SCRIP DIVIDEND ALTERNATIVE

Shareholders should note that a scrip dividend alternative is not being offered in respect of the 2011 final dividend given prevailing stock market conditions and in particular the level of the share price relative to net asset value per share. A scrip dividend alternative may, at the Directors’ discretion, be offered in respect of any future dividend. Further details about the Scrip Dividend Scheme can be found here.

EXCHANGE RATE FOR 2011 FINAL DIVIDEND PAYABLE TO SHAREHOLDERS ON THE SOUTH AFRICAN REGISTER

Capital Shopping Centres Group PLC (”CSC”) confirms that the South African Rand exchange rate for the 2011 final dividend of 10 pence per ordinary share to be paid on 3 July 2012, to shareholders registered on 1 June 2012, will be 13.2123 ZAR to 1 GBP. CSC is a Real Estate Investment Trust and will pay the final dividend partly as a Property Income Distribution (”PID”) with a gross value of 2.5 pence per share, which will be subject to deduction of a 20% UK withholding tax, and partly as a non-PID with a value of 7.5 pence per share, which will be subject to deduction of a 15% South African Dividends Tax in the hands of SA shareholders (unless exemptions apply).

Accordingly shareholders who hold their shares via the South African register will receive a dividend per ordinary share as follows:

South African shareholders may apply, after payment of the dividend, to the UK tax authority for a refund of the difference between the 20% UK withholding tax and the UK/South African double taxation treaty rate of 15%. CSC will account to UK HM Revenue & Customs in sterling for the tax withheld. Settlement of any claims for refund will also be calculated and settled in sterling.

The information given above will assist with applications for refunds for the UK withholding tax. Click here for information on PIDs and refund claims, including claim forms and guidance on how to complete them.

The 2011 final dividend, which was declared and approved for payment on 25 April 2012, will be treated in South Africa as a foreign dividend and will therefore be subject to Dividends Tax, w hich will be withheld from the non-PID element of the Final Dividend paid to South African shareholders at the rate of 15% unless a shareholder qualifies for an exemption from Dividends Tax. No Dividends Tax will be deducted from the PID element as the net UK withholding tax of 15% will be offset.

No secondary tax on companies (STC) credits will be available to be utilised against Dividend Tax withheld on the payment of the Final Dividend. The number of shares in issue as at the declaration date was 860,347,169 ordinary shares of 50p each.

18 May 2012