Confirmation of Final Dividend Exchange Rate

30 March 2016

intu properties plc (the "Company")

Confirmation of Final Dividend Exchange Rate

On 26 February 2016, the Directors proposed a final dividend for 2015 of 9.1 pence per share (the "Dividend"). As confirmed on 22 March 2016, a Scrip Dividend Alternative will not be offered to shareholders in respect of the Dividend, which will accordingly only be paid in cash. The Dividend will also be paid wholly as a Property Income Distribution ('PID'), which will be subject to deduction of a 20 per cent UK withholding tax unless exemptions apply.

The Company is now pleased to announce below, for its South African shareholders, the exchange rate applicable to the Dividend. The salient dates for payment of the Dividend published in the announcement dated 22 March 2016 remain unchanged.

Final Dividend Exchange Rate

The Company confirms that the South African Rand exchange rate for the 2015 final dividend will be 21.961 ZAR to 1 GBP. Shareholders will therefore receive the Dividend wholly as a PID on the following, per ordinary share, basis:

* The forthcoming changes to the UK taxation of dividends, announced in the 2015 Summer Budget and taking effect from 6 April 2016, will not apply to PID payments.

** Certain categories of UK shareholder may apply for exemption, in which case the PID will be paid gross.

Notes for South African shareholders

On application by South African shareholders, five per cent of the 20 per cent UK withholding 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 per cent. The Company will account to HMRC in sterling for the total UK withholding tax deducted. Settlement of any claims for refund will be calculated and settled in sterling by HMRC.

The information given above will assist with applications for refunds. For information on PIDs and refund claims, including claim forms and guidance on how to complete them, visit http://www.intugroup.co.uk/investors/shareholders-bondholders/real-estate-investment-trust/.

No secondary tax on companies (STC) credits will be available to be utilised against any SA dividends tax withheld on the payment of the final dividend. The number of shares in issue as at the declaration date was 1,344,661,827 ordinary shares of 50p each.

South African Taxation summary:

As the 2015 final dividend is to be paid in cash, it will constitute a foreign dividend and so will be exempt from South African income tax, but subject to deduction of SA dividends tax unless an exemption or rebate applies. For cash PIDs the liability to dividends tax will be offset by the net UK withholding tax of 15 per cent, resulting in no dividends tax being deducted.

The above information, including the guidelines on the taxation of dividends, is provided as a general guide based on the Company's 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.

Susan Marsden

Company Secretary

30 March 2016