Valuation of Funds

Capital & Regional PLC
05 September 2003


                                                                5 September 2003



                            CAPITAL & REGIONAL PLC:
                     VALUATION OF MALL AND JUNCTION FUNDS


Capital & Regional plc, the co-investing property asset manager, today announced
that the unit values of the Mall Limited Partnership (launched 28 February 2002)
and the Junction Limited Partnership (launched 1 January 2002) as at 31 August
2003 were as follows:


                            Unit value Unit value at   Underlying   Growth in   Units owned          C&R
               Size of fund         at   31 December    valuation  unit value        by C&R   percentage
                             31 August          2002     change %    (geared)                    of fund
                                  2003

Mall Fund      £989,350,000    £1.2596       £1.1576         4.0%        8.8%   170,000,000        45.8%

Junction       £768,598,500    £1.2443       £1.1245         5.6%       10.7%    85,000,000        28.4%
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
8 month period.

The growth in unit value reflects growth in the capital value of the units over
the 8 month period.  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 / Wendy Baker                      Tel:  [phone]


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