Valuation of Funds

Capital & Regional plc
09 July 2004

                                                                     9 July 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 30 June 2004 was as follows:

                     Valuation of Unit value at     Pro forma   Underlying  Growth in  Units owned          C&R
                       properties  30 June 2004 unit value at    valuation unit value       by C&R   percentage
                                                  31 December     change %   (geared)                   of fund
                                                         2003

The X-Leisure Fund   £504,065,000      £1.02472      £1.00789         0.7%       1.9%   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
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.


                                    - 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]


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