Fund Valuations

Capital & Regional plc
07 June 2006


                                                                    7 June 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 31 May 2006 were as
follows:


               Valuation of   Unit value at    Unit value at  Underlying  Growth in   Units owned         C&R
                 properties          31 May 31 December 2005   valuation unit value        by C&R  percentage
                                                                change %   (geared)                   of fund
                                       2006
Mall Fund    £2,932,887,608        £2.2997*          £2.0464        6.6%      12.4%   170,000,000       26.1%
Junction     £1,421,686,830       £2.5251**          £2.4904        2.5%       1.0%    85,000,000       27.3%
Fund
X-Leisure      £752,900,000         £1.5891          £1.4050        5.8%      13.1%    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
five months.



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



* During the month of May investors in The Mall benefited from an extra
quarterly distribution of 1.55p per unit.



** During the month of May investors in The Junction benefited from an extra
quarterly distribution of 1.32p per unit.



                                    - 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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