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) JSE code: CCO ISIN: GB00B62G9D36 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. 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) 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) 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 15 May 2020 reached 5) Date issuer was notified 19 May 2020 6) Threshold that was crossed Total holding above 4% 7) Total positions of persons subject to the notification obligation A) Resulting situation on the date on % of voting rights attached to shares 4.01% which threshold was crossed or % of voting rights through financial N/A reached instruments Total of both in % 4.01% Total number of voting rights of issuer 848,359,508 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 33,994,434 (Indirect) % of voting rights 4.01% (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 xv equals or is higher instruments if it Name 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. 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 Leigh McCaveny Acting Company Secretary 020 3214 9170 19 May 2020 JSE Sponsor: Merrill Lynch South Africa (Pty) Limited Date: 19-05-2020 05:40:00 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.