Redefine International reaches in-principle agreement to resturcutre Delta financing facility REDEFINE PROPERTIES INTERNATIONAL LIMITED (Incorporated in the Republic of South Africa) (Registration number 2010/009284/06) JSE share code: RIN ISIN Code: ZAE000149282 (“RIN”) Set out below is an announcement which was released by Redefine International P.L.C. (formerly Wichford P.L.C.) (“Redefine International”), the London Stock Exchange-listed subsidiary of RIN, on the Regulatory News Service (“RNS”) of the London Stock Exchange today, 8 August 2012. REDEFINE INTERNATIONAL P.L.C. (‘Redefine International’, the ‘Company’ or the ‘Group’) REDEFINE INTERNATIONAL REACHES IN-PRINCIPLE AGREEMENT TO RESTRUCTURE DELTA FINANCING FACILITY Following the recent announcements on the successful restructuring of the Halle, VBG and Crewe facilities, Redefine International is pleased to confirm that it has reached an in-principle agreement to extend and restructure the GBP114.6 million Delta facility. The Delta facility, together with the GBP199.7 million Gamma facility, provides the majority of debt funding for the Company’s UK government focused (formerly Wichford) portfolio. The restructure will involve repaying GBP33.5 million of debt associated with a portfolio of seven assets, which comprises the Lyon House, Harrow development site and six other assets let to predominantly UK central government occupiers. The seven assets will be released from security and will be ungeared going forward. The repayment of debt associated with the six income producing assets reflects a net initial yield of 7.6% and a weighted average unexpired lease term in excess of 17 years. The maturity date of the Delta facility will be extended to 15 April 2015 subject to the Company meeting annual disposal targets, which the Company considers achievable, in respect of the remaining 16 Delta portfolio assets. The disposal proceeds, together with amortisation requirements, will be applied to reducing the remaining GBP81.1 million facility balance. Further details of the terms of the extension will be announced once the agreement is finalised. The present facility margin of 0.75% p.a. will remain unchanged. The existing interest rate swap will mature in line with the current facility maturity date of 15 October 2012, following which the interest rate on the facility will revert to a three month Libor rate (currently 0.74% p.a.) plus the margin of 0.75% p.a. The Company aims to secure an interest rate cap at a strike price of not more than 4.95% p.a. The facility has no loan to value covenant. The terms of the Delta restructure are still subject to documentation and final agreement between the parties; however the Company is confident that all necessary conditions and approvals will be achieved on or before the facility’s maturity date on 15 October 2012. The GBP33.5 million repayment is anticipated to be funded utilising part of the proceeds from the proposed and previously announced GBP100 million capital raise, which is expected to take place in September 2012. Discussions with the Gamma facility servicer are on-going. Although the Company believes that a workable solution will be negotiated, it is unlikely that this will be agreed prior to the proposed capital raise. Greg Clarke, Chairman of Redefine International, commented: “The Company has now repaid or is in the process of restructuring GBP254.5 million of legacy financing facilities since the interim reporting period ending February 2012. The Delta facility restructuring will be another major step forward in reducing the Company’s exposure to near-term debt maturities and government-let UK regional offices.” Further enquiries: Redefine International Property Management Limited Investment Adviser Michael Watters, Stephen Oakenfull Tel: +44 (0) 20 7811 0100 FTI Consulting Public Relations Adviser Stephanie Highett, Dido Laurimore, Toyah Simpson Tel: +44 (0) 20 7831 3113 8 August 2012 Sponsor to Redefine Properties International Limited Java Capital Date: 08/08/2012 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.