Posting of Scrip Dividend Alternative Circular and Scrip Dividend Reference Price and Conversion Rate SIRIUS REAL ESTATE LIMITED (Incorporated in Guernsey) Company Number: 46442 Share Code: SRE ISIN Code: ISIN GG00B1W3VF54 27 November 2015 Sirius Real Estate Limited ("Sirius Real Estate" or the "Company") Posting of Scrip Dividend Alternative Circular and Scrip Dividend Reference Price and Conversion Rate Sirius Real Estate is pleased to confirm that the Scrip Dividend Alternative Circular and Form of Election were posted to shareholders on 24 November 2015 and are available on the Company's website: www.sirius-real-estate.com. An overview timetable of events relating to the Scrip Dividend Alternative is set out below: For shareholders on the UK Share Register Announcement of Dividend 23 November 2015 Despatch the Scrip Dividend Alternative 24 November 2015 Circular and Form of Election Announcement of Reference Price for the Scrip 27 November 2015 Dividend Shares released on RNS (this announcement) Last day to trade in order to be eligible for the 16 December 2015 cash dividend or alternatively the scrip dividend Shares commence trading ex the cash dividend 17 December 2015 or scrip dividend Record Date for UK Shareholders 18 December 2015 Latest time for receipt of Proxy Forms 11.00 a.m. (UK time) on 15 December 2015 Extraordinary General Meeting 11.00 a.m. (UK time) on 17 December 2015 Deadline by which election to receive the Scrip 5.00 p.m. (UK time) on 6 January 2016 Dividend Shares must have been received by the Registrars (Election Return Date) Announcement on RNS of the number of New 14 January 2016 Shares issued Despatch Interim Dividend cheques and tax 19 January 2016 vouchers Despatch Scrip Dividend Share certificates 19 January 2016 CREST accounts credited and/or updated with 20 January 2016 the Interim Dividend payment in cash and/or Scrip Dividend Shares Admission of Scrip Dividend Shares to trading 20 January 2016 on AIM Interim Dividend Payment Date 20 January 2016 For shareholders on the South African Share Register Announcement of Dividend 23 November 2015 Despatch the Scrip Dividend Alternative 24 November 2015 Circular and Form of Election Announcement of Reference Price for the Scrip 27 November 2015 Dividend Shares and the Euro to Rand Conversion Rate released on SENS (this announcement) Last day to trade in order to be eligible for the 10 December 2015 cash dividend or alternatively the scrip dividend Shares commence trading ex the cash dividend 11 December 2015 or scrip dividend Record Date for SA Shareholders 18 December 2015 Deadline by which election to receive the Scrip 12.00 noon (South African time) on 18 Dividend Shares must have been received by December 2015 the Transfer Secretaries (Election Return Date) Latest time for receipt of Proxy Forms 1.00 p.m. (South African time) on 15 December 2015 Extraordinary General Meeting 1.00 p.m. (South African time) on 17 December 2015 Announcement on SENS of the number of New 14 January 2016 Shares issued CSDP/broker accounts credited and/or updated 20 January 2016 with the Interim Dividend payment in cash and/or Scrip Dividend Shares Despatch Scrip Dividend Share certificates, 20 January 2016 Interim Dividend cheques and tax vouchers Admission of Scrip Dividend Shares to trading 20 January 2016 on JSE Interim Dividend Payment Date 20 January 2016 As set out in the Scrip Dividend Alternative Circular, Sirius Real Estate today announces the Scrip Dividend Reference Prices and the Conversion Rate for the purposes of converting the Interim Dividend declared in connection with the six months ended 30 September 2015 from Euros into Rand (for Shareholders on the SA Share Register). The Scrip Dividend Reference Prices are as follows: Shareholders on the UK Share Register: 51.78 cents (Euro) Shareholders on the SA Share Register: 794.22888 cents (Rand) The number of New Shares, which Shareholders electing to take the Scrip Dividend Alternative will therefore receive, are as follows: Shareholders on the UK Share Register: 1 New Share for every 56.28261 Ordinary Shares held Shareholders on the SA Share Register: 1 New Share for every 56.84790 Ordinary Shares held The Conversion Rate The Conversion Rate (which will also be the Euro to Rand Conversion Rate in the Scrip Dividend Alternative Circular) for the purposes of calculating the Interim Dividend declared in connection with the six months ended 30 September 2015 payable to Shareholders on the SA Share Register will be 15.186 Rand to 1 Euro. On this basis, Shareholders on the SA Share Register will receive a dividend of 13.97112 cents (Rand) per Ordinary Share, which they may take in cash or in New Shares by electing to do so by way of the Scrip Dividend Alternative. In accordance with the requirements of the JSE, the Company confirms that any cash dividend received by SA Shareholders who are not exempt from dividend withholding tax, is expected to be 11.87545 cents (Rand) per Ordinary Share. As set out in the Scrip Dividend Alternative Circular, South African Shareholders who have elected to receive the dividend in scrip form should not be subject to income tax on receipt of New Shares or dividend withholding tax. Enquiries: Sirius Real Estate Andrew Coombs, CEO +49 (0)30 285010110 Alistair Marks, CFO Peel Hunt Capel Irwin +44 (0)20 7418 8900 Hugh Preston PSG Capital David Tosi +27 (0)21 887 9602 Willie Honeyball Canaccord Bruce Garrow +44 (0)20 7523 8000 Chris Connors Mark Whitmore Novella Tim Robertson +44 (0)20 3151 7008 Ben Heath Date: 27/11/2015 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.