Fund Valuation

Capital & Regional plc
09 August 2004


                                                                  9 August 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 31 July 2004 was as follows:


                     Valuation of Unit value at     Pro forma   Underlying  Growth in  Units owned          C&R
                       properties  31 July 2004 unit value at    valuation unit value       by C&R   percentage
                                                  31 December     change %   (geared)                   of fund
                                                         2003
The X-Leisure Fund   £535,380,000      £1.04802      £1.00789         1.5%       4.0%   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
seven months.



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