TR-1: Standard form for notification of major holdings CAPITAL & REGIONAL PLC (Incorporated in the United Kingdom) (UK company number 01399411) LSE share code: CAL JSE share code: CRP LEI: 21380097W74N9OYF5Z25 ISIN: GB0001741544 ("Capital & Regional") TR-1: STANDARD FORM FOR NOTIFICATION OF MAJOR HOLDINGS 1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are Capital & Regional PLC attached: 1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) Non-UK issuer 2. Reason for the notification (please mark the appropriate box or boxes with an "X") An acquisition or disposal of voting rights X An acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify): 3. Details of person subject to the notification obligation Name ALLAN GRAY UNIT TRUST MANAGEMENT (RF) PRO-PRIETARY LIMITED City and country of registered office (if applicable) Cape Town, South Africa. 4. Full name of shareholder(s) (if different from 3.) Name City and country of registered office (if applicable) 5. Date on which the threshold was crossed or reached: 21 MAY 2019 6. Date on which issuer notified (DD/MM/YYYY): 22 MAY 2019 7. Total positions of person(s) subject to the notification obligation % of voting rights % of voting rights through financial Total number of attached to shares instruments Total of both in % voting rights of (total of 8. A) (total of 8.B 1 + 8.B 2) (8.A + 8.B) issuer Resulting situation on the date on which threshold 4.0319% - 4.0319% 29,287,628 was crossed or reached Position of previ- ous notification (if applicable) 8. Notified details of the resulting situation on the date on which the threshold was crossed or reached A: Voting rights attached to shares Class/type of Number of voting rights % of voting rights shares Indirect ISIN code (if possible) Indirect (Art 10 of Direct (Art 10 of Direct Directive (Art 9 of Directive Directive (Art 9 of Directive 2004/109/E 2004/109/EC) 2004/109/EC) 2004/109/EC) C) (DTR5.1) (DTR5.2.1) (DTR5.1) (DTR5.2.1) GB0001741544 29,287,628 - 4.0319% - SUBTOTAL 8. A 29,287,628 4.0319% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Number of voting rights that may be acquired if the Type of financial instru- Expiration Exercise/ instrument is % of voting ment date Conversion Period exercised/converted. rights SUBTOTAL 8. B 1 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Exercise/ Physical or Type of financial in- Expiration Conversion cash Number of % of voting strument date Period settlement voting rights rights SUBTOTAL 8.B.2 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X") Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer 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 (please add additional rows as necessary) % of voting rights through financial % of voting rights instruments if it Total of both if it if it equals or is equals or is higher equals or is higher higher than the than the notifiable than the notifiable Name notifiable threshold threshold threshold RAND MERCHANT BANK – A DIVISION OF FIRST RAND BANK LIMITED ON BEHALF 4.0319% - 4.0319% OF ALLAN GRAY UNIT TRUST MANAGEMENT (RF) (PTY) LTD 10. In case of proxy voting, please identify: Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held 11. Additional information Place of completion Johannesburg, South Africa Date of completion 23 May 2019 23 May 2019 JSE sponsor Java Capital Notes to editors: About Capital & Regional plc Capital & Regional is a UK focused specialist property REIT with a strong track record of delivering signifcant value enhancing retail and leisure asset management opportunities across its c. £0.9 billion portflio of in-town, dominant community shopping centres. Capital & Regional owns seven shopping centres in Blackburn, Hemel Hempstead, Ilford, Luton, Maidstone, Walthamstow and Wood Green. Capital & Regional manages these assets through its in-house expert property and asset management platform. For further information see capreg.com/ Date: 23/05/2019 01:00:00 Produced by the JSE SENS Department. 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