Funds Valuation

Capital & Regional plc
10 May 2006

                                                                     10 May 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 April 2006 were as
follows:


               Valuation of   Unit value at    Unit value at  Underlying  Growth in   Units owned         C&R
                 properties        30 April 31 December 2005   valuation unit value        by C&R  percentage
                                                                change %   (geared)                   of fund
                                       2006
Mall Fund    £2,922,787,608         £2.2959          £2.0464        6.3%      12.2%   170,000,000       26.1%
Junction     £1,425,519,265         £2.5163          £2.4904        1.6%       1.0%    85,000,000       27.3%
Fund
X-Leisure      £745,337,500         £1.5547          £1.4050        4.7%      10.6%    22,846,559       10.6%
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
four months.

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

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



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