Joint venture with Grindrod and conclusion of development lease with Rohlig-Grindrod EQUITES PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2013/080877/06) JSE share code: EQU ISIN: ZAE000188843 (Approved as a REIT by the JSE) (“Equites” or “company”) JOINT VENTURE WITH GRINDROD AND CONCLUSION OF DEVELOPMENT LEASE WITH ROHLIG-GRINDROD 1. INTRODUCTION Following the issuing of a circular to shareholders dated 6 October 2015, including notice of a general meeting which was held on 4 November 2015 to consider various resolutions regarding the issue of up to 120 million Equites shares, Equites issued a SENS announcement on 29 October 2015 advising that in the course of the institutional investor roadshow the company will make available a presentation to investors containing information that includes illustrative forward-looking financial information. A copy of the presentation is available on the company’s website at www.equites.co.za. Please be advised that Equites has subsequently concluded a joint venture agreement with Grindrod Property Holdings Limited (“Grindrod”), a wholly owned subsidiary of Grindrod Limited, in terms of which Equites will be developing a 25 000 square metre state-of-art distribution warehouse and offices for Rohlig-Grindrod Proprietary Limited (“Rohlig- Grindrod”), which is a joint venture company of Grindrod Limited. The Grindrod group, which is listed on the JSE, is a fully integrated freight logistics and shipping service provider with offices in 43 countries worldwide. The completed development will be owned in equal shares by Equites and Grindrod, with each party owning an undivided half share of the developed property. The development will be situated on 5,3 hectares of vacant land already owned by Equites in Meadowview Business Estate in Gauteng. On page 31 of the investor presentation referred to above, it is indicated that following the conclusion of the TFG and Puma development leases, 38,2 hectares of vacant, zoned land is still available for development. Please be advised that following the conclusion of the Rohlig-Grindrod development lease only 32,9 hectares, and not 38,2 hectares as indicated in the investor presentation, of land is still available for development. 2. RATIONALE FOR THE ACQUISITION 2.1 The transaction will result in Equites owning an undivided half share of a new, state of the art distribution centre occupied by an A-grade tenant on a long-term lease. This distribution centre will therefore add to the quality, defensiveness and income predictability of Equites. 2.2 This transaction is consistent with Equites’ strategy of developing new distribution centres for quality A-grade tenants on long-term leases, the effect of which is to further enhance the property fundamentals of the company. 3. TERMS OF THE TRANSACTION 3.1 The lease between the Equites/Grindrod joint venture and Rohlig-Grindrod is a triple net, fully repairing and recovering lease and has a duration of 10 years, with the lease commencing on 1 May 2017 and terminating on 30 April 2027; 3.2 The co-ownership agreement between Equites and Grindrod governing the joint ownership relationship provides for provisions, warranties and indemnities that are standard for transactions of this nature. 4 CATEGORISATION OF THE ACQUISITION The acquisition is not categorisable in terms of the JSE Listings Requirements and is not subject to approval by Equites shareholders. 4 November 2015 Corporate advisor and sponsor Java Capital Date: 04/11/2015 04:05:00 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.