Scrip Dividend Calculation and Exchange Rate

CAPITAL & COUNTIES PROPERTIES PLC

FINAL DIVIDEND FOR THE YEAR ENDED 31 DECEMBER 2011, EXCHANGE RATE AND SCRIP
CALCULATION PRICES

Following the approval of the introduction of a Scrip Dividend Scheme at the
Annual General Meeting of Capital & Counties Properties PLC (the "Company")
held on 20 April 2012, shareholders are able to elect to receive Ordinary
Shares credited as fully paid in lieu of cash dividends in respect of the 2011
final dividend of 1 pence per Ordinary Share.

Exchange Rate for Final Dividend:

The Company confirms that the South African Rand exchange rate for the 2011
final dividend of 1.0 pence per ordinary share to be paid on 21 June 2012, to
all shareholders registered on 18 May 2012, will be 12.516 ZAR to 1 GBP.

On this basis, shareholders who hold their shares via the South African
register will receive a cash dividend of 12.516 ZA cents per ordinary share.

Scrip Calculation Price:

The indicative timetable included in the notice of Annual General Meeting
stated that the price setting period for the Scrip price calculation would be
25 April 2012 to 2 May 2012 inclusive. However, the Scrip Dividend Scheme
Booklet defines this period as the five dealing days ending on the currency
conversion date. Accordingly the Scrip price calculation period was 26 April
2012 to 2 May 2012 inclusive for shareholders whose Ordinary Shares are traded
on the LSE, and 24 April 2012 to 2 May 2012 inclusive for shareholders whose
Ordinary Shares are traded on the JSE.

The Scrip Calculation prices are as follows:

UK (principal register) 197.54 pence (Sterling)

South Africa 2477.17 ZA cents (South African Rand)

Scrip Ratio:

Each shareholder whose Ordinary Shares are traded on the LSE will be entitled
to one new share for every 198 Ordinary Shares held. Each shareholder whose
Ordinary Shares are traded on the JSE will be entitled to one new share for
every 198 Ordinary Shares held.

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 x 12.516 ZA cents / 2,477.17 ZA cents =
2.53 (which would be rounded down to 2 shares with the residual amount being
paid in cash).

Further details of the scrip dividend alternative are contained in the Scrip
Dividend Scheme Booklet, and the related mandate forms, which are available on
the Capco's website at www.capitalandcounties.com and from the Capco's share
Registrars.

Important Information for South African Shareholders:

Holders of the Company's shares in South Africa should note that since the
publication of the notice of Annual General Meeting, the South African Revenue
Service has announced that the official rate of the new South African Dividends
Tax will be 15 per cent.

In South Africa, the final cash dividend which was declared and approved for
payment on 20 April 2012 will be a foreign dividend and will therefore be
subject to Dividends Tax. Dividends Tax will therefore be withheld from the
amount of the Final Dividend paid to South African shareholders at the rate of
15 per cent. unless a shareholder qualifies for an exemption from Dividends
Tax, and the prescribed requirements for effecting the exemption, as set out in
the scrip dividend scheme booklet, are in place. After Dividends Tax has been
withheld, the net Final Dividend will be 10.639 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 683,928,502 ordinary shares
of 25p each.

It is Capco's understanding that the scrip dividend alternative will also
constitute a foreign dividend but will, however, not be subject to Dividends
Tax as it will constitute the distribution of an asset in specie to a
shareholder. The receipt 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 be treated as having been acquired on the date of distribution
and will have a base cost equal to the amount of the foreign dividend received.

This information is included only as a general guide to taxation for
Shareholders resident in South Africa based on Capital & Counties'
understanding of the law and practice currently in force. Any Shareholder who
is in any doubt as to their tax position should seek independent professional
advice.

Share certificates may not be dematerialised or rematerialised on the South
African branch register between 14 May 2012 and 18 May 2012, both dates
inclusive, and transfers between the registers may not take place from 2 May
2012 to 20 May 2012 inclusive.

Timetable of Events:

Last Date to trade cum dividend         Friday                  11 May 2012    
                                                                               
Ex-dividend date (SA)                   Monday                  14 May 2012    
                                                                               
Ex-dividend date (UK)                   Wednesday               16 May 2012    
                                                                               
Record Date                             Friday                  18 May 2012    
                                                                               
Election date for scrip alternative     Friday                  18 May 2012    
(SA) (by noon)                                                                 
                                                                               
Election date for scrip alternative     Wednesday               30 May 2012    
(UK)                                                                           
                                                                               
Dividend payment date / issue date for  Thursday                21 June 2012   
new Ordinary Shares under the Scrip                                            
Dividend Scheme                                                                



Enquiries:

Ruth Pavey

Company Secretary

Capital & Counties Properties PLC

+ 44 (0) 20 7297 6283

3 May 2012

About Capital & Counties Properties PLC (Capco):

CAPITAL & COUNTIES PROPERTIES PLC is one of the largest companies that
specialises in central London real estate and is a constituent of the FTSE-250
Index. CAPITAL & COUNTIES PROPERTIES PLC holds 3.3 million square feet of
assets valued at £1.6 billion (as at 31 December 2011) in three landmark London
estates: Covent Garden, which has assets valued at £808 million, including the
historic Market Building; Earls Court & Olympia Group and 50% of the Empress
State building in Earls Court amounting to aggregate property assets of £574
million; and the Great Capital Partnership, a joint venture with Great Portland
Estates, which holds prime West End properties of which Capco's share is £241
million. The company is listed on the London Stock Exchange and the JSE,
Johannesburg.