Fund Valuation

Capital & Regional plc
06 October 2004



                                                                  6 October 2004


                            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 September 2004 were as follows:

               Valuation of   Unit value at    Unit value at  Underlying  Growth in   Units owned         C&R
                 properties    30 September 31 December 2003   valuation unit value        by C&R  percentage
                                       2004                     change %   (geared)                   of fund
Mall Fund    £2,021,450,000         £1.6556          £1.4290        8.5%      15.9%   170,000,000       27.9%
Junction       £862,021,500         £1.6006          £1.3674        8.7%      17.1%    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
nine months.

The growth in unit value reflects growth in the capital value of the fund over
the nine 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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