CAPITAL & COUNTIES PROPERTIES PLC
(Incorporated and registered in the United Kingdom
with Registration Number 07145051 and
registered in South Africa as an external company
with Registration Number 2010/003387/10)
JSE code: CCO ISIN: GB00B62G9D36
LEI: 549300TTXXZ1SHUI0D54



RECOMMENDED ALL-SHARE MERGER OF CAPITAL & COUNTIES PROPERTIES PLC
(“CAPCO”) AND SHAFTESBURY PLC (“SHAFTESBURY”) – PUBLICATION OF
SECONDARY SUPPLEMENTARY PROSPECTUS



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO
WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF
SUCH JURISDICTION.

THE FOLLOWING ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A
PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT AND INVESTORS SHOULD
NOT MAKE ANY INVESTMENT DECISION IN RELATION TO THE EXISTING CAPCO
SHARES AND NEW CAPCO SHARES EXCEPT ON THE BASIS OF THE INFORMATION
IN THE SCHEME DOCUMENT, THE PROSPECTUS AND THE CIRCULAR, PUBLISHED
ON 7 JULY 2022, THE FIRST SUPPLEMENTARY PROSPECTUS, PUBLISHED ON
29 NOVEMBER AND THE SECOND SUPPLEMENTARY PROSPECTUS WHICH IS BEING
PUBLISHED TODAY.

                                                                                  3 March 2023
The board of Capco announces that, having received approval from the Financial Conduct
Authority, Capco has published a second supplementary prospectus (the "Second
Supplementary Prospectus"). The Second Supplementary Prospectus is supplemental to,
and should be read in conjunction with, the prospectus which was published by Capco on
7 July 2022 (the "Prospectus") and the supplementary prospectus published by Capco on
29 November 2022 (the "First Supplementary Prospectus"), in connection with the
recommended all-share merger of Shaftesbury with Capco (the "Merger").

The Second Supplementary Prospectus has been prepared in accordance with Article 23 of
the UK Prospectus Regulation and PR 3.4 of the Prospectus Regulation Rules, following the
publication of Capco's annual report for 2022 on 3 March 2023 which includes its full year
audited financial information for the year ended 31 December 2022.

A copy of the Second Supplementary Prospectus will shortly be available subject to certain
restrictions relating to persons resident in Restricted Jurisdictions on Capco's website at
https://www.capitalandcounties.com/investors/investor-information/merger-shaftesbury-plc
and will be available for inspection at the offices of Herbert Smith Freehills LLP, being
Exchange House, Primrose Street, London, EC2A 2EG, United Kingdom, from today's date up
to and including the date upon which Admission occurs. The Second Supplementary
Prospectus will also be available subject to certain restrictions relating to persons resident in
Restricted           Jurisdictions       on           Shaftesbury's            website         at
https://www.shaftesbury.co.uk/en/investor-relations/recommended-all-share-merger-with-
capco.html. The Second Supplementary Prospectus has been submitted to the National
Storage      Mechanism      and    will    shortly be   available   for   inspection   at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

For further information please contact:
Capco                                                                +44 (0)20 3214 9150
Ian Hawksworth, Chief Executive
Situl Jobanputra, Chief Financial Officer
Sarah Corbett, Director of Commercial Finance and Investor Relations

Rothschild & Co (Lead Financial Advisers and UK Sponsor to +44 (0)20 7280 5000
Capco)
Alex Midgen
Peter Everest

UBS (Joint Financial Adviser and Corporate Broker to Capco)          +44 (0)20 7567 8000
Hew Glyn Davies
Jonathan Retter

Jefferies (Joint Financial Adviser and Corporate Broker to Capco) +44 (0)20 7029 8000
Philip Noblet
Ed Matthews

Peel Hunt (Joint Corporate Broker to Capco)                          +44 (0)20 7418 8900
Carl Gough
Capel Irwin

Hudson Sandler (PR Adviser to Capco)                                 +44 (0)20 7796 4133
Michael Sandler

Instinctif Partners (PR Adviser to Capco)                            +27 (0)11 447 3030
Frederic Cornet

Shaftesbury                                                          +44 (0)20 7333 8118
Brian Bickell, Chief Executive
Chris Ward, Chief Financial Officer

