Moody's Recalibrates SA's National Rating Scale & Repositions National Scale Ratings Of Non-Financial Corporates REDEFINE PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1999/018591/06) Company code : BIRDF (Approved as a REIT by the JSE) (“Redefine”) MOODY’S RECALIBRATES SOUTH AFRICA’S NATIONAL RATING SCALE AND REPOSITIONS NATIONAL SCALE RATINGS OF NON-FINANCIAL CORPORATES Noteholders are advised that Moody's Investors Service (“Moody’s”) has, on 11 May 2016, repositioned the National Scale Rating (“NSR”) of Redefine, in conjunction with the recalibration of the South African national rating scale and as part of the implementation of Moody’s updated methodology. The following ratings are now applicable for Redefine: - NSR Issuer Rating (Local Currency), Repositioned to Aa2.za from A3.za; - NSR Issuer Rating (Local Currency), Repositioned to P-1.za from P-2.za; - NSR Senior Unsecured Medium-Term Note Program, Repositioned to (P)Aa2.za from (P)A3.za; - NSR Other Short Term, Repositioned to P-1.za from P-2.za; - Senior Unsecured Medium-Term Note Program, Assigned (P)P-3; and - Senior Unsecured Medium-Term Note Program, Assigned (P)Baa3. Noteholders are referred to the press release by Moody’s for any additional information. https://www.moodys.com/research/Moodys-recalibrates-SouthAfricas-national-rating-scale-and-repositions- national--PR_348599 24 May 2016 Debt sponsor Java Capital Date: 24/05/2016 09:40:00 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.