Moody's repositions Growthpoint's national scale ratings to Aaa.za and confirms Baa2/P-2 ratings at negative outlook Growthpoint Properties Limited Approved as a REIT by the JSE (Incorporated in the Republic of South Africa) (Registration number 1987/004988/06) Share code: GRT ISIN ZAE000179420 ("Growthpoint") BOND CODE ISIN GPT36 ZAG000133323 GRT02 ZAG000085762 GRT04 ZAG000089210 GRT06 ZAG000101825 GRT07 ZAG000112806 GRT08 ZAG000117003 GRT09 ZAG000130469 GRT10 ZAG000136383 (Listing on 13 May 2016) GRT11 ZAG000136375 (Listing on 13 May 2016) Moody’s Investor Service (“Moody’s”) repositions Growthpoint’s national scale ratings to Aaa.za and confirms Growthpoint Baa2/P-2 ratings at negative outlook National Scale Ratings Following a revision of its National Scale Ratings (“NSR”) methodology for South Africa, Moody’s has repositioned Growthpoint’s NSR Issuer Rating (Local Currency) to Aaa.za from A1.za and the rating for the NSR Senior Unsecured Medium-Term Note Program to (P)Aaa.za from (P)A1.za. Global Scale Ratings In accordance with paragraph 4.26 of the JSE Limited Debt Listings Requirements, investors are hereby notified that Moody's has on 11 May 2016, confirmed the Baa2/P-2 long term and short term global scale ratings assigned to Growthpoint and changed the outlook to negative (from “under review for possible downgrade”). The confirmation of Growthpoint's Baa2/Prime-2 ratings was prompted by the confirmation of South Africa's Baa2 government bond rating with a negative outlook on 6 May 2016. Growthpoint's Baa2 ratings are supported by - - its strong market position as the largest primary listed South African Real Estate Investment Trust (REIT); - the property portfolio's size and quality that benefits from an active internal management team and produces solid, recurring rental income underpinned by (1) medium - to long term leases; (2) contractual annual rent escalation clauses above inflation; (3) low vacancy rates; and (4) diversification by tenant base and property sector. - the concentrated geographical portfolio base in the province of Gauteng, South Africa, but substantial investments over the past three years in Australia and in Cape Town, South Africa have broadened the geographic base; and - Moody's expectation that Growthpoint's development activity will increase as tenant demand in South Africa improves but that the company will continue to limit development risk to only a moderate exposure and that its projects will be predominantly pre-let. Note holders are referred to Moody’s press releases for any further information. 13 May 2016 Sponsor Investec Bank Limited Debt Sponsor Absa Bank Limited (acting through its Corporate and Investment Bank division) Date: 13/05/2016 11:15:00 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.