FREEDOM PROPERTY FUND LIMITED - Quarterly Update

Quarterly Update

FREEDOM PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
Registration number: 2012/129186/06
Share code: FDP
ISIN: ZAE000185260
(“Freedom” or “the Company”)


QUARTERLY UPDATE


Shareholders are referred to the:
   •    last quarterly update, dated 16 November 2020; and
   •    the SENS announcement, dated 30 June 2016, relating to the suspension of the Company’s shares on the JSE
        Limited (“JSE”) (“Suspension”).

In line with paragraph 1.11(c) of the JSE Listing Requirements, the Company is obliged to give an update to the market of
the state of the affairs of the Company until the Suspension is lifted.

1. Finalisation of annual financial statements
The Company released its audited annual financial statements for the year ended 28 February 2019 on the JSE’s SENS
on 31 August 2020. The Company is in the process of preparing:
a) its interim financial results for the six months ended 31 August 2019;
b) its annual financial results for the financial year ended 28 February 2020 ("FY2020 Results”); and
c) its interim financial results for the six months ended 31 August 2020.

The Company has not, in terms of section 30(1) of the Companies Act of South Africa, No. 71 of 2008, prepared, within
the relevant timeframe, the FY2020 Results. Furthermore, the Company has not provided any notices of annual general
meetings to its shareholders. As a result, and as reported within the Company’s annual financial statements for the
financial year ended 28 February 2019, Freedom’s auditor, Moore Cape Town Inc. (“the Auditor”) has identified and
reported these reportable irregularities in terms of the Auditing Profession Act. These matters have been reported by the
Auditor to the Independent Regulatory Board for Auditors.

The board of directors of Freedom (“the Board”) once again expresses its commitment to the release of these outstanding
financial results and continues to endeavour to meet its stakeholder expectations. The Company has furthermore,
through its sponsor, initiated discussions with the JSE to explore avenues for a possible voluntary delisting. These
discussions will continue and any outcomes will be communicated accordingly to the market.

2. Expression of interest from a third party
The Company has received an approach from a third party that has indicated its interest in pursuing a potential reverse
listing of its assets (“the Proposed Reverse Listing”). Notwithstanding the approach to the JSE regarding a potential
voluntary delisting, the Board is engaging with this third party to determine whether the Proposed Reverse Listing has
merit.

Paarl
15 February 2021

Sponsor

Questco Corporate Advisory (Pty) Ltd

Date: 15-02-2021 02:20:00
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