Rights offer results announcement TEXTON PROPERTY FUND LIMITED Granted REIT status by the JSE (Incorporated in the Republic of South Africa) Registration number: 2005/019302/06 JSE code: TEX ISIN: ZAE000190542 (“Texton” or “the Company”) RIGHTS OFFER RESULTS ANNOUNCEMENT 1. Introduction Texton shareholders (“Shareholders”) are referred to the finalisation announcement released on the Stock Exchange News Service (“SENS”) on Tuesday, 8 September 2015, as well at the circular to Shareholders dated Tuesday, 22 September 2015, relating to a partially underwritten rights offer to raise up to R986 million through the issue of 100 000 000 new Texton shares (“Rights Offer Shares”) in the ratio of 36.22312 for every 100 Texton shares held on Friday, 18 September 2015, being the rights offer record date (“Record Date”), at an issue price of R9.86 per Rights Offer Share (“Rights Offer”). The Rights Offer closed on Friday, 2 October 2015 and the board of directors of Texton (“Board”) is pleased to advise that Rights Offer was fully subscribed. 2. Results of the Rights Offer The Company has successfully raised R986 million from Shareholders or any other person in whose favour a Shareholder has renounced all or a portion of their rights pursuant to the Rights Offer (“Renouncees”). The results of the Rights Offer are set out below: Number of Rights % of Rights Offer Shares Offer Shares Rights Offer Shares available for subscription 100 000 000 100% Total number of Rights Offer Shares applied for by Shareholders 68 927 757 68.93% or their Renouncees pursuant to letters of allocation Total applications received from Shareholders wishing to acquire 193 986 0.19% Rights Offer Shares in addition to their rights entitlements (“Excess Applications”) Rights Offer Shares allocated to Shareholders or their 193 986 0.19% Renouncees pursuant to Excess Applications Rights Offer Shares allocated to Luna Group Proprietary Limited 30 878 257 30.88% (the “Underwriter”) 3. Allocation of Excess Applications The Board applied the provisions of paragraph 5.33 of the JSE Listings Requirements for the purposes of allocating Rights Offer Shares pursuant to Excess Applications (“Excess Shares”). Excess Shares were first allocated in respect of each Excess Application for which an Excess Application was made equating to a ratio of 100% to all those who applied for Excess Shares. Thereafter, the remainder of the Excess Shares were allocated to the Underwriter, which represents 99.38% of the total available Excess Shares. The Board is satisfied that this is the most equitable basis as it has satisfied, in full, all of the Excess Applications. 4. Issue of Rights Offer Shares Dematerialised Shareholders registered as such on the Record Date (or their Renouncees), who validly subscribed for Rights Offer Shares, will have their accounts at their CSDP or broker debited and updated with the Rights Offer Shares to which they are entitled, on Monday, 5 October 2015. Certificated Shareholders registered as such on the Record Date (or their Renouncees), who validly subscribed for Rights Offer Shares, will have new share certificates in respect of the Rights Offer Shares to which they are entitled, posted to them at their own risk, on Monday, 5 October 2015. The Excess Shares that have been allotted will be issued against payment, on Wednesday, 7 October 2015. The refund payments in respect of unsuccessful applications for Excess Shares by certificated Shareholders (or their Renouncees) will be made on or about Wednesday, 7 October 2015 in accordance with the instructions on the form of instruction and at the unsuccessful applicants’ own risk. No interest will be paid on monies received in respect of unsuccessful applications for Excess Shares. Dunkeld West 5 October 2015 Investment Bank and Sponsor Investec Bank Limited Legal Advisor Glyn Marais Incorporated Date: 05/10/2015 05:49:00 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.