Evercore (Joint Lead Financial Adviser to Shaftesbury)               +44 (0)20 7653 6000
Ed Banks
Wladimir Wallaert

Blackdown Partners (Joint Lead Financial Adviser to Shaftesbury) +44 (0)20 3807 8484
Peter Tracey
Tom Fyson

Liberum Capital (Joint Financial Adviser and Corporate Broker to +44 (0)20 3100 2000
Shaftesbury)
Richard Crawley
Jamie Richards

J.P. Morgan Cazenove (Joint Financial Adviser and Corporate +44 (0)20 7742 400
Broker to Shaftesbury)
Paul Pulze
Saul Leisegang
RMS Partners (PR Adviser to Shaftesbury)                                     +44 (0)7958 754 273
Simon Courtenay

MHP Communications (PR Adviser to Shaftesbury)                               +44 (0)20 3128 8613
Oliver Hughes

Barclays, BNP Paribas and HSBC are original lenders under the Loan Facility Agreement and
have provided financial advice to Capco in relation to the Merger. Java Capital is acting as
South African sponsor to Capco.

Herbert Smith Freehills LLP is acting as legal adviser to Capco in connection with the Merger.

Hogan Lovells International LLP is acting as legal adviser to Shaftesbury in connection with
the Merger.

Terms used but not defined in this announcement have the meaning set out in the Prospectus,
the Scheme Document, the First Supplementary Prospectus and the Second Supplementary
Prospectus.

