NEW EUROPE PROPERTY INVESTMENTS PLC - New Europe Pro \ Rockcastle Global - Update on merger of NEPI and Rockcastle and revised swap ratio

New Europe Pro \ Rockcastle Global - Update on merger of NEPI and Rockcastle and revised swap ratio

NEW EUROPE PROPERTY INVESTMENTS PLC                                 ROCKCASTLE GLOBAL REAL ESTATE COMPANY LIMITED
Incorporated and registered in the Isle of Man with registered      Incorporated in the Republic of Mauritius
number 001211V                                                      Registration number: 108869 C1/GBL
Registered as an external company with limited liability under      JSE share code: ROC
the laws of South Africa, registration number 2009/000025/10        SEM share code: ROCK.N0000              
JSE share code: NEP BVB share code: NEP                             ISIN: MU0364N00003
ISIN: IM00B23XCH02                                                  (“Rockcastle”)
(“NEPI”)                                                   


UPDATE ON MERGER OF NEPI AND ROCKCASTLE AND REVISED SWAP RATIO


In a joint announcement released on the Stock Exchange News Service (“SENS”) of the JSE Limited (the “JSE”) and the websites
of the Bucharest Stock Exchange (the “BVB”) and the Stock Exchange of Mauritius Ltd (the “SEM”) on 14 December 2016,
NEPI and Rockcastle announced their proposed merger on the basis of a share swap ratio of one NEPI share for every 4.5
Rockcastle shares.

Since the announcement of the proposed merger, the parties have continued to work together openly to evaluate the businesses,
prospects and strategies of NEPI and Rockcastle. In so doing, both parties have refined their vision for a post-merger NEPI
Rockcastle, which will be well-positioned in the increasingly competitive Central and Eastern European region to achieve
sustainable growth over the next several years.

In their evaluation of all aspects of the proposed merger, the parties have come to a final consensus on a revised share swap ratio
of one NEPI share for every 4.7 Rockcastle shares. On this basis, the boards and management of both companies will recommend
the proposed merger for approval by their respective shareholders.

NEPI is listed on the JSE and the BVB. Rockcastle has its primary listings on the JSE and the SEM.

If you are a NEPI shareholder, for further information please contact:

JSE sponsor
Java Capital
Andrew Brooking                                                                +27 11 722 3052

BVB advisor
SSIF Intercapital Invest SA
Razvan Pasol                                                                   +40 21 222 8731

If you are a Rockcastle shareholder, for further information please contact:

JSE sponsor
Java Capital
Andrew Brooking                                                                +27 11 722 3052

SEM authorised representative and sponsor
Perigeum Capital Ltd                                                           +230 402 0890
Shamin A. Sookia

11 May 2017

This notice is issued pursuant to the JSE Listings Requirements, the SEM Listing Rule 11.3, the Mauritian Securities Act 2005
and the Listing Rules of the Bucharest Stock Exchange.

The boards of directors of NEPI and Rockcastle accept full responsibility for the accuracy of the information contained in this
announcement.


Corporate advisor to NEPI and JSE sponsor to NEPI and Rockcastle         Independent JSE transaction sponsor to Rockcastle
Java Capital                                                             Nedbank CIB

Bucharest Stock Exchange advisor to NEPI                                 SEM authorised representative and sponsor to Rockcastle
Intercapital Invest                                                      Perigeum Capital
Date: 11/05/2017 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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