Change in dividend withholding tax rate INDLUPLACE PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Registration number 2013/226082/06) JSE share code: ILU ISIN: ZAE000201125 (Approved as a REIT by the JSE) (“Indluplace” or “the company”) CHANGE IN DIVIDEND WITHHOLDING TAX RATE Shareholders are referred to the Indluplace dividend declaration announcement published on SENS on 8 February 2017, wherein shareholders were advised of a cash dividend (dividend number 7) of 23,82951 cents per share for the quarter ended 31 December 2016. Following the Budget Speech delivered by the Minister of Finance, Pravin Gordhan, on 22 February 2017 wherein the dividends withholding tax rate was increased from 15% to 20%, the increased dividends withholding tax of 20% applies in respect of any dividend paid on or after 22 February 2017. Non-resident shareholders are accordingly advised that the net dividend amount due to non-resident shareholders, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation (“DTA”) between South Africa and the country of residence of the shareholder, is 19,06361 cents per ordinary share and not 20,25508 cents per ordinary share as previously disclosed. The tax position in respect of the dividend received by or accrued to South African tax residents remains unchanged. The salient dates and times and other information provided in respect of the dividend declaration announced on 8 February 2017 remain unchanged. 24 February 2017 Sponsor Java Capital Date: 24/02/2017 02:45:00 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. 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.