Confirmation of Exchange Rate and Calculation Prices

4 OCTOBER 2013 2013 INTERIM DIVIDEND: TIMETABLE, EXCHANGE RATE AND SCRIP CALCULATION PRICES On 1 August 2013, the Directors announced an interim dividend for 2013 of 5pence per ordinary share payable on 19 November 2013 (the "Dividend"). Asconfirmed on 27 September 2013, the Directors are offering shareholders a scripalternative to the 2013 interim cash dividend. The dividend will be paid asfollows: * If taken in cash, this dividend will be wholly paid as a Property Income Distribution ("PID") which will be subject to deduction of a 20 per cent UK withholding tax unless exemptions apply. * Shareholders who make an election to receive shares will receive shares based on the full 5.0 pence dividend being paid as a non-PID. As a non-PID, this will be treated as an ordinary UK company dividend. The Company is now pleased to announce the share price applicable to the scripalternative to the cash dividend and, for its South African shareholders, theexchange rate applicable to the dividend. The salient dates for payment of thedividend published in the announcement dated 27 September 2013 remainunchanged. Further details of the scrip dividend alternative are contained in the ScripDividend Scheme Booklet, and the related Election forms, which are availablefrom www.intugroup.co.uk and from the Company's Registrars. (i) Shareholders receiving the dividend in cash: The Company confirms that the South African Rand exchange rate for the 2013interim dividend will be 16.298 ZAR to 1 GBP. Shareholders who do not make anelection to receive shares will receive a cash dividend per ordinary sharewhich will be paid wholly as a PID as follows: UK Shareholders SA Shareholders Gross amount of PID GBP pence 5.0p 81.490 ZA cents *Less 20% withholding tax GBP pence 1.0p 16.298 ZA cents Net PID dividend payable GBP pence 4.0p 65.192 ZA cents *Certain categories of UK shareholdermay apply for exemption, in which case thePID will be paid gross. (ii) Shareholders who elect to take shares: (a)Dividend equivalent values: Shareholders who make an election to receive shares instead of the cashdividend will receive shares with a value equivalent to a dividend per ordinaryshare as follows: UK Shareholders SA Shareholders Non-PID dividend GBP pence 5.0p 81.490 ZA cents (b) Share entitlement: Shareholders on the UKshare register: The price setting period for the Scrip price calculation was 27 September to 3October 2013 inclusive. Based on the average middle market quotations for eachday in the price setting period on the LSE less the gross amount of dividend asset out above, the Scrip Calculation Price applicable to UK shareholders is GBPpence 317.12. The scrip share allocation will be as follows: Non-PID dividend No. of shares required to be held for one new 63.424share The number of shares to be allocated will be calculated by dividing the totalvalue of the dividend otherwise receivable by the shareholder by the ScripCalculation Price and rounding down to the nearest whole number. Any fractionalentitlement, i.e. the total value of the dividend receivable less the value ofthe shares allocated, will be paid out as cash but still treated as a non-PIDdividend. (c) Share entitlement: Shareholders on the South Africashare register: The exchange rate for the calculation of share entitlement is as stated above,16.298 ZAR to 1 GBP. The price setting period for the Scrip price calculationwas 27 September to 3 October 2013 inclusive. Based on the average middlemarket quotations for each day in the price setting period on the JSE less thegross amount of dividend as set out above, the Scrip Calculation Priceapplicable to South African shareholders is 5,137.75 ZA cents. The scrip shareallocation will be as follows: Non-PID dividend No. of shares required to be held for one new 63.04761share The number of shares to be allocated will be calculated by dividing the totalvalue of the dividend otherwise receivable by the shareholder by the ScripCalculation Price and rounding down to the nearest whole number. Any fractionalentitlement (which for these purposes will be treated as a residual dividend),i.e. the total value of the dividend receivable less the value of the sharesallocated, will be paid out as cash but still treated as a non-PID dividend. By way of illustration of the above, the scrip share calculation will be asfollows for a shareholder who holds 100 shares: Non-PID dividend Amount of dividend entitled to receive R81.49(per (a) above x 100): No. of shares entitled to receive: Calculation: 100/63.04761 No. of new shares: 1.58610 Example of fractional entitlementcalculation: Fraction (from above): 0.58610 Fractional entitlement (paid in cash): R30.11 (multiply fraction by scrip price) (iv) Notes for South African shareholders On application by South African shareholders, 5 per cent of the 20 per cent UKwithholding tax deducted from a PID is claimable from the UK's HM Revenue &Customs ("HMRC"), resulting in an effective UK withholding tax rate of 15 percent. The Company will account to HMRC in sterling for the total UK withholdingtax deducted. Settlement of any claims for refund will be calculated andsettled in sterling by HMRC. The information given in section (i) above will assist with applications forrefunds. For information on PIDs and refund claims, including claim forms andguidance on how to complete them, visithttp://www.intugroup.co.uk/investors/shareholders-bondholders/real-estate-investment-trust/. No secondary tax on companies (STC) credits will be available to be utilisedagainst any SA Dividends Tax withheld on the payment of the interim dividend.The number of shares in issue as at the declaration date was 966,994,656ordinary shares of 50p each. SA Taxation summary: Where the 2013 interim dividend is paid in cash, it will constitute a foreigndividend and so will be exempt from South African income tax, but subject todeduction of SA Dividends Tax unless an exemption or rebate applies. For cashPIDs the liability to Dividends Tax will be offset by the net UK withholdingtax of 15 per cent, resulting in no Dividends Tax being deducted. Where an election to receive shares under the Scrip Dividend Scheme has beenmade it is our understanding that it will not constitute a foreign dividend.Under current legislation, such shares will not therefore be subject toDividends Tax or income tax, but the full value of the shares on eventualdisposal will be subject to Capital Gains Tax with no base cost allowed. It isalso our understanding that where an election to receive shares under the ScripDividend Scheme has been made, any fractional entitlements paid in cash toshareholders will be treated in the same manner as that applicable to theunderlying element of the dividend, in this case a non-PID. Therefore cashresiduals payable to shareholders electing to receive shares in respect of the2013 interim dividend will be subject to deduction of South African DividendsTax. The above information, and the guidelines on the taxation of dividends,including when taken as scrip shares, contained in the Scheme Booklet, isprovided as a general guide based on the Company's understanding of the law andpractice currently in force. Any Shareholder who is in any doubt as to theirtax position should seek independent professional advice.