2011 Final Dividend

The Directors of Capital Shopping Centres Group PLC have proposed a final dividend per ordinary share (ISIN GB0006834344) of 10.0 pence (2010 – 10.0 pence) to bring the total dividend per ordinary share for the year to 15.0 pence (2010 – 15.0 pence).

This dividend will be partly paid as a Property Income Distribution (”PID”) with a gross value of 2.5 pence per share and partly paid as a non-PID with a value of 7.5 pence per share. The PID element will be subject to deduction of a 20 per cent withholding tax unless exemptions apply (please refer to the Special note below). The non-PID element will be treated as an ordinary company dividend, and therefore SA shareholders may suffer the new Dividends Tax which applies from 1 April 2012, the proposed rate of which has recently been increased from 10 to 15 per cent.

The following are the salient dates for the payment of the proposed final dividend:

Thursday 17 May 2012 Sterling/Rand exchange rate struck

Friday 18 May 2012 Sterling/Rand exchange rate and dividend amount in SA currency announced

Monday 28 May 2012 Ordinary shares listed ex-dividend on the Johannesburg Stock Exchange

Wednesday 30 May 2012 Ordinary shares listed ex-dividend on the London Stock Exchange

Friday 1 June 2012 Record date for 2011 final dividend in London and Johannesburg

Tuesday 3 July 2012 Dividend payment day for shareholders

Investors should note that a scrip alternative will not be offered in respect of the 2011 final dividend due to prevailing stock market conditions and in particular the level of the share price relative to net asset value per share. A scrip alternative under the terms of the Scrip Dividend Scheme, the adoption of which was approved at the 2012 AGM, may, at the Directors’ discretion, be offered in respect of any future dividend. Further details about the Scrip Dividend Scheme can be found on the AGM page.

South African shareholders should note that, in accordance with the requirements of Strate, the last day to trade cum-dividend will be Friday 25 May 2012 and that no dematerialisation or rematerialisation of shares will be possible from Monday 28 May to Friday 1 June 2012 inclusive. No transfers between the UK and South African registers may take place from Thursday 17 May to Sunday 3 June 2012 inclusive. South Africa introduces its new Dividends Tax with effect from 1 April 2012; SA shareholders will be contacted by our SA registrars, Computershare, or relevant CSDP or broker as applicable, to advise on the operation of the new tax.

PID SPECIAL NOTE:

The following applies to the PID element only of the 2011 Final Dividend:

UK shareholders: For those who are eligible for exemption from the 20% withholding tax and have not previously registered for exemption, additional information including an HM Revenue & Customs (”HMRC”) Tax Exemption Declaration is available for download from the Real Estates Investment Trust page. The form is also available on request from our UK registrars, Capita Registrars, or HMRC. Validly completed forms are required to be received by Capita Registrars no later than the Record Date, Friday 1 June 2012, otherwise the dividend will be paid after deduction of tax.

South African and other non-UK shareholders: South African shareholders may apply to HMRC after payment of a PID for a refund of the difference between the 20% withholding tax and the UK/South African double taxation treaty rate of 15%. Other non-UK shareholders may be able to make similar claims. Refund application forms for all non-UK shareholders are available for download from the Real Estates Investment Trust page, or on request from our SA registrars, Computershare, or HMRC. Refunds are not claimable from Capital Shopping Centres Group, the South African Revenue Service or other national authorities, only from the UK’s HMRC.

The South African tax treatment of PIDs changed from 1 January 2011 - please see the Real Estates Investment Trust page which contains additional information. South African shareholders can also contact our SA registrars for assistance.

The above does not constitute advice and shareholders should seek their own professional guidance. Capital Shopping Centres Group PLC does not accept liability for any loss suffered arising from reliance on the above.

Dividend history

1. ADR programme terminated. Last US$ payment was on 15 November 2010.
2. Gross amounts. Net PIDs per share (i.e. payments to shareholders net of withholding tax) were: