SIRIUS REAL ESTATE LIMITED

(Incorporated in Guernsey)

Company Number: 46442

JSE Share Code: SRE

LSE (GBP) Share Code: SRE

ISIN Code: GG00B1W3VF54

LEI: 213800NURUF5W8QSK566

7 July 2022

Sirius Real Estate Limited

("Sirius Real Estate" or the "Company")

Cash fraction applicable to the Scrip Dividend

Shareholders of the Company ("Shareholders") are referred to the condensed consolidated financial results for the year ended 31 March 2022, published on RNS and SENS on 13 June 2022, in which the Company declared a cash dividend with the alternative to elect to receive a scrip dividend ("Scrip Dividend Alternative") and the Shareholder Circular dated 20 June 2022, relating to the Scrip Dividend Alternative.

The attention of Shareholders is accordingly drawn to the following terms relating to the fractions applicable to the Scrip Dividend Alternative.

Shareholders on the UK Register

Where the operation of the Scrip Dividend Alternative would result in a Share Elector being entitled to less than one New Share (for example where that Share Elector held a small number of Ordinary Shares) no fraction of a New Share will be issued, and the relevant amount of authorised Dividend will be retained for the benefit of the Company. 

Shareholders on the SA Register

No fractions of a New Share will be issued to Shareholders on the SA Register.

You cannot accumulate residual entitlements or receive a fraction of a New Share. Where you have made an election to participate in the Scrip Dividend Alternative, which would otherwise give rise to an entitlement to a fraction of a New Share, the number of New Shares to be received will be rounded down and any residual entitlement which is less than the price of one New Share (as calculated in accordance with paragraph 3 of the terms and conditions set out in the Circular) will be paid to you in cash in Rand.

The cash fractional payment was determined with reference to the volume weighted traded price on the JSE on, Wednesday, 6 July 2022 (being the date on which the Ordinary Shares began trading on the JSE ex the cash dividend or scrip dividend) of 1,754.65875 ZAR Cents, discounted by 10% ("Fractional Reference Price"). Shareholders are accordingly advised that the Fractional Reference Price is 1,579.19288 ZAR Cents (1,754.65875 ZAR Cents discounted by 10%). The cash fractional payment may be considered to be revenue or capital in nature and will depend on the nature of the pre-existing Ordinary Shares held by Shareholders of the Company. The cash fractional payment is not regarded as a dividend for South African tax purposes and will not be subject to dividends tax. Shareholders are advised to seek their own tax advice from an independent tax adviser should they be in any doubt as to the tax treatment for them of any cash fractional payment.

Further Information

Terms used but not defined herein have the same meaning given to them as set out in the Circular.

The distribution of the Circular in certain jurisdictions (including the United States of America, Canada, Japan, New Zealand or Australia or their respective territories or possessions (subject to applicable exemptions)) other than the United Kingdom, South Africa and Guernsey may be restricted by law. Accordingly, the Circular may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession the Circular comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

JSE Sponsor

PSG Capital