Director Shareholding

Crest Nicholson PLC
14 December 2004

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


Director                Shares purchased           Matching Shares to Director
                                                   
P. Callcutt             35                         17

D.P. Darby              35                         17

S. Stone                35                         17

The shares were purchased at a price of 357.25p and will normally vest after 5
years.




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