Transfer from Quest

Crest Nicholson PLC
21 May 2003


The Trustees of the Crest Nicholson Qualifying Employee Share Trust, operated
through the company Crest Nicholson Quest Trustee Ltd, have on 21 May, 2003
transferred 3,612 Ordinary Shares of 10p to participants in the Crest Nicholson
Savings Related Share Option Scheme.

All directors of Crest Nicholson Plc who are members of the scheme are deemed to
be interested in the shares held in the Quest by virtue of being potential
beneficiaries and disclose such interest in the shares of the Company.

The Directors are; J. Callcutt, P. Callcutt, J.C. Littler, P.R. Murray, S.
Stone.



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