Valuation of Funds

Capital & Regional plc
08 December 2003

                                                                 8 December 2003

                            CAPITAL & REGIONAL PLC:
                      VALUATION OF MALL AND JUNCTION FUNDS


Capital & Regional plc, the co-investing property asset manager, today announced
that the unit values of the Mall Limited Partnership and the Junction Limited
Partnership as at 30 November 2003 were as follows:


               Valuation of   Unit value at     Unit value at   Underlying   Growth in   Units owned          C&R
                 properties     30 November       31 December    valuation  unit value        by C&R   percentage
                                       2003              2002     change %    (geared)                    of fund

Mall Fund    £1,171,050,000         £1.3895           £1.1576        10.5%       20.0%   170,000,000        36.7%

Junction       £721,050,000         £1.3356           £1.1245         9.3%       18.8%    85,000,000        28.4%
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
11 month period.


The growth in unit value reflects growth in the capital value of the fund over
the 11 month period.  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 / Wendy Baker               Tel:  [phone]


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