Further information
This announcement is for information purposes only and is not intended to and does not
constitute, or form part of, any offer to sell or issue, or any solicitation of an offer to purchase,
subscribe for or otherwise acquire, or the solicitation of any offer to dispose of, any securities
or the solicitation of any vote or approval in any jurisdiction pursuant to the Merger or otherwise,
nor shall there be any sale, issuance or transfer of securities of Capco or Shaftesbury pursuant
to the Merger in any jurisdiction in contravention of applicable laws. The Merger will be
implemented solely pursuant to the terms of the Scheme Document (or, in the event that the
Merger is to be implemented by means of a Takeover Offer, the Offer Document).
This announcement does not constitute a prospectus or a prospectus equivalent document.
Important Notices Relating to the Financial Advisers and Corporate Brokers
Rothschild & Co, which is authorised and regulated by the FCA in the United Kingdom, is acting
exclusively as lead financial adviser for Capco and no one else in connection with the Merger
and will not be responsible to any other person for providing the protections afforded to its
clients or for providing advice in connection with Merger, the contents of this announcement or
any other matter referred to herein. Neither Rothschild & Co nor any of its affiliates (nor their
respective directors, officers, employees or agents) owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute
or otherwise) to any person who is not a client of Rothschild & Co in connection with this
announcement, any statement contained herein, the Merger or otherwise. No representation
or warranty, express or implied, is made by Rothschild & Co as to the contents of this
announcement.
Java Capital Trustees and Sponsors Proprietary Limited ("Java Capital"), which is regulated
by the JSE, which is licensed as a securities exchange and is regulated by the Financial Sector
Conduct Authority and the Prudential Authority of South Africa, is acting as JSE sponsor
exclusively for Capco and no one else in connection with the Merger and will not be responsible
to anyone other than Capco for providing the protections afforded to the clients of Java Capital,
nor for providing advice in relation to the Merger from a JSE perspective or any other matter
or arrangement referred to in this announcement.
Overseas jurisdictions
The availability of the New Capco Shares in, and the release, publication or distribution of this
announcement in or into, jurisdictions other than the United Kingdom may be restricted by law
and therefore persons into whose possession this announcement comes who are subject to
the laws of any jurisdiction other than the United Kingdom should inform themselves about,
and observe, any applicable legal or regulatory requirements or restrictions. Any failure to
comply with the applicable restrictions may constitute a violation of the securities laws of any
such jurisdiction. To the fullest extent permitted by applicable law the companies and persons
involved in the Merger disclaim any responsibility or liability for the violation of such restrictions
by any person. Shaftesbury Shareholders who are in any doubt regarding such matters should
consult an appropriate independent adviser in the relevant jurisdiction without delay.
This announcement has been prepared for the purposes of complying with English law, the
Code, the Market Abuse Regulation and the Disclosure Guidance and Transparency Rules
and the information disclosed may not be the same as that which would have been disclosed
if this announcement had been prepared in accordance with the laws of jurisdictions outside
the United Kingdom.
Unless otherwise determined by Capco or required by the Code, and permitted by applicable
law and regulation, the New Capco Shares to be issued pursuant to the Merger to Shaftesbury
Shareholders will not be made available, directly or indirectly, in, into or from a Restricted
Jurisdiction where to do so would violate the laws in that jurisdiction and no person may vote
in favour of the Merger by any such use, means, instrumentality or form (including, without
limitation, facsimile, email or other electronic transmission, telex or telephone) of interstate or
foreign commerce of, or any facility of a national, state or other securities exchange of, any
Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the
laws of that jurisdiction. Accordingly, copies of this announcement and any formal
documentation relating to the Merger are not being, and must not be, directly or indirectly,
mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction
or any other jurisdiction where to do so would constitute a violation of the laws of that
jurisdiction, and persons receiving such documents (including custodians, nominees and
trustees) must not mail or otherwise forward, distribute or send such documents in or into or
from any Restricted Jurisdiction. Doing so may render invalid any related purported vote in
respect of the Merger. If the Merger is implemented by way of a Takeover Offer (unless
otherwise permitted by applicable law and regulation), the Takeover Offer may not be made
directly or indirectly, in or into, or by the use of mails or any means or instrumentality (including,
but not limited to, facsimile, e-mail or other electronic transmission or telephone) of interstate
or foreign commerce of, or of any facility of a national, state or other securities exchange of
any Restricted Jurisdiction and the Merger will not be capable of acceptance by any such use,
means, instrumentality or facilities or from within any Restricted Jurisdiction.
The availability of New Capco Shares pursuant to the Merger to Shaftesbury Shareholders
who are not resident in the United Kingdom or the ability of those persons to hold such shares
may be affected by the laws or regulatory requirements of the relevant jurisdictions in which
they are resident. Persons who are not resident in the United Kingdom should inform
themselves of, and observe, any applicable legal or regulatory requirements. Shaftesbury
Shareholders who are in doubt about such matters should consult an appropriate independent
professional adviser in the relevant jurisdiction without delay.
Additional Information for US Investors
Shareholders in the United States should note that the Merger relates to the shares of an
English company and is proposed to be made by means of a scheme of arrangement provided
for under, and governed by, the law of England and Wales. Neither the proxy solicitation nor
