Trading Statement ADRENNA PROPERTY GROUP LIMITED (Incorporated in the Republic of South Africa) (Registration Number 1998/012245/06) Share Code: ANA ISIN: ZAE000163580) (“Adrenna” or “the Group”) TRADING STATEMENT In terms of paragraph 3.4(b) of the Johannesburg Stock Exchange’s Listings Requirements, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next will differ by at least 20% from those of the previous corresponding period. Shareholders are advised that the Group’s headline earnings per share (“HEPS”) for the year ended 28 February 2015 are expected to be between 10% and 20% lower (7.02 and 6.24 cents per share) and basic earnings per share (“EPS”) are expected to be between 40% and 50% lower (13.14 and 10.95 cents per share) than the HEPS of 7.8 cents per share and the EPS of 21.9 cents per share reported for the previous financial year ended 28 February 2014. The audited annual financial statements and consolidated annual financial statements for the year ended 28 February 2015 will be mailed to shareholders before the end of May 2015. The abridged financial statements in respect of the year ended 28 February 2015 will be released on SENS simultaneously with the mailing of the audited annual financial statements. This trading statement and the forecast financial information contained therein has not been reviewed and reported on by the Group’s external auditors. Johannesburg 12 May 2015 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 12/05/2015 07:05:00 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.