General Issue Of Shares For Cash 1 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”) GENERAL ISSUE OF SHARES FOR CASH 1. Introduction Ingenuity shareholders are advised that Ingenuity has issued a total of 156 500 000 shares for cash, representing 14.9% of the issued share capital of Ingenuity, in terms of a general authority to issue shares for cash as approved by Ingenuity shareholders at the annual general meeting of the Company held on 25 January 2013 ("the Cash Issue"). 2. Details of the Cash Issue In total, 156 500 000 shares (“the New Ingenuity Shares”) were issued at a price of R0.80 per share (“the Issue Price”), representing an 8.8% discount to the 30 day volume weighted average price prior to 22 October 2013, being the date the price of the Cash Issue was agreed between Ingenuity and the parties subscribing for the shares. A total cash amount of R125 200 000 million has been raised in terms of the Cash Issue, and the New Ingenuity Shares issued in terms of the Cash Issue rank pari passu with the existing shares in issue. The New Ingenuity Shares were placed with public shareholders as defined in paragraphs 4.25 and 4.26 of the JSE Limited Listings Requirements. 3. Application of proceeds of the Cash Issue The proceeds of the Cash Issue will be utilised to reduce existing borrowings and to fund future growth opportunities. 4. Pro forma financial effects of the Cash Issue Based on Ingenuity's reviewed condensed consolidated interim results for the six months ended 28 February 2013 ("Results"), the pro forma financial effects of the Cash Issue on Ingenuity's earnings per share (“EPS”) and headline earnings per share (“HEPS”) are set out below. As the pro forma financial effects of the Cash Issue on Ingenuity’s net asset value per share and net tangible asset value per share are less than 3%, they have not been disclosed. The pro forma financial effects are prepared for illustrative purposes only, and because of their nature, may not give a fair presentation of the effect and impact of the Cash Issue. The pro forma financial effects are the responsibility of Ingenuity's board of directors. Before the After the Change (1) (3) Cash issue Cash issue % (2) EPS (cents) 0.9 1.2 37 (2) HEPS (cents) 0.9 1.2 37 Weighted shares in issue net of treasury shares (3) 669 616 773 826 116 773 Notes: 1. Based on Ingenuity’s Results. 2. In calculating the pro forma financial effects, it was assumed that the Cash Issue was implemented on 1 September 2012 for statement of comprehensive income purposes. 3. The number of shares has increased by 156 500 000 as a result of the Cash Issue. Cape Town 1 November 2013 Investment Bank and Sponsor Nedbank Capital Date: 01/11/2013 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.