EQUITES PROPERTY FUND LIMITED - Trading Statement

Trading Statement

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 “the Company”)


TRADING STATEMENT


In terms of paragraph 3.4(b)(vi) of the JSE Listings Requirements, Equites has adopted distribution per share as its
financial results measurement for trading statement purposes. The JSE Listings Requirements require the Company to
publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the distribution per
listed share will differ by at least 15% from the distribution for the previous corresponding financial period.

Accordingly, shareholders are advised that Equites anticipates that the distribution per share for the year ended
29 February 2016 will be between 95 cents per share and 97 cents per share, being between 55.1% and 58.3% higher
than the 61.26 cents per share reported in the annual results for the year ended 28 February 2015.

The distribution for the comparative financial period was for a nine-month period from 1 June 2014 to
28 February 2015, whereas the distribution for the current period is in respect of a full twelve-month period.

In its interim results for the 6-month period ended 31 August 2015 the Company had included guidance that it
expected full year distribution growth of 10 - 12 % for the year ending 28 February 2016 (on an adjusted full year
basis). This guidance was before taking into account the impact of, inter alia, the equity capital raised by way of
accelerated book-build in November 2015. Prior to the capital raise, illustrative forward looking financial information
was communicated to the market which, subject to the stated assumptions, anticipated distribution growth of
approximately 16% for the full year.

In the event, the anticipated distribution for the year ended 29 February 2016 (on an adjusted full year basis) will be
between 16.3% and 18.8% higher than for the comparative financial period as a result of:

    -   a further reduction in already low vacancy levels;

    -   enhanced cost containment in the light of a significant growth in the portfolio size;

    -   an effective interest rate hedging strategy; and

    -   the reduction in finance costs following the accelerated book-build undertaken by the Company during
        November 2015 that raised R1.5 billion;


The financial results on which this trading statement is based have not been reviewed or reported on by the
Company’s auditors.


The audited financial results for the year ended 29 February 2016 will be published on SENS on or about 6 May 2016.


29 March 2016


Sponsor
Java Capital

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