Result of EGM

Capital & Regional PLC
18 February 2002



                                                                18 February 2002


                     Capital & Regional plc (the 'Company')

                               Result of the EGM

At the Extraordinary General Meeting of the Company held today, shareholders
voted in favour of the resolution to approve the formation of a £670 million
shopping centre fund with clients of Morley Fund Management Limited. Proxies in
respect of 50,094,858 shares, not including abstentions, were received of which
proxies in respect of 46,106,229 shares, representing 92.0% of the total number
of votes by proxy, were in favour of the resolution.

Tom Chandos, Chairman, commented: 'We are delighted that shareholders have given
such overwhelming support to the Board's strategy to build shareholder value by
leveraging our skills and capital across a much larger asset base. We hope that
this ringing endorsement will put an end to the unnecessary distractions of
recent weeks so that management can fully focus on exploiting the exciting
opportunities before the Company.'

Completion of this transaction is expected to occur on 28 February 2002.

Enquires: Andrew Hayes, Hudson Sandler Ltd. Telephone: [phone]


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