ARROWHEAD PROPERTIES LIMITED - Financial effects and withdrawal of cautionary announcement in respect of the Dipula acquisition

Financial effects and withdrawal of cautionary announcement in respect of the Dipula acquisition

ARROWHEAD PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2011/000308/06)
JSE share code: AWA ISIN: ZAE000158101
JSE share code: AWB ISIN: ZAE000158119
(Approved as a REIT by the JSE)
(“Arrowhead” or the “company”)


FINANCIAL EFFECTS AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT IN RESPECT OF THE DIPULA ACQUISITION


Introduction

Linked unitholders are referred to the announcement released on SENS on 19 March 2014 in respect of the acquisition by
Arrowhead of 34 543 497 Dipula B linked units from Investec Asset Management in return for 18 826 206 Arrowhead
A and B-linked units (the “acquisition”).

Pro forma financial effects of the acquisition

The unaudited pro forma financial effects of the acquisition are the responsibility of the directors of Arrowhead and have
not been reviewed or reported on by the company’s auditors.

Given the rights to distribution attaching to the A-linked unit’s, the acquisition will have no impact on the distributable
earnings per A-linked unit.

The effect of the acquisition on Arrowhead’s net asset and net tangible asset value per A and B-linked unit, basic and
diluted earnings per A-linked unit, headline and diluted headline earnings per A and B-linked unit and distribution per
B-linked unit are not significant (less than 3%) and therefore have not been disclosed.

The effect of the acquisition on Arrowhead’s basic and diluted earnings per B-linked unit is set out in the table below.

                                                      30 September 2013      Pro forma after acquisition        % change
 Basic and diluted earnings per B-linked unit                    138.02                           131.01           -5.1%

Withdrawal of cautionary

Arrowhead linked unitholders are advised that following the release of the pro forma financial effects of the acquisition,
caution is no longer required to be exercised by linked unitholders when dealing in their Arrowhead linked units in
respect of the acquisition.

4 April 2014


Corporate advisor, legal advisor and sponsor

Java Capital

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