Fund Valuation

Capital & Regional plc
07 June 2004

                                                                     7 June 2004


                            CAPITAL & REGIONAL PLC:

               THE X-LEISURE LIMITED PARTNERSHIP UNIT VALUES


Capital & Regional plc, the co-investing property asset manager, today announced
that the Unit Value of the X-Leisure Limited Partnership as at 31 May 2004 was
as follows:


                     Valuation of Unit value at     Pro forma   Underlying  Growth in  Units owned          C&R
                       properties   31 May 2004 unit value at    valuation unit value       by C&R   percentage
                                                  31 December     change %   (geared)                   of fund
                                                         2003
The X-Leisure        £503,615,000      £1.02472      £1.00789         0.6%       1.7%   19,611,856        10.8%
Limited
Partnership







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.





                                    - 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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