REDEFINE INTERNATIONAL PLC - Acquisition of remaining interest in Earls Court Holiday Inn Express Hotel

Acquisition of remaining interest in Earls Court Holiday Inn Express Hotel

REDEFINE INTERNATIONAL P.L.C.
(Incorporated in the Isle of Man)
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8V8G91
(“Redefine International” or “the Company”)


ACQUISITION OF REMAINING INTEREST IN EARLS COURT HOLIDAY INN EXPRESS HOTEL


Redefine International today announces that it has, through its 71% held subsidiary Redefine Hotel Holdings Limited (“RHH”),
entered into a contract to purchase the remaining 40% of the issued shares in BNRI Earls Court LLP(“BNRI”), which RHH
does not already own, from Camden Lock and Earls Court LLP for a purchase consideration of GBP6.3 million (the
“Transaction”). BNRI, which is currently 60% held by RHH, owns the 150 bedroom Holiday Inn Express Hotel in Earls
Court, London (the “Hotel”). The purchase consideration for the Transaction implies a value of GBP28.1 million for the Hotel.

The Transaction is conditional on a proposed refinancing of the entire hotel property portfolio being concluded with the
existing lender, which is currently in progress.

The Hotel forms part of RHH’s existing portfolio of seven hotels. It is well located, close to the Earls Court Exhibition Centre
and Arena and the Olympia Exhibition Centre. It is held under freehold title and is subject to a franchise agreement with IHG
Hotels Limited until 2023. RHH completed a 50 bedroom extension in November 2012 and the Hotel has performed extremely
well, with underlying operating earnings 15% ahead of the budget for the six months to 28 February 2014.

The purchase consideration of GBP6.3 million for the remaining 40% shareholding in BNRI will be funded by utilising part of the
proceeds from the Company’s recent share placement, together with further co-investment, on a pro rata basis, by the existing
co-investors in RHH. The purchase consideration reflects a net initial yield of 7.0%.

Commenting, Mike Watters, Chief Executive of the Company said:

“We referred to this potential transaction during our recent successful GBP54.7 million capital raise and are pleased to be making
the final steps towards deploying the capital now. The limited service hotel sector continues to thrive in pockets of London, and
this, combined with our in-depth knowledge of the performance of this particular hotel and our ongoing belief in the potential
of this sector, supports our confidence that the Transaction will deliver a high quality income to our investors.”

For further information:

Redefine International P.L.C.
Michael Watters, Stephen Oakenfull                                 Tel: +44 (0) 20 7811 0100

FTI Consulting
UK Public Relations Adviser
Stephanie Highett, Dido Laurimore                                  Tel: +44 (0) 20 3727 1000

Marketing Concepts
SA Public Relations Adviser
Jaclyn Lovell                                                      Tel: + 27 (0) 11 783 0700

JSE Sponsor
Java Capital                                                       Tel: + 27 (0) 11 283 0042

Redefine International is a UK REIT with a primary listing on the London Stock Exchange and a secondary listing on the
Johannesburg Stock Exchange.


31 March 2014

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