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
(“Capco”)


RECOMMENDED ALL-SHARE MERGER OF CAPCO                           AND     SHAFTESBURY       PLC    ("SHAFTESBURY")
PUBLICATION OF 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, AND THE
SUPPLEMENTARY PROSPECTUS WHICH IS BEING PUBLISHED TODAY.

FOR IMMEDIATE RELEASE

                                                                                                  29 November 2022

The board of Capco announces that, having received approval from the Financial Conduct Authority, Capco has
published a supplementary prospectus (the "Supplementary Prospectus"). The 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") in connection with the recommended all-share merger of Shaftesbury with Capco (the "Merger").

The 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 Shaftesbury's preliminary results on
29 November 2022 which includes extracted results from its full year audited financial information for the year ended
30 September 2022.

A copy of the 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 the Merger becomes effective. The 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
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 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.

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 Adviser and UK Sponsor to Capco)                         +44 (0)20 7280 5000
 Alex Midgen
 Peter Everest
 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

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

Terms used but not defined in this announcement have the meaning set out in the Prospectus, the Scheme Document
and the 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 and the 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 30 November 2022 (being the first
Business Day following the day 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. 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.



Sponsor