Valuation of Funds

Capital & Regional plc
10 November 2003

                                                                10 November 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 October
2003 were as follows:


               Valuation of   Unit value at    Unit value at  Underlying  Growth in   Units owned         C&R
                 properties 30 October 2003 31 December 2002   valuation unit value        by C&R  percentage
                                                                change %   (geared)                   of fund

Mall Fund    £1,147,400,000         £1.3405          £1.1576        8.2%      15.8%   170,000,000       36.7%
Junction       £765,721,000         £1.3114          £1.1245        8.6%      16.6%    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
10 month period.



The growth in unit value reflects growth in the capital value of the fund over
the 10 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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