Fund Valuations

Capital & Regional plc
10 July 2006

                                                                    10 July 2006

                             CAPITAL & REGIONAL PLC

                 VALUATION OF MALL, JUNCTION AND X-LEISURE FUNDS


Capital & Regional plc, the co-investing property asset manager, today announced
that the unit values of the Mall Limited Partnership, the Junction Limited
Partnership and the X-Leisure Limited Partnership as at 30 June 2006 were as
follows:


               Valuation of   Unit value at    Unit value at  Underlying  Growth in   Units owned         C&R
                 properties         30 June      31 December   Valuation unit value        by C&R  Percentage
                                       2006             2005    change %   (geared)                   of fund

Mall Fund    £2,987,837,352         £2.3772          £2.0464        8.5%      16.2%   170,000,000       26.1%

Junction     £1,439,459,270         £2.5784          £2.4904        3.5%       3.5%    85,000,000       27.3%
Fund

X-Leisure      £761,100,000         £1.6259          £1.4050        6.9%      15.7%    22,846,559       10.6%
Fund


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
six months.

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


                                    - ENDS -


For further information:

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

Hudson Sandler                                               Tel:  [phone]
Michael Sandler



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