Director Shareholding

    4 December 2003

London Stock Exchange

Old Broad Street

London EC2N 1HP

Dear Sirs

Capital Radio plc (`the Company')

Annual Bonus Scheme

Capital Radio operates an Annual Bonus Scheme whereby Executive Directors are
required to apply 17.5% of their annual bonus (net of tax thereon) in
purchasing Ordinary Shares in the Company. The participant is then entitled to
receive (after tax thereon) one additional Share free of charge for every Share
retained by the participant during the following period of three years. The
entitlement to the additional Shares will normally be lost if the participant
leaves Capital Radio's employment.

The Executive Directors below have informed the Company on 4 December 2003 that
Shares have been purchased on that date in connection with these arrangements
in respect of the Annual Bonus Scheme for the financial year ended 30 September
2003. The purchase price for each of these Shares was £5.02.

      Director           Shares Purchased       Resultant Holding  
                                                                   
  David Mansfield             1,662           115,514              
                                                                   
    Paul Davies                954            42,384               
                                                                   
    Peter Harris               893            33,883               
                                                                   
    Linda Smith                849            11,792               
                                                                   
  Nathalie Schwarz             773            1,397                

Each participant's entitlement to additional Shares will be notified if and
when such Shares vest.

Yours faithfully

Nathalie Schwarz

Company Secretary



END