Fund Valuations

Capital & Regional plc
14 December 2007

                                                                14 December 2007



                            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 30 November 2007 were as
follows:




               Valuation of  Unit value Unit value at  Underlying  Change in   Units owned         C&R  Unit value
                 properties          at   31 December   valuation unit value        by C&R  percentage       at 30
                            30 November          2006    change %   (geared)                   of fund    November
                                   2007                       YTD        YTD                                  2007
                                                              (1)        (2)                            (incl MTM)
                                                                                                               (3)

Mall Fund    £3,006,787,784     £2.0652       £2.4883      (7.9)%    (17.0)%   157,742,057       24.2%     £2.1040

Junction     £1,316,651,402     £2.1720       £2.8481     (13.6)%    (23.7)%    85,000,000       27.3%     £2.2276
Fund

X-Leisure      £977,900,000     £1.8062       £1.7586        2.5%       2.7%    51,949,578       19.4%
Fund





Capital & Regional CEO, Martin Barber, said:

"During November there has been a significant downward movement in the value of
the Mall and Junction funds, in line with current market sentiment.  The
reduction in capital values is likely to lead to a claw back of some of the
performance fees earned in 2006.  This claw back is payable by Capital &
Regional Property Management to the funds, so we recover some of the cost as
co-investor.  We expect to provide fully in our 2007 accounts and currently
estimate that the net impact of claw back on NAV will be between 30p and 50p per
share.

The tenant market has been healthy and our focus remains on the active
management of our five portfolios."



Notes:

(1)  The underlying valuation change shows the increase/(decrease) in the
     value of the portfolio as a percentage of opening value adjusted for 
     additions and disposals, over the eleven months.

(2)  The change in unit value reflects the movement in the capital value
     (excluding the impact of debt mark to market adjustments) of the fund over 
     the eleven months.  Investors separately benefit from quarterly 
     distributions of net income and periodic capital distributions.

     Capital distributions to fund unit holders reduce the unit price.  In
     the year Mall unit holders have received capital distributions of £0.04 per
     unit, Junction unit holders have received £0.03 per unit and X-Leisure unit
     holders have received £0.005 per unit.

(3)  MTM - mark to market unit value including the surplus on revaluation of
     interest rate swaps and fixed interest debt.



                                    - ENDS -



For further information:

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


Maitland
Martin Leeburn                                 Tel:  [phone]
Emma Burdett                                   Tel:  [phone]



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