Clarification announcement ACSION LIMITED Incorporated in the Republic of South Africa Registration number 2014/182931/06 Share code: ACS ISIN: ZAE000198289 (“Acsion” or “the Company”) CLARIFICATION ANNOUNCEMENT Reference is made to the announcement released on the Stock Exchange News Service on Wednesday, 3 December 2014, in which Acsion announced that it had decided not to proceed with the Private Placing of Acsion shares, despite the significant interest received within the pricing guidance referred to in Acsion’s pre-listing statement. Acsion has been requested to clarify the reasons for this decision. After careful consideration of the under mentioned factors the Acsion board, in consultation with its advisors, deemed it prudent not to proceed with the Private Placing: - Acsion’s exceptionally low gearing of 7% provides significant headroom for additional debt funding which is sufficient to fund the Company’s medium term growth - The majority of the interest was received at the lower end of the price range - The favourable cost of debt funding available to the Company versus the implied cost of equity - The use of debt versus equity funding at this stage would maximize the returns to current shareholders of Acsion - The listing was not conditional on the Private Placement The Company anticipates that it will seek to raise equity capital in the future for the group’s property development activities, once its debt capacity has been utilised. Accordingly, Acsion remains excited about its introduction onto the JSE and believes the listing will provide significant benefits for the group going forward including inter alia: - Creates a platform to raise capital (when required) to fund the development pipeline and future development opportunities - Increases the public profile of the Company and enables the investment community to become familiar with the Company for future capital raises (when required) - Creates a platform for liquidity for the existing shareholders of the Company, many of whom have been invested in the group for a long period of time Any additional queries should be directed to Acsion’s Financial Director, Pieter Scholtz, on +27 12 656 8957. 8 December 2014 Johannesburg Sponsor and transaction advisor Investec Bank Limited Attorneys Read Hope Phillips Thomas & Cadman Inc. Independent reporting accountants and auditors Ernst and Young Inc. Independent valuer Peter Parfitt, Quadrant Properties Proprietary Limited Communications advisor Instinctif Partners Transfer secretaries Computershare Investor Services Proprietary Limited Date: 08/12/2014 03:05:00 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.