Announcement regarding the acquisition of a property in Century City 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 ACQUISITION OF A PROPERTY IN CENTURY CITY 1. Introduction Ingenuity shareholders are advised that the Company has entered into an agreement (“the Agreement”) with Rabie Property Group Proprietary Limited (“the Seller” or “Rabie Property Group”), in terms of which Ingenuity will acquire Erf 6954 Montague Gardens (“the Property”) situated at Century City Drive, Waterford Precinct, Century City, Cape Town (“the Acquisition”). The Acquisition will become effective on transfer which is expected to be on or about 28 February 2015 (“the Effective Date”). 2. Rationale for the Acquisition Ingenuity is the owner of an adjacent property, being Erf 6952 Montague Gardens (“the Adjacent Property”) and intends to construct an office block development after consolidating the Property with the Adjacent Property (“the Development”). The adjacent property is currently tenanted by Aurecon South Africa Proprietary Limited (“Aurecon”) with a lease expiring in 2021. Due to the growth of the Aurecon business, they require additional office premises and have agreed to enter into a new long lease with Ingenuity over the new building, together with extending their existing lease to coincide with the new lease, to 28 February 2023. 3. Consideration for the Acquisition The total consideration for the Acquisition is R11 985 200 (“the Purchase Consideration”), excluding VAT, and will be settled by Ingenuity in cash on the Effective Date. 4. Conditions precedent The Acquisition is subject to the fulfilment of the following conditions precedent: 4.1 Aurecon entering into a written lease agreement with Ingenuity on terms and conditions acceptable to Ingenuity on or before 30 November 2014; 4.2 Aurecon and Ingenuity signing an addendum to the agreement of lease in respect of the Adjacent Property on or before 30 November 2014; 4.3 finance approval on terms and conditions acceptable to Ingenuity on or before 30 November 2014; 4.4 Ingenuity signing a development and management agreement with Rabie Property Group on or before 30 November 2014 in terms of which Rabie Property Group will take responsibility for the construction and development of the office block on the Property; 4.5 the board of Ingenuity approving the Agreement in writing on or before 30 November 2014; and 4.6 the Seller obtaining provisional authorisation to proceed with the Development in terms of section 7(6) of Act 103 of 1997 of the National Building Regulations and Buildings Standards Act, from the City of Cape Town on or before 28 February 2015. 5. Categorisation of the Acquisition In terms of section 10.1 of the JSE Listings Requirements, the Acquisition is classified as a “small related party” transaction as Ingenuity is transacting with Rabie Property Group, an associate (as defined in the JSE Listings Requirements) of Mr L H Cohen, a non-executive director of Ingenuity. Ingenuity is in the process of appointing an independent registered valuer in terms of section 13.10 of the JSE Listings Requirements to value the Property. A further announcement setting out details of the Property valuation will be released once this has been completed. 6. Property specific information relating to the Property Weighted Gross Value of Single or average Purchase lettable the Property Location Sector Land Multi- net rental Consideration area Property Extent tenanted per m2 Rm m2 Rm (1) m2 R Erf 6954 Century Vacant Montague City, Cape 2 666 n/a n/a n/a 11.985 11.985 land Gardens Town 1. The Property has been valued by the directors of the Company based on the open market bulk value of the land. 7. Value of and profits attributable to the net assets of the Acquisition The value of the net assets that are the subject of the Acquisition and the after tax profits attributable to the net assets for the year ended 31 August 2014 are insignificant. 10 November 2014 Cape Town Investment bank and Sponsor Nedbank Capital Date: 10/11/2014 11:49:00 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.