Disposal Of Property Letting Enterprises ASCENSION PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Registration number 2006/026141/06) JSE share code: AIA ISIN: ZAE000204566 (Approved as a REIT by the JSE) (“Ascension” or the “company”) DISPOSAL OF PROPERTY LETTING ENTERPRISES Introduction Shareholders are advised that Ascension has concluded an agreement for the disposal of the property letting enterprises in respect of the 3 properties known as Bergstan House, Matrix House and Nedbank Centre (the “properties”) to Camden Bay Investments 44 Proprietary Limited (“Camden Bay”) for an aggregate consideration of R199 881 000 (exclusive of VAT at zero percent) (the “disposal”). The properties are no longer core to Ascension’s strategy and the disposal will enable Ascension to focus on its larger core buildings with more sustainable growth. The proceeds of the disposal will be used to reduce the existing debt of Ascension. Terms of the disposal Camden Bay will acquire the property letting enterprises, which include the properties, with effect from the date of registration of transfer of the properties into Camden Bay’s name (the “transfer date”). The sale consideration for the property letting enterprise will be payable in cash on the transfer date. The disposal remains conditional upon Camden Bay: - obtaining debt finance for 60% of the sale consideration payable; and - being satisfied with the outcome of its due diligence investigation in respect of the letting enterprise. The disposal includes warranties, undertakings and indemnities which are normal for a disposal of this nature. Property specific information The property specific information required in terms of the JSE Listings Requirements in relation to the properties is set out below. Property name and address Bergstan House, cnr Castle and Loop Streets, Cape Town Sector Office Geographical location Western Cape Rentable Area (m2) 2 838m2 Weighted Average rental per m2 R83.85/m2 Value attributed to the property R31 218 000 Net operating income (1 Sept 2016 to 31 Aug 2017) R1 361 758 Property name and address Matrix House, cnr Strand and Bree Streets, Cape Town Sector Office Geographical location Western Cape Rentable Area (m2) 9 001m2 Weighted Average rental per m2 R81.43/m2 Value attributed to the property R99 011 000 Net operating income (1 Sept 2016 to 31 Aug 2017) R6 801 040 Property name and address Nedbank Centre, cnr Strand and Loop Streets, Cape Town Sector Office Geographical location Western Cape Rentable Area (m2) 6 332m2 Weighted Average rental per m2 R98.27/m2 Value attributed to the property R69 652 000 Net operating income (1 Sept 2016 to 31 Aug 2017) R4 344 255 No independent valuation has been carried out and the board of directors of Ascension is of the view that the value attributed to the properties above represents the value of the properties disposed of. The value of the net assets being disposed of in terms of the disposal, being the value attributed to the properties, is R160 500 000. Categorisation of the disposal The disposal is classified as a Category 2 transaction in terms of the JSE Listings Requirements. It is not subject to approval by Ascension shareholders. 11 August 2016 Corporate advisor and sponsor Java Capital Date: 11/08/2016 03:00:00 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.