Fund valuation

15 April 2013

Capital & Regional plc

Quarterly Mall Fund Valuation

Capital & Regional plc ('C&R') today announces that the Mall property valuation and unit value as at 31 March 2013 were as follows:

1 The underlying valuation change shows the like for like decrease in the value of the portfolio in the quarter as a percentage of the value of the portfolio at the beginning of the period.

2 At 31 March 2013 Capital & Regional owned 191,623,116 units in The Mall fund.

Investment yields have remained stable since the year end. The valuation decrease over the first quarter was driven by a fall in income post year end largely resulting from tenant administrations as reported in the 2012 results announcement in March.

Commenting on the valuation Hugh Scott-Barrett said:

"We expect the improving investment climate and the re-letting of space arising from the first quarter administrations to be supportive of valuations in the rest of the year"

A further update on current trading will be provided in our IMS which will be issued on 16 May 2013.

- ENDS -

For further information:

Capital & Regional:

Hugh Scott-Barrett, Chief Executive Tel: 020 7932 8000

Charles Staveley, Group Finance Director Tel: 020 7932 8000

Maitland:

Martin Leeburn / Emma Burdett Tel: 020 7379 5151

Capital & Regional is a specialist property company with a track record of developing asset management opportunities in town centre shopping centres and out of town retail parks.

Capital & Regional founded The Mall Fund in conjunction with Aviva Investors. Capital & Regional acts as Property and Asset Manager for the Mall and holds 20.3% of the Fund.

Capital & Regional & AREA Property Partners each hold a 50% interest in a German retail property portfolio which is managed by Garigal Asset Management GmbH, in which Capital & Regional holds a 30% interest.

Capital & Regional has a number of other joint ventures and wholly-owned properties.

For further information see www.capreg.com