ASCENSION PROPERTIES LIMITED - REBOSIS/ASCENSION - Joint Announcement Of The Strategies Of Rebosis And Ascension

REBOSIS/ASCENSION - Joint Announcement Of The Strategies Of Rebosis And Ascension

REBOSIS PROPERTY FUND LIMITED                                ASCENSION PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)               (Incorporated in the Republic of South Africa)
(Registration number 2010/003468/06)                         (Registration number 2006/026141/06)
JSE share code: REB ISIN: ZAE000201687                       JSE share code: AIA ISIN: ZAE000204566
 (Approved as a REIT by the JSE)                             (Approved as a REIT by the JSE)
(“Rebosis”)                                                  (“Ascension”)


JOINT ANNOUNCEMENT OF THE STRATEGIES OF REBOSIS AND ASCENSION


At present, Rebosis holds 9.12% of the issued A shares and 100% of the issued B shares of Ascension. While Rebosis
does intend to maintain a controlling shareholding in Ascension, it is intended, over time, to achieve a sufficient
shareholder spread in Ascension’s B shares in order to re-list the B’s and that Ascension’s A and B shares continue to
be listed in the Diversified REITs sector of the JSE. Ascension A shareholders remain under cautionary in this regard.

Rebosis intends to focus on quality retail assets with the objective, over the next 18 months, of acquiring additional
directly-held retail assets and disposing of directly-held commercial assets, in order to achieve reclassification as a
Retail REIT. Rebosis intends to promote Ascension’s strategy of holding centrally located commercial office
buildings in South Africa with a strong focus towards government and other empowerment sensitive tenants. In so
doing, Rebosis will refer to Ascension any acquisition opportunities that would fit within Ascension’s strategy. In
addition, over time and on an arms-length basis, Ascension will propose to acquire from Rebosis the commercial
office buildings that fit within Ascension’s strategy.

The sectoral spread of Rebosis’ property portfolio, taking into account the equity accounted component of the asset
value of investments in Ascension (59% of the issued share capital) and New Frontier Properties Limited (“New
Frontier”) (67.5% of the issued share capital), is currently as follows:

                                   Gross Lettable Area            Net Property Income                Property Value
Retail                                             32%                            40%                           53%
Commercial                                         63%                            58%                           45%
Industrial                                          5%                             2%                            1%
Total                                             100%                           100%                          100%


8 December 2015


Sponsor to Rebosis and Ascension
Java Capital
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