Announcement regarding the Disposal of the Loerie Centre INGENUITY PROPERTY INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2000/018084/06) ISIN: ZAE 000127411 JSE share code: ING (“Ingenuity” or “the Company”) ANNOUNCEMENT REGARDING THE DISPOSAL OF THE LOERIE CENTRE 1. Introduction Ingenuity shareholders are advised that the Company has entered into an agreement of sale (“the Agreement”) with K2012103571 (Proprietary) Limited, whose name is currently being changed to Interurban Property Fund Proprietary Limited (“Interurban” or "the Purchaser"), in terms of which Ingenuity will dispose of the rental enterprise, including the property situated at Erf 4769, George and known as the Loerie Centre (“the Property") (“the Disposal”). The Disposal will become effective on transfer which is expected to be on or about 31 May 2013 (“the Transfer Date”). 2. Rationale for the Disposal The Property was acquired in September 2010 and had been upgraded and fully tenanted. The offer received from the Purchaser was considered attractive and provided the Company the opportunity to realise value and allow it to reduce borrowings. 3. Consideration for the Disposal The total consideration for the Disposal is R56.5 million (“the Disposal Consideration”), to be settled in cash on the Transfer Date. The proceeds on disposal will be utilised to reduce borrowings. 4. Conditions precedent The Disposal is subject to fulfilment of the following conditions precedent: 4.1 the Purchaser shall have the right to undertake a due diligence investigation; and 4.2 the Purchaser is granted a mortgage securities loan of an amount of R33.9 million within 21 days after acceptance of the due diligence letter of satisfaction. 5. Property specific information Property Location Sector Gross Single or Weighted Disposal Value of the lettable Multi- average Consideration Property area tenanted gross Rm Rm (1) rental per m2 R Erf 4769 Loerie Centre Retail 4 624 Multi 103.00 56.5 55.3 George 1. The value of the Property is based on a directors’ valuation as set out in Ingenuity’s audited consolidated results for the year ended 31 August 2012. 6. Unaudited pro forma financial effects ("Financial Effects") of the Disposal The Financial Effects of the Disposal on Ingenuity's earnings per share, headline earnings per share, net asset value per share and net tangible asset value per share have not been disclosed as these are not significant. The Financial Effects are the responsibility of Ingenuity's board. 7. Categorisation of the Disposal The Disposal is categorised as a Category 2 transaction in terms of the JSE Limited Listings Requirements. 27 February 2013 Cape Town Investment bank and Sponsor Nedbank Capital Date: 27/02/2013 11:04:00 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.