Notification of Major Interests in Shares 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) ISIN: GB00B62G9D36 JSE code: CCO CAPITAL & COUNTIES PROPERTIES PLC (the “Company”) NOTIFICATION OF MAJOR INTERESTS IN SHARES Capital & Counties Properties PLC has received a revised notification of interests in the Ordinary shares of 25 pence each in the Company as shown below. The original notification was received on 31 May 2019. The revised notification does not change the threshold that was reported as being crossed in the original notification on 29 May 2019. 1) Details and location of person Madison International Real Estate Liquidity Fund VII subject to the notification obligation - Madison International Realty Holdings, LLC (names) (Delaware) - MIRELF VII (Ontario), LP (Ontario) - MIRELF VII Offshore Securities, LLC (Delaware) Madison International Global Value Real Estate Securities Fund LP - Madison International Realty Holdings, LLC (Delaware) - Madison International Global Value Real Estate Securities Fund LP (Cayman) - MIRGV Cayman LP (Cayman) - MIRGV Master Offshore LP (Cayman) Separate Madison-managed account - Managed by Madison International Realty Holdings, LLC (Delaware) 2) Full name and location of Madison International Real Estate Liquidity Fund VII shareholders (if different from 1) - MIRELF VII Offshore Securities, LLC (Delaware) (names) Madison International Global Value Real Estate Securities Fund LP - MIRGV Master Offshore LP (Cayman) Separate Madison-managed account - Managed by Madison International Realty Holdings, LLC (Delaware) 3) Reason for notification An acquisition or disposal of voting rights 4) Date threshold was crossed or 29 May 2019 reached 5) Date issuer was notified Revised notification: 1 July 2019 Original notification: 31 May 2019 6) Threshold that was crossed Total holding remains above 3% 7) Total positions of persons subject to the notification obligation A) Resulting situation on the date on % of voting rights attached to shares 3.13% which threshold was crossed or % of voting rights through financial N/A reached instruments Total of both in % 3.13% Total number of voting rights of issuer 850,820,151 B) Position of previous notification % of voting rights attached to shares N/A % of voting rights through financial N/A instruments Total of both in % N/A 8) Notified details of the resulting situation on the date on which the threshold was crossed or reached A) Voting rights attached to shares Number of voting rights 26,635,080 (Indirect) % of voting rights 3.13% (Indirect) B1) Financial Instruments according to Type of financial instrument N/A Art. 13(1)(a) of Directive 2004/109/EC Expiration date N/A (DTR5.3.1.1 (a)) Exercise/Conversion Period N/A Number of voting rights that may be N/A acquired if the instrument is exercised/converted. % of voting rights N/A B2) Financial Instruments with similar Type of financial instrument N/A economic effect according to Art. Expiration date N/A 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Exercise/Conversion Period N/A Physical or cash settlement N/A Number of voting rights N/A % of voting rights N/A 9) Information in relation to the person subject to the notification obligation Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity % of voting Total of rights through both if it % of voting rights if it financial equals or is equals or is higher instruments if it Namexv higher than than the notifiable equals or is the threshold higher than the notifiable notifiable threshold threshold Madison International Real Estate Liquidity Fund VII ? MIRELF VII Offshore Securities, LLC is owned as to 100% by MIRELF VII (Ontario), LP, which in turn is owned by certain limited partnerships which are indirectly controlled by Madison International Realty Holdings, LLC. Madison International Global Value Real Estate Securities Fund LP ? MIRGV Master Offshore LP is owned as to 100% by MIRGV Cayman LP which in turn is owned by Madison International Global Value Real Estate Securities Fund LP and MIRELF VI NPS Co-Investment LP (which are indirectly controlled by Madison International Realty Holdings, LLC) . Separate Madison-managed account ? Madison International Global Alpha Realty, LLC manages a separate account on behalf of a third party investor. Madison International Global Alpha Realty, LLC is directly controlled by Madison International Realty Holdings, LLC. 10) Additional information N/A Ruth Pavey Company Secretary 020 3214 9170 JSE Sponsor: Merrill Lynch South Africa (Pty) Limited 1 July 2019 Date: 01/07/2019 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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