Update on proposed Demerger of Covent Garden 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 (“Capco”) PRESS RELEASE 26 September 2019 Update on proposed demerger of Covent Garden On 25 July 2019, the Company announced its intention to launch Covent Garden as a central London focused REIT through its demerger from Capco. The Company also confirmed that there had been a broad range of interest in Earls Court but that there was no certainty of a sale being completed. Since then preparations for the demerger and documentation have been substantially finalised. In addition, there has been progress with parties interested in acquiring the Earls Court business, including in relation to due diligence and commercial terms, and certain relevant stakeholders have indicated that selected potential buyers would represent acceptable counterparties. Indicative pricing continues to represent a range of discounts to the balance sheet value. In assessing interest from potential buyers, the Board continues to focus on value and deliverability. Accordingly the Board has determined to continue to work with selected parties towards achieving a sale. The Board believes that separation of the two businesses is in shareholders’ interests and it is expected that demerger documentation will be published by the end of October 2019 if a sale of Earls Court is not progressed satisfactorily. Further announcements will be made in due course. Enquiries Capital & Counties Properties PLC Ian Hawksworth Chief Executive +44 (0)20 3214 9188 Situl Jobanputra Chief Financial Officer +44 (0)20 3214 9183 Sarah Corbett Head of Investor Relations +44 (0)20 3214 9165 Media enquiries Sarah Hagan Director of Communications +44 (0)20 3214 9185 UK: Tulchan Jessica Reid +44 (0)20 7353 4200 SA: Instinctif Frederic Cornet +27 (0)11 447 3030 Notes to Editors 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's landmark London estates at Covent Garden and Earls Court were valued at £3.2 billion as at 30 June 2019 (Group share). The company is listed on the London Stock Exchange and the Johannesburg Stock Exchange. www.capitalandcounties.com JSE Sponsor: Merrill Lynch South Africa (Pty) Limited Date: 26/09/2019 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.