20 November 2003

London Stock Exchange

Old Broad Street

London EC2N 1HP

Dear Sirs

Capital Radio plc (`the Company')

Long Term Incentive Plan

The Company operates a Long Term Incentive Plan for the purposes of providing a
long term incentive scheme for Executive Directors and certain Senior
Executives of the Capital Radio Group.

Awards over a total of 265,090 Ordinary Shares in the Company ("Shares") were
granted on 19 November 2003 to the following Executive Directors:-

Director                               Number of Shares                       
                                                                              
David Mansfield                        99,560                                 
                                                                              
Peter Harris                           52,780                                 
                                                                              
Paul Davies                            59,970                                 
                                                                              
Linda Smith                            52,780                                 

In accordance with institutional guidelines on long term remuneration for
senior executives, awards to participants in the Long Term Incentive Plan
(which are satisfied in the form of Shares held by the Trust or by the issue of
new shares) are dependent upon the underlying performance of the Company,
measured over a three year period.

Annual Bonus Scheme - Matching Arrangement

Under the terms of the above Scheme, the Executive Directors have become
entitled to receive additional "matching" Capital Radio Shares, in respect of
an initial award made in November 2000, having retained their original
shareholding for the required three year period. Details of the Shares released
to the Executive Directors on 19 November 2003, and their resultant holdings,
are set out below. The market value of a Share on that date was �4.58. The
number of Shares released was an after-tax number, to allow for the Executive
Directors' tax liability in respect of the release of the Shares.

       Name             No of Shares Released         Resultant Holding     
                                                                            
David Mansfield     2,532                         113,852                   
                                                                            
Paul Davies         1,535                         39,895                    
                                                                            
Peter Harris        1,266                         32,990                    
                                                                            
Linda Smith         264                           10,943                    

Yours faithfully

Nathalie Schwarz

Company Secretary

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