Dividends

The Company has made arrangements for Equiniti Financial Services Limited to provide an Investment Account to allow lump sum and regular savings to facilitate the purchase the Company's Ordinary Shares. Detail and the forms required for this Service can be accessed from the Company’s website or alternatively at: www.shareview.co.uk/dealing. For details of the service please contact: Equiniti, PO Box 4605, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA Shareholder helpline: 0345 300 0430. Equiniti Financial Services Limited is authorised and regulated by the Financial Conduct Authority. As with all stock market investments, the price of shares can go down as well as up and on sale investors may not get back the full amount they invested.

The REIT Regulations require a REIT to distribute at least 90% of its exempt rental income (as calculated for tax purposes) as a PID. PIDs are paid out under deduction of withholding tax at the basic rate, currently 20%. Certain classes of shareholders, including UK companies, charities, local authorities and UK pension schemes may receive PIDs without deduction of withholding tax, if a valid claim is lodge with the Company by a qualifying shareholder. Shareholders who wish to apply for a tax exemption form should contact the Registrar. The above is a general guide only and shareholders who have any doubt about their tax position should consult their own appropriate independent professional adviser.

REITs, Dividends and UK Tax

The Real Estate Investment Trust (“REIT”) Regulations require a REIT to distribute at least 90% of its exempt rental income (as calculated for tax purposes) as a Property Income Distribution (“PID”).

PIDs are paid out under deduction of income tax at the basic rate, currently 20%. Certain classes of shareholders, including UK companies, charities, local authorities and UK pension schemes may receive PIDs without deduction of withholding tax, if a valid claim is lodged with the Company by a qualifying shareholder. Shareholders who qualify to receive PIDs without the deduction of withholding tax should complete one of the attached forms depending on whether or not you are the beneficial owner of your shareholding or an intermediary. The completed form should be sent to the Company Registrars:

Equiniti
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA

Withholding tax exemption claim forms

Beneficial Owner Declaration of Eligibility for Gross PID Payments from UK REIT - PDF 182 KB

Intermediary Declaration of Eligibility for Gross PID Payments from UK REIT - PDF 182 KB

The content of this section is a general guide only and shareholders who have any doubt about their tax position should consult their own appropriate independent tax adviser.

Dividends paid by REITs: PID/Non-PID

The Company is a REIT. As a result it does not pay UK direct taxes on income profits and capital gains from its property and rental business (“Tax Exempt Business”), provided certain conditions are satisfied. Instead, the Company is required to distribute to Shareholders at least 90% of the income profits of the tax Exempt Business (as determined by the legislation) arising each accounting period. This obligation is fulfilled by way of a PID, which can be distributed in cash or as New Shares and (with some exceptions) will in either case be subject to withholding tax.

Corporation Tax is payable in the normal way in respect of profits and gains from other parts of the Company’s business (the “Residual Business”) and a dividend relating to the Residual Business (as determined by the legislation), or non-PID is treated for UK tax purposes as a normal dividend (whether in cash or New Shares).

The following paragraphs outline the main aspects of the tax treatment of PIDs and Non-PIDs in the hands of a UK tax resident Shareholder.

Taxation of PIDs

Taxation of NON-PIDs

The Company’s registrar is Equiniti. In the event of any queries regarding your holding of shares, please contact the registrars free of charge on 0371 384 2030 (lines are open 8.30am to 5.30pm Monday to Friday), or in writing to: Equiniti, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA. Changes of name or address must be notified to the registrars in writing.

A quick and easy share dealing service is available to either sell or buy more PHP shares. To deal online or by telephone all you need is your shareholder reference number, full postcode and your date of birth. Your shareholder reference number can be found on your latest dividend statement. For further information on this service, or to buy and sell shares, please contact Equiniti customer services 0845 300 0430 (8.00am – 6.00pm Monday to Friday) or access www.shareview.co.uk/dealing.