Valuation of Funds

Capital & Regional plc
07 January 2004

                                                                  7 January 2004

                            CAPITAL & REGIONAL PLC:
                    VALUATION OF MALL AND JUNCTION FUNDS

Capital & Regional plc, the co-investing property asset manager, today announces
that the unit values of the Mall Limited Partnership and the Junction Limited
Partnership as at 31 December 2003 were as follows:

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

Mall Fund    £1,242,500,000         £1.4290          £1.1576       12.5%      23.4%   170,000,000       34.8%
Junction       £757,411,500         £1.3674          £1.1245       12.2%      21.6%    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
12 month period.

The growth in unit value reflects growth in the capital value of the fund over
the 12 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
Andrew Hayes / Wendy Baker                   Tel:  [phone]


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