Fund valuations

Capital & Regional plc
11 September 2007







                                                               11 September 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 31 August 2007 
were as follows:


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

                                                                                                               (3)
Mall Fund    £3,193,287,120     £2.3990       £2.4883       (1.2)%     (3.6)%   157,742,057       24.2%    £2.4828
Junction     £1,555,513,272     £2.6449       £2.8481       (3.3)%     (7.1)%    85,000,000       27.3%    £2.7434
Fund
X-Leisure      £942,600,000     £1.8344       £1.7586         3.3%       4.3%    51,949,578       19.4%
Fund



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 eight months.

(2)     The growth in unit value reflects growth in the capital value (excluding
the impact of debt mark to market adjustments) of the fund over the eight
months.  In addition investors 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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