Update on Broad Based Black Economic Empowerment initiatives REDEFINE PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1999/018591/06) JSE share code: RDF ISIN: ZAE000190252 (Approved as a REIT by the JSE) (“Redefine” or the “company”) UPDATE ON BROAD BASED BLACK ECONOMIC EMPOWERMENT INITIATIVES Redefine shareholders are referred to the announcement dated 6 May 2015 in which they were advised that, as part of its commitment to the broad-based black economic empowerment and the sustainable and long-term economic and social development of previously disadvantaged groups of persons, Redefine had agreed to issue up to 300 million Redefine shares to the Redefine Empowerment Trust. The Redefine Empowerment Trust, established to perform public benefit activities with the object of benefitting qualifying entities, school children and students in order to contribute to the empowerment and upliftment of those beneficiaries, would have been negatively impacted by the notice of clarification (Notice 396 of 2015) published by the Department of Trade and Industry (“DTI”) on 5 May 2015 limiting broad-based ownership schemes to 3 points for black ownership under the amended Codes of Good Practice. Notice 396 of 2015 was withdrawn by a revised notice of clarification (Notice 444 of 2015) issued by the DTI on 15 May 2015. Redefine has, since the issue of the original notice of clarification, engaged with the DTI and Redefine's advisors to understand the potential impact of the notices of clarification on the proposed issue of shares to the Redefine Empowerment Trust. Following those engagements (and having regard to the widely reported comments made by the Trade and Industry Minister, Rob Davies, and the Director General, Lionel October following the issue of Notice 444) Redefine is satisfied that the effect of the revised notice of clarification is that there has been a return to the status quo and there is currently no cap on the ownership points available to genuine broad-based schemes. In the circumstances, Redefine believes it is in the interests of the company and its shareholders to proceed with the issue of shares to the Redefine Empowerment Trust. As previously announced, a meeting of Redefine shareholders to consider (and if deemed fit) approve the issue of the shares to the Redefine Empowerment Trust will be held on Friday 5 June 2015. Shareholders are advised that the other transaction referred to in the announcement of 6 May 2015, the proposed disposal of 75 million Fountainhead Property Trust units to an investment special purpose vehicle established for the benefit of Bakgatla-Ba-Kgafela traditional community, will not be proceeding because of the volatility in the Fountainhead unit price. 21 May 2015 Corporate advisor and sponsor Java Capital Legal advisor DLA Cliffe Dekker Hofmeyr Date: 21/05/2015 04:33:00 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.