AWA/AWB - Arrowhead Properties Limited - Financial effects relating to the

AWA/AWB - Arrowhead Properties Limited - Financial effects relating to the      
acquisition of Property Portfolios from each of Growthpoint Properties Ltd, the 
trustees for the time being of the Growthpoint Securitisation Warehouse trust   
and Paramount Property Fund Ltd                                                 
Arrowhead Properties Limited                                                    
(formerly Nervada Trading 13 (Proprietary) Limited)                             
(Registration number 2011/000308/06)                                            
JSE code: AWA ISIN: ZAE000158101                                                
JSE code: AWB ISIN: ZAE000158119                                                
("Arrowhead")                                                                   
FINANCIAL EFFECTS RELATING TO THE ACQUISITION OF PROPERTY PORTFOLIOS FROM EACH  
OF GROWTHPOINT PROPERTIES LIMITED ("GROWTHPOINT"), THE TRUSTEES FOR THE TIME    
BEING OF THE GROWTHPOINT SECURITISATION WAREHOUSE TRUST ("GSWT") AND PARAMOUNT  
PROPERTY FUND LIMITED ("PARAMOUNT")                                             
INTRODUCTION                                                                    
Linked unitholders are referred to the announcement released on SENS on 16 March
2012 in which it was announced that Arrowhead had concluded a binding agreement 
for the acquisition of property portfolios from Growthpoint, GSWT and Paramount 
("the acquisition") for an aggregate consideration of R167.6 million.           
The purpose of this announcement is to present the financial effects of the     
acquisition.                                                                    
UNAUDITED PRO FORMA FINANCIAL EFFECTS OF THE ACQUISITION                        
The effect of the acquisition on Arrowhead`s net asset value, earnings and      
headline earnings per A linked unit and B linked unit and distribution per A    
linked unit and B linked unit is not significant and therefore has not been     
disclosed.                                                                      
The unaudited pro forma financial effects of the acquisition were calculated    
based on Arrowhead`s pro forma forecast for the year ending 30 September 2012   
and unaudited consolidated pro forma statement of financial position as at 31   
August 2011, as contained in Arrowhead`s pre-listing statement dated 30         
September 2011. The financial information relating to the property portfolios   
acquired has been extracted from the management accounts of each of Growthpoint,
GSWT and Paramount for the 12 month period to 30 June 2011. The management of   
Arrowhead is satisfied with the quality of the information contained in these   
management accounts.                                                            
CAUTIONARY                                                                      
Arrowhead linked unitholders are advised that following the release of the      
financial effects of the acquisition, caution is no longer required to be       
exercised by linked unitholders in relation to the acquisition.                 
However Arrowhead linked unitholders are referred to the cautionary announcement
dated 3 May 2012 and are advised that notwithstanding the announcement of the   
financial effects of the acquisition the company remains under cautionary and   
are accordingly advised to continue to exercise caution when dealing in their   
securities in the company.                                                      
Johannesburg                                                                    
4 May 2012                                                                      
Corporate advisor and sponsor                                                   
Java Capital                                                                    
Date: 04/05/2012 16:06:42 Supplied by www.sharenet.co.za                     
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