the tender offer rules under the US Securities Exchange Act of 1934, as amended, (the "US
Exchange Act") will apply to the Scheme. Moreover, the Scheme will be subject to the
disclosure requirements and practices applicable in the UK to schemes of arrangement, which
differ from the disclosure requirements of the US proxy solicitation rules and tender offer rules.
However, if Capco were, with the consent of the Panel and subject to the terms of the Co-
operation Agreement, to elect to implement the Merger by means of a Takeover Offer, such
Takeover Offer would be made in compliance with all applicable laws and regulations, including
Section 14(e) of the US Exchange Act and Regulation 14E thereunder. Any such Takeover
Offer would be made in the United States by Capco and no one else. In addition to any such
Takeover Offer, Capco, certain affiliated companies and the nominees or brokers (acting as
agents) may make certain purchases of, or arrangements to purchase, shares in Shaftesbury
outside any such Takeover Offer during the period in which such Takeover Offer would remain
open for acceptance. If such purchases or arrangements to purchase were to be made they
would be made outside the United States and would comply with applicable law, including the
US Exchange Act. Any information about any such purchases would be disclosed as required
in the UK and, if relevant, would be reported to a Regulatory Information Service and would be
available on the London Stock Exchange website at https://www.londonstockexchange.com/.
Financial information included in this announcement, the Scheme Document, the Prospectus,
the First Supplementary Prospectus and the Second Supplementary Prospectus has been
prepared in accordance with accounting standards under UK-adopted international accounting
standards and in accordance with International Financial Reporting Standards ("IFRS") and
thus may not be comparable to financial information of US companies or companies whose
financial statements are prepared in accordance with generally accepted accounting principles
in the United States. If Capco were to implement the Merger by way of a Takeover Offer in
accordance with the terms of the Co-operation Agreement or otherwise in a manner that is not
exempt from the registration requirements of the US Securities Act (as defined below) and
were to extend the offer into the United States, then any such offer would be made in
compliance with applicable United States securities laws and regulations.
Capco and Shaftesbury are each organised under the laws of England and Wales. All of the
officers and directors of Capco and Shaftesbury are residents of countries other than the
United States. It may therefore be difficult for US investors to enforce their rights and any claim
arising out of US securities law. It may not be possible to sue Capco and Shaftesbury (or their
officers and directors) in a non-US court for violations of US securities laws. It may be difficult
to compel Capco, Shaftesbury and their respective affiliates to subject themselves to the
jurisdiction and judgment of a US court.
The receipt of New Capco Shares by a US holder of Shaftesbury Shares as consideration for
the transfer of its Scheme Shares pursuant to the Scheme may be a taxable transaction for
United States federal income tax purposes and under applicable United States state and local
income, franchise or transfer, as well as foreign and other, tax laws. Each Shaftesbury
Shareholder (including US holders) is urged to consult its independent professional adviser
immediately regarding the tax consequences of the Merger applicable to them.
This announcement does not constitute or form a part of any offer to sell or issue, or any
solicitation of any offer to purchase, subscribe for or otherwise acquire, any securities in the
United States.
Neither the US Securities and Exchange Commission nor any securities commission of any
state or other jurisdiction of the United States has approved the New Capco Shares to be
issued in connection with the Merger, passed upon the fairness of the Merger, or passed upon
the adequacy or accuracy of this document. Any representation to the contrary is a criminal
offence in the United States.
Notes regarding New Capco Shares
The New Capco Shares to be issued pursuant to the Scheme have not been and will not be
registered under the US Securities Act of 1933 (as amended) (the "US Securities Act") or under
the relevant securities laws of any state or other jurisdiction of the United States or the relevant
securities laws of Japan and the relevant clearances have not been, and will not be, obtained
from the securities commission of any province of Canada. No prospectus in relation to the
New Capco Shares has been, or will be, lodged with, or registered by, the Australian Securities
and Investments Commission. Accordingly, the New Capco Shares are not being, and may
not be, offered, sold, resold, delivered or distributed, directly or indirectly into or within the
United States, Canada, Australia or Japan or any other jurisdiction if to do so would constitute
a violation of relevant laws of, or require registration thereof in, such jurisdiction (except
pursuant to an exemption, if available, from any applicable registration requirements and
otherwise in compliance with all applicable laws).
The New Capco Shares have not been and will not be registered under the US Securities Act,
or under the securities laws of any state or other jurisdiction of the United States, and may not
be offered or sold in the United States absent registration under the US Securities Act, or
pursuant to an exemption from, or in a transaction not subject to, such registration
requirements and in compliance with any applicable securities laws of any state or other
jurisdiction of the United States. It is expected that the New Capco Shares will be issued in
reliance upon the exemption from the registration requirements of the US Securities Act
provided by Section 3(a)(10) thereof. For the purpose of qualifying for the exemption provided
by Section 3(a)(10) of the US Securities Act, Capco will advise the Court that its sanctioning
of the Scheme will be relied on by Capco for purposes of a Section 3(a)(10) exemption
following a hearing on the fairness of the Scheme to Shaftesbury Shareholders.
Cautionary note regarding forward-looking statements
This announcement (including information incorporated by reference in this announcement),
oral statements made regarding the Merger and other information published by Capco and
Shaftesbury contain statements which are, or may be deemed to be, "forward-looking
