Fund Valuation

Capital & Regional plc
11 January 2005


                                                                 11 January 2005


                            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 December 2004 was as follows:

                     Valuation of Unit value at     Pro forma   Underlying  Growth in  Units owned          C&R
                       properties   31 December unit value at    valuation unit value       by C&R   percentage
                                           2004   31 December     change %   (geared)                   of fund
                                                         2003

The X-Leisure Fund   £597,536,123      £1.13328      £1.00789         4.6%      12.4%   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
year.

The growth in unit value reflects growth in the capital value of the fund over
the year.  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]

gcg hudson sandler
Michael Sandler / James Benjamin                             Tel:  [phone]


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