Exchange Rate and Scrip Calculation Prices

Intu Properties plc - Exchange Rate and Scrip Calculation Prices

PR Newswire

London, April 12

12 APRIL 2013

FINAL DIVIDEND FOR THE YEAR ENDED 31 DECEMBER 2012:

TIMETABLE, EXCHANGE RATE AND SCRIP CALCULATION PRICES

On 27 February 2013, the Directors announced a final dividend for 2012 of 10pence per ordinary share payable on 4 June 2013 (the "Dividend"). As confirmedon 5 April 2013, the Directors are offering shareholders a scrip alternative tothe 2012 final cash dividend. The dividend will be paid as follows:

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 5 April 2013 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 2012final dividend will be 13.718 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:

*Certain categories of UK shareholder may apply for exemption, in which case thePID element 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 the 10 pence (SA:137.18 ZA cents) dividend per ordinary share as follows:

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

(b) Share entitlement: Shareholders on the UK share register:

The price setting period for the Scrip price calculation was 5 to 11 April 2013inclusive. Based on the average middle market quotations for each day in theprice setting period on the LSE less the gross amount of dividend as set outabove, the Scrip Calculation Price applicable to UK share holders is GBP pence322.54. The scrip share allocation will be as follows:

The number of shares to be allocated will be calculated by dividing the totalvalue of each element of the dividend otherwise receivable by the shareholderby the Scrip Calculation Price and rounding down to the nearest whole number.Any fractional entitlement, i.e. the total value of the dividend receivableless the value of the shares allocated, will be paid out as cash.

(c) Share entitlement: Shareholders on the South Africa share register:

The exchange rate for the calculation of share entitlement is as stated above,13.718 ZAR to 1 GBP. The price setting period for the Scrip price calculationwas 5 to 11 April 2013 inclusive. Based on the average middle market quotationsfor each day in the price setting period on the JSE less the gross amount ofdividend as set out above, the Scrip Calculation Price applicable to SouthAfrican shareholders is 4,434.62 ZA cents. The scrip share allocation will beas follows:

No. of shares required to be held for one new 215.51343 47.53973share

The number of shares to be allocated will be calculated by dividing the totalvalue of each element of the dividend otherwise receivable by the shareholderby the Scrip Calculation Price and rounding down to the nearest whole number.Any fractional entitlement (which for these purposes will be treated as aresidual dividend), i.e. the total value of the dividend receivable less thevalue of the shares allocated, will be paid out as cash.

By way of illustration of the above, the scrip share calculation will be asfollows for a shareholder who holds 100 shares:

(iv) Notes for South African shareholders

On application by South African shareholders, 5 per cent of the 20 per cent UKwithholding tax deducted is claimable from the UK's HM Revenue & Customs("HMRC"), resulting in an effective UK withholding tax rate of 15 per cent. TheCompany will account to HMRC in sterling for the total UK withholding taxdeducted. Settlement of any claims for refund will be calculated and settled insterling by HMRC.

The information given either in sections (i) or (ii) above, as applicable, willassist with applications for refunds. For information on PIDs and refundclaims, 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 utilisedagainst any SA Dividends Tax withheld on the payment of the final dividend. Thenumber of shares in issue as at the declaration date was 954,535,510 ordinaryshares of 50p each.

SA Taxation summary:

Where the 2012 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. It is ourunderstanding that where an election to receive shares under the Scrip DividendScheme has been made, any fractional entitlements paid in cash to shareholderswill be treated in the same manner as that applicable to the underlying elementof the dividend, i.e. non-PID or PID.

It is also understood that a receipt of shares under the Scrip Dividend Schemewill not constitute a foreign dividend. Under current legislation, such shareswill not therefore be subject to Dividends Tax or income tax, but the fullvalue of the shares on eventual disposal will be subject to Capital Gains Taxwith no base cost allowed.

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.