Posting of Scrip Dividend Alternative Circular and Scrip Dividend Reference Price and Exchange Rate SIRIUS REAL ESTATE LIMITED (Incorporated in Guernsey) Company Number: 46442 Share Code: SRE ISIN Code: ISIN GG00B1W3VF54 27 May 2016 Sirius Real Estate Limited ("Sirius Real Estate" or the "Company") Posting of Scrip Dividend Alternative Circular and Scrip Dividend Reference Price and Exchange Rate Sirius Real Estate is pleased to confirm that the Scrip Dividend Alternative Circular and (if appropriate) a Form of Election have today been posted to shareholders 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 Register: Announcement of Final Dividend 23 May 2016 Despatch the Scrip Circular and Form of Election 27 May 2016 Announcement of Reference Price for the Scrip 27 May 2016 Dividend Shares released on RNS Last day to trade in order to be eligible for the cash 15 June 2016 dividend or alternatively the Scrip Dividend Shares commence trading ex the cash dividend or Scrip 16 June 2016 Dividend Record Date for UK Shareholders 17 June 2016 Deadline by which election to receive the Scrip 5.00 p.m. (UK time) on 01 July 2016 Dividend Shares must have been received by the Registrars (Election Return Date) Announcement on RNS of the number of New Shares 11 July 2016 issued Despatch Scrip Dividend share certificates, Final 14 July 2016 Dividend cheques and tax vouchers CREST accounts credited and/or updated with the Final 15 July 2016 Dividend payment in cash and/or Scrip Dividend Shares Admission of Scrip Dividend Shares to trading on AIM 15 July 2016 Final Dividend Payment Date 15 July 2016 For shareholders on the South African Register Announcement of Final Dividend 23 May 2016 Despatch the Scrip Circular and Form of 27 May 2016 Election Announcement of Reference Price for the Scrip 27 May 2016 Dividend Shares and the Euro to Rand Conversion Rate released on SENS Last day to trade in order to be eligible for the 09 June 2016 cash dividend or alternatively the Scrip Dividend Shares commence trading ex the cash dividend 10 June 2016 or Scrip Dividend Record Date for SA Shareholders 17 June 2016 Deadline by which election to receive the Scrip 12.00 noon (South African time) on 17 June Dividend Shares must have been received by 2016 the Transfer Secretaries (Election Return Date) Announcement on SENS of the number of New 11 July 2016 Shares issued CSDP/broker accounts credited and/or updated 15 July 2016 with the Final Dividend payment in cash and/or Scrip Dividend Shares Despatch Scrip Dividend Share certificates, Final 15 July 2016 Dividend cheques and tax vouchers Admission of Scrip Dividend Shares to trading 15 July 2016 on JSE Final Dividend Payment Date 15 July 2016 Notes The above dates and times are subject to change. Any changes will be released on RNS and SENS. Share certificates may not be dematerialised or rematerialised nor may transfers of shares between sub-registers in the United Kingdom and South Africa take place between 27 May 2016 and 17 June 2016, both days inclusive. 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 Final Dividend declared in connection with the year ended 31 March 2016 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: 48.22 cents (Euro) Shareholders on the SA Share Register: 830.45839 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 37.09231 Ordinary Shares held Shareholders on the SA Share Register: 1 New Share for every 36.84113 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 Final Dividend declared in connection with the year ended 31 March 2016 payable to Shareholders on the SA Share Register will be 17.3397 Rand to 1 Euro. For purposes of South African shareholders the Scrip Dividend is regarded as a foreign dividend. On this basis, Shareholders on the SA Share Register will receive a dividend of 22.54161 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 Listings Requirements of the JSE, the Company confirms that any cash dividend received by SA Shareholders who are not exempt from dividend withholding tax of 15%, is expected to be 19.16037 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 – Nomad and Joint Broker Capel Irwin +44 (0)20 7418 8900 George Huntley PSG Capital – JSE Sponsor David Tosi +27 (0)21 887 9602 Willie Honeyball Canaccord Genuity Limited - Joint Broker Bruce Garrow +44 (0)20 7523 8000 Chris Connors Mark Whitmore Novella Tim Robertson +44 (0)20 3151 7008 Ben Heath Date: 27/05/2016 05:45:00 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. 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