GEMGROW PROPERTIES LIMITED - Change in the dividend withholding tax rate

Change in the dividend withholding tax rate

GEMGROW PROPERTIES LIMITED
(previously Synergy Income Fund Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2007/032604/06)
JSE share code: GPA ISIN: ZAE0000223269
JSE share code: GPB ISIN: ZAE0000223277
(Granted REIT status with the JSE)
(“Gemgrow” or “the company”)


CHANGE IN DIVIDEND WITHHOLDING TAX RATE


Shareholders are referred to the Gemgrow dividend declaration announcement published on SENS on 16 February 2017,
wherein shareholders were advised of a cash dividend (dividend number 1) of 24.84563 cents per A ordinary share and
17.84205 cents per B ordinary 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 19.87650 cents per A ordinary share and 14.27364 cents per B
ordinary share and not 21.11879 cents per A ordinary share and 15.16574 cents per B 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
16 February 2017 remain unchanged.

24 February 2017


Sponsor
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Date: 24/02/2017 03:33:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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