REITS

REIT dividends

A & J Mucklow Group plc (“Mucklow”) converted to a Real Estate Investment Trust (REIT) on 1 July 2007. A link to the circular to shareholders is below for further information.

As a REIT, dividends paid by Mucklow will contain Property Income Distribution (“PID”) and non-PID elements. PIDs will generally be paid after the deduction of withholding tax at the basic rate (20% for 2015/16), although some shareholders may be able to receive the dividends gross.

The shareholders who qualify for gross payment are principally UK resident companies, UK public bodies, UK charities, UK pension funds, and the managers of ISAs, PEPs and Child Trust Funds. Most shareholders, including all individuals and all non-UK residents, do not qualify for gross payment and should not complete the forms.

Below are declarations to be completed by certain categories of shareholders to register for Property Income Distributions to be paid gross. Please note that we are not able to accept forms in respect of part of a registered shareholding. Please note that that in signing these forms you are indemnifying the group should it be determined that these dividends should have been subject to withholding tax.

Non-UK resident shareholders in countries with double tax treaties with the UK which provide for withholding tax on dividends at lower rates of tax may be able to make claims for repayment of the difference from HM Revenue & Customs.

The non-PID element of any dividend will be treated in the same way as dividends paid prior to Mucklow converting to a REIT.