CAPITAL & COUNTIES PROPERTIES PLC - Significant Progress for Earls Court Masterplan

Significant Progress for Earls Court Masterplan

Capital & Counties Properties PLC
(Incorporated and registered in the United Kingdom and Wales with registration
Number 07145041 and registered in South Africa as an external company with
Registration Number 2010/003387/10)
JSE code: CCO
ISIN: GB00B62G9D36

15 November 2013

                    CAPITAL & COUNTIES PROPERTIES PLC

             SIGNIFICANT PROGRESS FOR EARLS COURT MASTERPLAN
Capital & Counties Properties PLC is pleased to announce that two major milestones have been
achieved in the process of value creation through planning and land assembly for the Earls Court
Masterplan.

Formal planning consent granted

Formal outline planning consent for the Earls Court Masterplan has been granted following the
signing of the Section 106 agreement between the London Borough of Hammersmith & Fulham
(LBHF), the Royal Borough of Kensington and Chelsea, London Underground Limited (LUL), Transport
for London (TfL) and Capco .

The Earls Court Masterplan covers an area of 77 acres and provides for 10.1 million square feet of
new residential-led, mixed-use space. In July, the Mayor of London gave his consent to the
redevelopment of Earls Court and the surrounding area. In August, the Secretary of State for
Communities and Local Government chose not to call in the outline planning application.

The Section 106 agreement includes a series of community benefits which will be provided during
the implementation of the Masterplan, including transportation improvements, new open green
space and employment and skills training for the local community.

It is envisaged that the first detailed planning application, covering the Earls Court Village, will be
submitted later this year.

Capco exercises Conditional Land Sale Agreement

Capco has exercised its option under the Conditional Land Sale Agreement (CLSA) which it entered
into with LBHF in January 2013 in relation to LBHF’s land within the redevelopment area. The CLSA
was approved by the Secretary of State for the Department of Communities & Local Government in
April and comprises approximately 22 acres including the West Kensington and Gibbs Green estates.
Under the terms of the CLSA, Capco can draw down land in phases but
no phase can be transferred unless replacement homes for the residents of the relevant phase have
been provided.

Capco has already paid £30 million of the £105 million cash consideration payable under the CLSA.
Exercising the option commits Capco to the remaining payments of £75 million, paid in 5 annual
instalments of £15 million starting on 31 December 2015. As noted within Capco’s interim results
reported in July, the land relating to the CLSA will not be revalued at this time until there is greater
clarity around the timing of drawdown of the land.

With the option exercised and with the outline planning consent granted, Capco can now work
closely with LBHF under the detailed mechanisms within the CLSA to identify the requirements for
the first tranche of replacement homes which would enable vacant possession of the first phase of
land. The first land drawdown under the CLSA will not occur before December 2015.

Gary Yardley, Investment Director of Capital & Counties Properties PLC, said: “The formal planning
consent, the signing of the Section 106 agreement and the exercise of the Conditional Land Sale
Agreement are positive steps forward and add further momentum to the Earls Court project. These
milestones will allow us to work with the local authorities to take this exciting development forward
and deliver the Earls Court Masterplan which will create 7,500 much needed new homes and 12,000
jobs.”

                                                -ENDS-
For media enquiries please contact:

Capital & Counties Properties PLC                   Tel:      +44 (0) 20 3214 9188
Ian Hawksworth, Chief Executive
Gary Yardley, Investment Director
Soumen Das, Finance Director

For financial media enquires please contact:
Hudson Sandler (UK)                                 Tel:      +44 (0) 20 7796 4133
Michael Sandler /Wendy Baker/Katie Matthews

College Hill (South Africa)                         Tel:      +27 11 447 3030
Frederic Cornet                                  Mobile:      +27 (83) 307 8286


For general media enquiries please contact:
Chris Rumfitt, Edelman                           Mobile:      +44 (0) 7967 226646


Sponsor:
Merrill Lynch South Africa (Pty) Limited

Notes to Editors:

Details of the regeneration package include:

    •   Up to 7,500 new homes of which 1,500 are affordable and replacement homes
    •   Improvements to streets and public realm and the creation of 37 acres of green space,
        including garden squares, communal gardens and a new five acre park
    •   Improvements to local amenities as well as a new primary school, community centre, leisure
        centre, health centre, cultural space and money towards a cultural fund for the area.
    •   Up to 12,000 permanent jobs are expected to be created and there will be £8 million worth
        of employment and skills training in the local area
    •   There will also be significant transport improvements including improving the tube stations
        in the area, improved bus lanes, bus stops and service improvements, new and improved
        cycle lanes, three new cycle hire hubs and over 11,000 cycle parking spaces.

About Capital & Counties Properties PLC (Capco):

Capital & Counties Properties PLC is one of the largest investment and development property
companies that specialises in central London real estate and is a constituent of the FTSE-250 Index.
Capco holds 2.7 million square feet of assets valued at £2.1 billion (as at 30 June 2013) in two
landmark London estates: Covent Garden, which has assets valued at £1.1 billion including the
historic Market Building, and EC Properties including the Empress State Building together with the
Venues business amounting to aggregate property assets of £970 million. The company is listed on
the London Stock Exchange and the JSE, Johannesburg.

“Capco” represents Capital & Counties Properties PLC and all its subsidiary companies and group
undertakings.

www.capitalandcounties.com

About the Earls Court Masterplan:

The Earls Court Masterplan is one of the largest regeneration projects in London and was approved
in July by the Mayor of London, following the resolutions to grant consent from both the London
Borough of Hammersmith & Fulham and the Royal Borough of Kensington & Chelsea in 2012. The
Masterplan covers 77 acres of land, known as the Earls Court & West Kensington Opportunity Area,
owned by Capital & Counties Properties PLC, TfL and LBHF. The Earls Court Masterplan is 10.1 million
square feet of space and was designed by Sir Terry Farrell who was inspired by the best of London to
create ‘Four new Urban Villages and a 21st Century High Street.’ The Masterplan will deliver 7,500
new homes, 12,000 new jobs as well as new open green space, health facilities, new schools,
community and cultural space and improvements to the transport and infrastructure of the local
area. Earls Court 1 and 2 will be part of the first phase of the Earls Court Masterplan with further
phases to include the estates within LBHF and LUL’s Lillie Bridge Depot if and when it is operationally
feasible to do so.

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