Director Shareholding

Capital & Regional PLC
02 January 2003


Capital & Regional plc - DIRECTORS INTERESTS


Capital & Regional plc announces that on 30th December 2002 the company's
remuneration committee made conditional share awards in accordance with the Long
Term Incentive Plan approved by shareholders at an EGM on 18th December 2002.
The executive directors, together with other employees, are potential
beneficiaries and are therefore treated as having an interest.


In the event that the company achieves a post tax return on equity averaging 18%
per annum for the three year period ending 31st December 2004, the maximum of
523188 shares will vest in favour of key executives under the scheme,
representing 0.85% of the current issued share capital.  A lower number of
shares will vest at lower returns down to a minimum of 10%, in line with the
rules of the scheme.


The maximum number of shares which could be received by each director is:
Martin Barber (84138), Xavier Pullen (79549), Lynda Coral (56602), Ken Ford
(76490), Andrew Lewis-Pratt (76490) and William Sunnucks (30596).  A further
119324 shares could be received by three key executives who are not main board
members.


For further information please contact:

Falguni Desai
Company Secretary
Capital & Regional plc
Tel: [phone]
Fax: [phone]
e-mail: [e-mail]


                      This information is provided by RNS
            The company news service from the London Stock Exchange