statements". These forward-looking statements can be identified by the fact that they do not
relate only to historical or current facts. Forward-looking statements are prospective in nature
and are not based on historical facts, but rather on current expectations and projections of the
management of Capco and Shaftesbury about future events, and are therefore subject to risks
and uncertainties which could cause actual results to differ materially from the future results
expressed or implied by the forward-looking statements. The forward-looking statements
contained in this announcement may include statements relating to the expected effects of the
Merger on Capco and Shaftesbury, the expected timing of the Merger and other statements
other than historical facts. Often, but not always, forward-looking statements can be identified
by the use of forward-looking words such as "plans", "expects" or "does not expect", "is
expected", "is subject to", "budget", "scheduled", "estimates", “targets”, “hopes”, "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and
phrases of similar meaning or statements that certain actions, events or results "may", "could",
"should", "would", "might" or "will" be taken, occur or be achieved. These statements are based
on assumptions and assessments made by Shaftesbury, and/or Capco in light of their
experience and their perception of historical trends, current conditions, future developments
and other factors they believe appropriate. Although Capco and Shaftesbury believe that the
expectations reflected in such forward-looking statements are reasonable, Capco and
Shaftesbury can give no assurance that such expectations will prove to be correct. By their
nature, forward-looking statements involve risk and uncertainty because they relate to events
and depend on circumstances that will occur in the future. There are a number of factors which
could cause actual results and developments to differ materially from those expressed or
implied by such forward looking statements, including, among others the enactment of
legislation or regulation that may impose costs or restrict activities; the re-negotiation of
contracts or licences; fluctuations in demand and pricing in the commercial property industry;
changes in government policy and taxations; changes in political conditions, economies and
markets in which Capco and Shaftesbury operate; changes in the markets from which Capco
and Shaftesbury raise finance; the impact of legal or other proceedings; changes in accounting
practices and interpretation of accounting standards under IFRS; changes in interest and
exchange rates; industrial disputes; war and terrorism. These forward-looking statements
speak only as at the date of this document.
Other unknown or unpredictable factors could cause actual results to differ materially from
those in the forward-looking statements. Such forward-looking statements should therefore be
construed in the light of such factors. Neither Capco nor Shaftesbury, nor any of their
respective associates or directors, officers or advisers, provides any representation, assurance
or guarantee that the occurrence of the events expressed or implied in any forward-looking
statements in this announcement will actually occur. You are cautioned not to place undue
reliance on these forward-looking statements. Other than in accordance with their legal or
regulatory obligations (including under the Listing Rules and the Disclosure Guidance and
Transparency Rules of the FCA), neither Capco or Shaftesbury is under any obligation, and
Capco and Shaftesbury expressly disclaim any intention or obligation, to update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise.
No Profit Forecasts or Estimates
No statement in this announcement (including any statement of estimated synergies) is
intended as a profit forecast or estimate for any period and no statement in this announcement
should be interpreted to mean that earnings or earnings per share or dividend per share for
Capco, Shaftesbury or the Combined Group, as appropriate, for the current or future financial
years would necessarily match or exceed the historical published earnings or earnings per
share or dividend per share for Capco, Shaftesbury or the Combined Group as appropriate.
Publication of this announcement
A copy of this announcement will be available subject to certain restrictions relating to persons
resident       in    Restricted       Jurisdictions     on        Capco's        website       at
https://www.capitalandcounties.com/investors/investor-information/merger-shaftesbury-plc
and Shaftesbury's website at https://www.shaftesbury.co.uk/en/investor-relations/possible-all-
share-merger-with-capco/disclaimer.html by no later than 12 noon (London time) on the
business day after the date of this announcement.
For the avoidance of doubt, the contents of Capco's website and Shaftesbury's website are
not incorporated into and do not form part of this announcement.
Requesting hard copy documents
In accordance with Rule 30.3 of the Code, Capco Shareholders may request a hard copy of
this   announcement       by     contacting Ruth      Pavey     (Company        Secretary) at
Ruth.Pavey@capitalandcounties.com or by calling +44 (0)20 3214 9150 (or, in the case of
shareholders resident in South Africa, Java Capital during business hours on +27 081 011
5571). If you have received this announcement in electronic form, copies of this announcement
and any document or information incorporated by reference into this document will not be
provided unless such a request is made. Capco Shareholders may also request that all future
documents, announcements and information to be sent to them in relation to the Merger should
be in hard copy form.
If you are in any doubt about the contents of this announcement or the action you should take,
you are recommended to seek your own independent financial advice immediately from your
stockbroker, bank manager, solicitor, accountant or independent financial adviser duly
authorised under FSMA if you are resident in the United Kingdom or, if not, from another
appropriately authorised independent financial adviser.
Other information
If you have any questions about shareholder matters relating to the contents of this
announcement, please contact Link Group on +44 (0)371 664 0321. Calls are charged at the
standard geographic rate and will vary by provider. Calls outside the United Kingdom will be
charged at the applicable international rate. The helpline is open between 09:00 - 17:30,
Monday to Friday excluding public holidays in England and Wales.