Fund Valuations

Capital & Regional plc
15 March 2006


                                                                   15 March 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 Unit Trust, the Junction Unit Trust and the
X-Leisure Unit Trust as at 28 February 2006 were as follows:


               Valuation of   Unit value at    Unit value at  Underlying  Growth in   Units owned         C&R
                 properties     28 February 31 December 2005   valuation unit value        by C&R  percentage
                                                                change %   (geared)                   of fund
                                       2006
Mall Fund    £2,789,888,216         £2.1109          £2.0464        1.7%       3.2%   170,000,000       26.1%
Junction     £1,467,022,915         £2.4566          £2.4904        0.0%     (1.4)%    85,000,000       27.3%
Fund
X-Leisure      £716,550,000         £1.4735          £1.4050        2.1%       4.9%    22,846,559       10.7%
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
two months.


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


The small reduction in unit value in the Junction Fund is due to an increase in
the performance fee accrual required in the accounts of the fund.


                                    - ENDS -
For further information:

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

gcg hudson sandler
Michael Sandler / James Benjamin                Tel:  [phone]








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