Scrip Dividend Calculation and Exchange Rate

CAPITAL & COUNTIES PROPERTIES PLC (the "Company")

2012 INTERIM DIVIDEND - EXCHANGE RATE AND SCRIP CALCULATION PRICES

Capital & Counties Properties PLC confirms that SARB approval for the offering
of a scrip dividend alternative has been obtained and accordingly shareholders
are able to elect to receive new ordinary shares in the Company, credited as
fully paid, in lieu of cash in respect of the 2012 interim dividend of 0.5
pence per ordinary share.

Exchange Rate for Final Dividend

The Company confirms that the South African Rand exchange rate for the 2012
interim dividend of 0.5 pence per ordinary share to be paid on 18 September
2012, to all shareholders registered on 24 August 2012, will be 12.7439 ZAR to
1 GBP.

On this basis, shareholders who hold their shares via the South African
register will receive a cash dividend of 6.37195 ZA cents per ordinary share.

Scrip Calculation Price

The Scrip Calculation prices are as follows:

UK (principal register): 217.02 pence (Sterling)

South Africa: 2777.72 cents (South African Rand)

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

Scrip Ratio:

UK (principal register): 1 new ordinary share for every 434.04 ordinary shares
held

South Africa: 1 new ordinary share for every 435.92935 ordinary shares held

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 500 shares on the
South African branch register and elects to receive the scrip dividend
alternative would be entitled to 500/435.92935 = 1.14697 shares which would be
rounded down to 1 share, and the residual payment would be 0.14697 x 2777.72 ZA
cents = 408.24151 ZA cents, payable in cash.

Further details of the scrip dividend alternative are contained in the Scrip
Dividend Scheme Booklet, a Supplemental Notice 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:

In South Africa, the 2012 interim cash dividend which was announced on 31 July
2012 will constitute a foreign dividend and will therefore be subject to
Dividends Tax. Dividends Tax will be withheld at the rate of 15 per cent.
unless a shareholder qualifies for an exemption or a reduced rate of Dividends
Tax and the prescribed requirements for effecting the exemption or reduction,
as set out in the scrip dividend scheme booklet, are in place. After Dividends
Tax has been withheld, the net Final Dividend will be 5.41616 ZA cents per
ordinary share.

No secondary tax on companies (STC) credits will be available to be utilised
against Dividend Tax withheld on the payment of the Final Dividend. The number
of shares in issue as at the declaration date was 684,470,211 ordinary shares
of 25p each.

It is Capco's understanding that a receipt of shares in terms of the scrip
dividend alternative will also constitute a foreign dividend in terms of
current legislation which is in force. Under the current legislation, the scrip
dividend will not be subject to Dividends Tax but will instead be subject to
income tax at a rate of 15 per cent. The new shares which are acquired under
the Scrip Dividend Alternative will also be treated as having been acquired for
nil consideration.

It is also Capco's understanding that the residual payments will be subject to
South African Dividends Tax, which will be withheld from the residual payment
to South African shareholders at a rate of 15 per cent. unless a shareholder
qualifies for an exemption or reduced rate of Dividends Tax and the prescribed
requirements for effecting the exemption or reduction, 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 based on Capco's understanding of the law
and the practice currently in force. Any Shareholder who is in any doubt as to
their tax position should seek independent professional advice.

The salient dates published in the announcement dated 31 July 2012 remain
unchanged.

Enquiries

Ruth Pavey

Company Secretary

Capital & Counties Properties PLC

+ 44 (0) 20 7297 6283

10 August 2012