CAPITAL & COUNTIES PROPERTIES PLC - 2018 Interim Dividend - Exchange Rate and Scrip Calculation Prices

Release Date: 20/08/2018 13:00
Code(s): CCO
 
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2018 Interim Dividend - Exchange Rate and Scrip Calculation Prices

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

CAPITAL & COUNTIES PROPERTIES PLC (the “Company”)

2018 INTERIM DIVIDEND - EXCHANGE RATE AND SCRIP CALCULATION PRICES

Capital & Counties Properties PLC confirms that exchange control approval for the offering of a scrip
dividend alternative has been obtained from the South African Reserve Bank and shareholders are
accordingly entitled to elect to receive new ordinary shares in the Company, credited as fully paid in
lieu of cash, in respect of the 2018 interim dividend of 0.5 pence per ordinary share.

Exchange Rate for Final Dividend

The Company confirms that the ZAR exchange rate for the 2018 interim dividend of 0.5 pence per
ordinary share to be paid on Friday 21 September 2018 to all shareholders registered on Friday 31
August 2018 will be 18.9762 ZAR to 1 GBP.

On this basis, shareholders who hold their shares via the South African register will receive a cash
dividend of 9.48810 ZAR cents per ordinary share.

Scrip Calculation Price

The Scrip Calculation prices are as follows:

UK (principal register):       257.72 pence (GBP)
South Africa:                  4,751.31190 cents (ZAR)

The same share prices will be used for calculating residual payments under the Scrip Dividend Scheme.

Scrip Ratio:

The number of shares in issue is 850,410,757 ordinary shares of 25p each.

UK (principal register):       1 new ordinary share for every 515.44 ordinary shares held
South Africa:                  1 new ordinary share for every 500.76537 ordinary shares held
                               (4,751.31190 /9.48810 = 500.76537)

As no fraction of a share can be issued, the number of shares to be issued will be rounded down to
the nearest whole number and any residual cash balance will be paid immediately to the relevant
shareholder (unless a UK shareholder has made an “evergreen election”).

By way of illustration of the above, a shareholder who holds 1,000 shares on the South African
exchange and who elects to receive the scrip dividend alternative would be entitled to
1,000/500.76537 = 1.99694 shares which would be rounded down to 1 share, and the residual
payment would be 0.99694 x 4,751.31190 ZAR cents = 4,736.77289 ZAR cents, payable in cash.
Further details of the scrip dividend alternative are contained in the Scrip Dividend Scheme Booklet,
Supplemental Notices and the related mandate forms, which are available on Capco’s website at
www.capitalandcounties.com and from Capco’s share Registrars.
Important Information for South African Shareholders:

The 2018 interim cash dividend declared to South African shareholders will comprise a foreign
dividend (declared in respect of a share listed on the exchange operated by the JSE) and will be subject
to dividends tax. Dividends tax will be withheld at a rate of 20 per cent. unless a shareholder qualifies
for an exemption and the prescribed requirements for effecting the exemption (as set out in the Scrip
Dividend Scheme Booklet) are in place. After Dividends Tax has been withheld, the net final dividend
will be 7.59048 ZAR cents per ordinary share. The funds are sourced from the UK.

A receipt of shares in terms of the scrip dividend alternative should not comprise of a foreign dividend
nor a foreign return of capital. Shares received in terms of the scrip dividend alternative should
constitute a receipt of a capital nature and will not be subject to income tax. Any new shares which
are acquired will be treated as having been acquired for nil consideration.

The residual cash payments will be subject to dividends tax, which will be withheld from the residual
payment to South African shareholders at a rate of 20 per cent. unless a shareholder qualifies for an
exemption and the prescribed requirements for effecting the exemption (as set out in the Scrip
Dividend Scheme Booklet) are in place.

This information is included only as a general guide to taxation for shareholders resident in South
Africa and is based on Capco’s understanding of the law and the practice currently in force. Any
shareholder who is in any doubt regarding their tax position should seek independent professional
advice.

The salient dates published in the announcement dated 25 July 2018 remain unchanged.

Enquiries
Ruth Pavey
Company Secretary
Capital & Counties Properties PLC
+ 44 (0) 20 3214 9170

20 August 2018

JSE Sponsor:
Merrill Lynch South Africa (Pty) Limited

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