Fund Valuations

Capital & Regional plc
11 December 2006


                            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 30 November 2006 were as
follows:

                                    Unit       Unit                 Growth
                    Valuation   value at   value at  Underlying    in unit         Units         C&R 
                           of     30 Nov     31 Dec   valuation      value         owned  percentage
                   properties       2006       2005    change %   (geared)        by C&R     of fund  
                                                                                         
Mall Fund      £3,081,336,976    £2.4401    £2.0464       10.8%      19.2%   157,742,057       24.2%
Junction Fund  £1,552,043,789    £2.7476    £2.4904        8.5%      10.3%    85,000,000       27.3%
X-Leisure Fund   £791,150,000    £1.7509    £1.4050       11.1%      24.6%    22,846,559       10.6%

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
eleven months.

The growth in unit value reflects growth in the capital value of the fund over
the eleven months. In addition investors benefit from quarterly distributions of
net income and periodic capital distributions.

The small reduction in unit value in the Mall Fund is due to a capital
distribution in November to Mall Limited Partnership unit holders of £0.017 per
unit.

In the month investors in the Junction Limited Partnership received a capital
distribution of £0.019 per unit.

                                    - 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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