Directors' Interests

Capital & Regional plc
29 December 2003


Capital & Regional plc - Directors' Interests


Capital & Regional plc announces that on 23 December 2003 the Company's
remuneration committee made conditional share awards in accordance with the Long
Term Incentive Plan.  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 31 December 2005, the maximum of
498,750 shares will vest in favour of key executives under the scheme,
representing 0.79% 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 (68,750), Xavier Pullen (65,000), Ken Ford (62,500), Andrew
Lewis-Pratt (62,500), P-Y Gerbeau (56,250) and William Sunnucks (50,000).  A
further 133,750 shares could be received by key executives who are not main
board members.

                                    - ENDS -


Further information from:

Tom Chandos, Capital & Regional plc               Tel:  [phone]


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