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Disclosure pursuant to section 430(2B) of the Companies Act 2006 – Gary Yardley

As announced on 19 June 2019, Gary Yardley ceased to be a director and employee of Capital & Counties Properties PLC (the “Company”) on 30 June 2019 (the “Termination Date”).

In accordance with the Company’s directors’ remuneration policy, as set out in the Company’s Annual Report and Accounts, the payments and benefits set out below will be paid (or provided) following the Termination Date:

  1. Gary will receive a sum of £706,200 by way of payment in lieu of salary and certain contractual benefits (including pension allowance) in respect of his 12 month notice period. In addition, Gary’s private medical and life insurance cover will continue for 12 months from the Termination Date or, if earlier, until he starts a new role providing broadly equivalent benefits. Based on the 2019/20 premiums, the estimated value of the insured benefits is £7,125.20.
  2. A bonus payment of £104,062.50 will be made in respect of the 2019 performance year to 30 June 2019. This amount was determined by the Remuneration Committee of the Company based on its assessment of applicable performance conditions.
  1. As at the Termination Date, Gary Yardley held the nil-cost options shown below under the Company's Performance Share Plan 2017 (“PSP 2017”) and
    those options vested on the Termination Date to the extent shown below in accordance with the rules of the PSP 2017:

Award/Plan

All awards are nil cost options

Unvested shares prior to Termination Date

Vested shares exercisable for 12 months from Termination Date

2017 Deferred bonus shares

26,463

26,463

2018 Deferred bonus shares

90,023

90,023

2019 Deferred bonus shares

40,081

40,081

2017 PSP award

597,993

*21,832

2018 PSP award

707,543

*250,169

2019 PSP award

803,482

*261,306

* These numbers reflect measurement of the performance conditions and time pro-rating.

  1. As at the Termination Date, Gary held vested but unexercised options under the Company’s previous Performance Share Plan and Matching Share Plan as shown below:

Award/Plan

All awards are nil cost options except where otherwise stated

Vested shares exercisable for 12 months from the Termination Date

2011 HMRC approved option – option price £1.5773

19,019

2013 PSP award

177,575

2013 Match of deferred bonus shares

76,538

2013 MSP co-investment award

73,963

2013 Deferred bonus shares

102,998

2014 Deferred bonus shares

88,767

2015 Deferred bonus shares

81,279

2016 Deferred bonus shares

104,662

  1. Up to £10,000 (excluding VAT) will be paid directly to third party service providers in respect of legal services. Gary will also receive £50 in consideration for post-employment undertakings.

Gary will not receive any payment for loss of office.

The payments detailed above are subject to tax withholdings where applicable.

Full details of all payments made to and receivable by Gary will be disclosed in the Directors’ Remuneration Report within the Company’s Annual Report and Accounts for the year ending 31 December 2019, and subsequent years, as appropriate

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