Directorate Change

Capital & Regional PLC
23 August 2002

                                                                  23 August 2002



                        CAPITAL & REGIONAL BOARD CHANGE



Roger Boyland, one of the founding directors of Capital & Regional plc ("Capital
& Regional"), will be leaving his position as main board Director of Corporate
Finance on 30th September 2002.

After the formation with Morley Fund Management Limited ("Morley") of the Mall
and Junction Funds earlier this year, there have been substantial changes to the
scope of the financing role within Capital & Regional itself. Following a
transitional period, therefore, during which the new working arrangements with
Morley will have been established, Roger Boyland will leave the board after
twenty six years' service.

Martin Barber, the chief executive of Capital & Regional, said: "The strength of
Capital & Regional's relationships with the banking community over the years is
testimony to the specific contribution Roger has made. More generally he has
played a vital part in the development of the group from a tiny company in 1976
to one which now owns and/or manages £1.2 billion of retail and leisure
properties."

Roger Boyland said: "I believe that Capital and Regional's strategic moves over
the past year leave it excellently placed to take advantage of the many
opportunities in the retail and leisure property sectors. I will be sad not to
be part of the next stage of the Company's evolution, but on the other hand I am
excited by the possibilities that are open to me personally elsewhere in the
property markets."



Enquiries:

Martin Barber, Capital & Regional plc

Telephone: [phone] / [e-mail]




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