TOWER PROPERTY FUND LIMITED - Update Regarding Asset Management Arrangements

Update Regarding Asset Management Arrangements

Tower Property Fund Limited
(formerly Reftin 1004 Proprietary Limited)
(Registration number 2012/066457/06)
JSE share code: TWR ISIN number: ZAE000179040
(Approved as a REIT by the JSE)
(“Tower” or “the company”)

UPDATE REGARDING ASSET MANAGEMENT ARRANGEMENTS

Investors are referred to the abridged pre-listing statement released earlier today on SENS and to Tower’s pre-listing
statement which was issued today.

In terms of the asset management agreement between the company and Tower Asset Managers Proprietary Limited,
the asset manager is entitled to an asset acquisition fee equal to 1% of the purchase price of any property acquired. In
the interests of investors, the asset manager has agreed that this fee will be waived in respect of any asset acquisition
agreement entered into after the listing.

12 July 2013

Corporate advisor, sponsor and bookrunner: Java Capital
Independent transaction sponsor: Deloitte

Date: 12/07/2013 05:14:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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