Proposed acquisition of River View I and II and River Park I and II Ascension Properties Limited (Incorporated in the Republic of South Africa on 23 August 2006) (Registration number 2006/026141/06) A-Linked Units: JSE code: AIA ISIN: ZAE000161881 B-Linked Units: JSE code: AIB ISIN: ZAE000161899 (“Ascension” or “the company”) PROPOSED ACQUISITIONS OF RIVER VIEW I AND II AND RIVER PARK 1 AND 2 1. INTRODUCTION Ascension has concluded agreements for the: - acquisition of a rental enterprise conducted in respect of and including the property and buildings known as River View 1 and 2 (the “River View property”), for a purchase price of R72.5 million (the “River View acquisition”). The seller of River View is Coffee Break Investments (Proprietary) Limited (“Coffee Break”); - acquisition of a rental enterprise in respect of and including the property and buildings known as River Park 1 and 2 (the “River Park property”), for a purchase price of R62 million (the “River Park acquisition”). The seller of River Park is Koejaweldorp Beleggings CC (“Koejaweldorp Beleggings”). 2. THE RIVER VIEW ACQUISITION 2.1. RATIONALE The River View acquisition, with a purchase price of R72.5 million which equates to an acquisition yield of 10.3% is consistent with Ascension’s growth strategy and meets its investment criteria in terms of its location and its tenant, lease and net income profile. 2.2. DETAILS OF THE RIVER VIEW PROPERTY The River View property (portion 6 of Erf 40, Riverside Park Extension 6, Mpumulanga) is a fully let office block with 4 303 square metres of office space of which the Provincial Department of Education occupies 3 308 square metres. The weighted average rental per square metre of River View is currently R127 per square metre. 2.3. TERMS AND CONDITIONS PRECEDENT The purchase price is payable in cash against transfer of ownership of the River View property into Ascension’s name, on which date the River View acquisition will become effective. The River View acquisition agreement provides for warranties and indemnities that are standard for acquisitions of this nature. The River View acquisition is subject to the following suspensive conditions: 2 - by no later than the 30th calendar day following fulfilment of the due diligence investigation condition, Ascension obtaining a loan in an amount of R72.5 million or such other amount and on terms acceptable to Ascension; - by no later than the 60th calendar day following signature of the River View acquisition agreement, Coffee Break providing Ascension with a rental guarantee in respect of the River View property; and - by not later than the 90th calendar day after signature of the River View acquisition agreement and to the extent it may be required, receiving approval from all other regulatory authorities, including the JSE, which conditions are to be fulfilled or waived, as appropriate. 2.4. FINANCIAL INFORMATION Linked unitholders are advised that the financial effects of the River View acquisition will be announced in due course. 2.5. CATEGORISATION The River View acquisition is not categorisable in terms of the JSE Listings Requirements and accordingly does not require approval by linked unitholders. The information presented in this announcement in respect of the River View acquisition is for information purposes only. 3. THE RIVER PARK ACQUISITION 3.1. RATIONALE The River Park acquisition, with a purchase price of R62 million which equates to an acquisition yield of 10.3%, is consistent with Ascension’s growth strategy and meets its investment criteria in terms of its location and its tenant, lease and net income profile. 3.2. DETAILS OF THE RIVER PARK PROPERTY The River Park property (Portion 5 of Erf 40, Riverside Park Extension 6, Mpumalanga) is a fully let office/retail complex with 4 440 square metres of gross lettable area together with vacant land. The weighted average rental per square metre of River Park is currently R151 per square metre. River Park is multi-tenanted with the Provincial Department of Human Settlements occupying 2 100 square metres. 3.3. TERMS AND CONDITIONS PRECEDENT The purchase price is payable in cash against transfer of ownership of the River Park property into Ascension’s name, on which date the River Park acquisition will become effective. The River Park acquisition agreement provides for warranties and indemnities that are standard for acquisitions of this nature. The River Park acquisition is subject to the following suspensive conditions: - by no later than the 30th calendar day following fulfilment of the due diligence investigation condition, Ascension obtaining a loan in an amount of R62 million or such other amount and on terms acceptable to Ascension; 3 - by no later than the 60th calendar day following signature of the River Park acquisition agreement, Koejaweldorp Beleggings providing Ascension with a rental guarantee in respect of the River Park property; and - by not later than the 90th calendar day after signature of the River Park acquisition agreement and to the extent it may be required, receiving approval from all other regulatory authorities, including the JSE, which conditions are to be fulfilled or waived, as appropriate. 3.4. FINANCIAL INFORMATION Linked unitholders are advised that the financial effects of the River Park acquisition will be announced in due course. 3.5. CATEGORISATION The River Park acquisition is not categorisable in terms of the JSE Listings Requirements and the announcement of the River Park acquisition is made for information purposes only. 3.6. VALUATIONS The board is satisfied that the values of the River View property and the River Park property are in line with the respective purchase prices being paid by the company. The directors of the company are not independent and are not registered as professional valuers or as professional associate valuers in terms of the Property Valuers Profession Act, No 47 of 2000. 6 June 2013 Corporate advisor and sponsor Javacapital Date: 06/06/2013 02:21:00 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. 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