Dividend Exchange Rate and Scrip Calculation Prices

1 APRIL 2015 2014 FINAL DIVIDEND: TIMETABLE, EXCHANGE RATE AND SCRIP CALCULATION PRICES On 27 February 2015, the Directors announced a final dividend for 2014 of 9.1pence per ordinary share payable on 28 May 2015 (the "Dividend"). As confirmedon 24 March 2015, the Directors are offering shareholders a scrip alternativeto the 2014 final cash dividend. The dividend will be paid as follows: * 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 9.1 pence being paid as a non-PID, which 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 24 March 2015 remain unchanged. 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 2014final dividend will be 18.021 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 9.10p 163.99110 ZA cents *Less 20% withholding tax GBP pence 1.82p 32.79822 ZA cents Net PID dividend payable GBP pence 7.28p 131.19288 ZA cents *Certain categories of UK shareholder may 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 9.1p 163.99110 ZA cents (b) Share entitlement: Shareholders on the UK share register: The price setting period for the Scrip price calculation was 24 March to 30March 2015 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 346.520. The scrip share allocation will be as follows: Non-PID dividend No. of shares required to be held for one new 38.079share 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 Africa share register: The exchange rate for the calculation of share entitlement is as stated above,18.021 ZAR to 1 GBP. The price setting period for the Scrip price calculationwas 24 March to 30 March 2015 inclusive. Based on the average middle marketquotations for each day in the price setting period on the JSE less the grossamount of dividend as set out above, the Scrip Calculation Price applicable toSouth African shareholders is 6,147.63 ZA cents. The scrip share allocationwill be as follows: Non-PID dividend No. of shares required to be held for one new 37.48758share 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 R163.99110(per (a) above x 100): No. of shares entitled to receive: Calculation: 100/37.48758 No. of new shares: 2.66755 Example of fractional entitlementcalculation: Fraction (from above): 0.66755 Fractional entitlement (paid in cash): R41.03850 (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 1,316,862,502ordinary shares of 50p each. SA Taxation summary: Where the 2014 final 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 the2014 final 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.