Reference price, initial exchange price & initial exchange ratio relating to issue of EUR150 million secure bonds REDEFINE PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1999/018591/06) JSE share code: RDF ISIN: ZAE000190252 (Approved as a REIT by the JSE) (“Redefine” or the “company”) THE REFERENCE PRICE, INITIAL EXCHANGE PRICE AND INITIAL EXCHANGE RATIO RELATING TO THE ISSUE BY REDEFINE OF EUR 150 MILLION SECURED BONDS EXCHANGEABLE INTO SHARES OF REDEFINE INTERNATIONAL P.L.C. Shareholders are referred to the announcement released on SENS on 6 September 2016 in which they were advised that Redefine had successfully placed secured bonds (the “Bonds”) with a principal amount of EUR 150 million exchangeable into ordinary shares (the “RIPLC Shares”) of Redefine International P.L.C. (the “RIPLC”). Shareholders are advised that the initial exchange price of the Bonds has been set at EUR 0.61904 per RIPLC Share and the initial exchange ratio of the Bonds has been set at 161,540.61 RIPLC Shares per Bond. The initial exchange price represents a premium of 26.25% above the reference price for the RIPLC Shares of EUR 0.49033, and was determined on the basis set out in the SENS announcement released on 6 September 2016. Settlement and delivery of the Bonds will take place on 16 September 2016. 12 September 2016 Sponsor Java Capital Date: 12/09/2016 04:10:00 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.