Fund Valuation

Capital & Regional plc
10 November 2004

                                                                10 November 2004

                            CAPITAL & REGIONAL PLC:

                         THE X-LEISURE FUND UNIT VALUES


Capital & Regional plc, the co-investing property asset manager, today announced
that the Unit Value of the X-Leisure Fund as at 31 October 2004 was as follows:

                     Valuation of  Unit value at      Pro forma   Underlying  Growth in  Units owned          C&R
                       properties     31 October  unit value at    valuation unit value       by C&R   percentage
                                            2004    31 December     change %   (geared)                   of fund
                                                          2003

The X-Leisure Fund   £587,150,000       £1.08935       £1.00789         2.9%       8.1%   19,611,856        10.8%


Notes:

The underlying valuation change shows the increase in the value of the portfolio
as a percentage of opening value adjusted for additions and disposals, over the
ten months.

The growth in unit value reflects growth in the capital value of the fund over
the ten months.  In addition investors benefit from quarterly distributions of
net income.

                                    - ENDS -

For further information:

Capital & Regional:
Martin Barber, Chief Executive                     Tel. [phone]
William Sunnucks, Group Finance Director           Tel. [phone]

Hudson Sandler
Michael Sandler / James Benjamin                   Tel:  [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange