Share Bonus Plan

7. Number of shares / amount of stock acquired

-

8. Percentage of issued class

-

9. Number of shares/amount of stock disposed

214,701

10. Percentage of issued class

0.19%

11. Class of security

10p Ordinary Shares

12. Price per share

366p

13. Date of transaction

1 February 2005

14. Date company informed

1 February 2005

15. Total holding following this notification

306,248

16. Total percentage holding of issued class following this notification

0.28%

If a director has been granted options by the company please complete the
following boxes.

17. Date of grant

-

18. Period during which or date on which exercisable

-

19. Total amount paid (if any) for grant of the option

-

20. Description of shares or debentures involved: class, number

-

21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise

-

22. Total number of shares or debentures over which options held following this
notification

-

23. Any additional information

-

24. Name of contact and telephone number for queries

W.G. Hague 01932 847272

25. Name and signature of authorised company official responsible for making
this notification

W.G. Hague

Date of Notification

1 February 2005

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