Board Appointment

Capital & Regional PLC
16 October 2002

                                                                 16 October 2002

                               BOARD APPOINTMENT

                CAPITAL & REGIONAL APPOINTS NEW FINANCE DIRECTOR


Capital & Regional plc, the co-investing property asset manager, announces that
William Sunnucks has been appointed Group Finance Director with immediate
effect. He takes over from Lynda Coral, who had previously indicated to the
board her wish to assume different responsibilities within the Group.

William Sunnucks, aged 46, qualified as an accountant with Peat Marwick Mitchell
and, after an initial career in Shell, has been finance director of a number of
public and private companies. From 1992 to 1996, as Finance Director of Securum
International, he was heavily involved in the restructuring of a large
international property portfolio following the Swedish banking crisis. Following
this appointment, he was Finance Director of English Welsh and Scottish Railways
Limited, the American led company which bought five rail freight businesses
(employing 9,000 staff) from British Rail. More recently, he was the launch
Finance Director of Partnerships UK Limited, the specialist financial
institution set up by HM Treasury with private sector shareholders to develop
public private partnerships. He has an MBA from the London Business School.

Lynda Coral has become Director of Funds Development. She will be focusing on
developing the fund management business of the Group. She will retire from the
Capital & Regional plc board with effect from 31 December 2002 whilst remaining
on the Group's executive committee.

Martin Barber, Chief Executive, said: "I believe that these changes represent
another key step in our transformation into a property asset management
business. Through our appointment of William Sunnucks we are establishing a new,
integrated finance function, to achieve the strongest possible financial control
over the activities of both the Group itself and the funds that we manage; and
through the appointment of Lynda Coral to an important new position, will
provide the resource needed both to develop new funds and to expand existing
ones."

                                    - ends -

Notes:

Capital & Regional plc confirms that there are no other details which require to
be disclosed under paragraph 6F.2b - g of the UKLA Listing Rules with respect to
William Sunnucks.

For further information please contact:

Martin Barber, Capital & Regional plc          Tel: [phone]




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