Notice of request for written consent of noteholders REBOSIS PROPERTY FUND LIMITED (Registration Number: 2010/003468/06) (the Issuer) REB01: ZAG000126616 REB02: ZAG000138306 REBC03: ZAG000131608 NOTICE OF REQUEST FOR WRITTEN CONSENT OF NOTEHOLDERS 1. This notice of request for consent (this Consent Request) is delivered by the Issuer to each holder of Notes (the Noteholders) issued under the Issuer’s ZAR3,000,000,000 Domestic Medium Term Note Programme (the Programme) pursuant to the section headed “Terms and Conditions of the Notes” (the Terms and Conditions) in the programme memorandum dated 12 May 2015 and as amended and restated from time to time (the Programme Memorandum), in accordance with Condition 18 (Notices) of the Terms and Conditions for the purposes of obtaining the Noteholders’ written consent to amend and restate the Terms and Conditions of the Programme Memorandum in order to, inter alia, amend or replace certain defined terms specified in the Terms and Conditions in the Programme Memorandum that impact the meaning of “Loan to Value Ratio” as set out in Condition 10.5 (Redemption in the event of a breach of the Loan to Value Ratio). 2. Capitalised terms used herein which are not otherwise defined shall bear the meaning ascribed thereto in the Terms and Conditions and for the purposes of this Consent Request the “Notes” include the instruments with Stock Codes REB01, REB02 and REBC03. 3. The Issuer seeks the Noteholders’ consent in accordance with Condition 19 (Amendment of these Conditions) of the Terms and Conditions to: 3.1.1. amend and restate the Terms and Conditions of the Programme Memorandum by preparing a supplement to the Programme Memorandum (the Supplement) containing the following changes: 1 3.1.1.1. on page 36 of the Programme Memorandum, the following definition of “New Frontier Properties” is hereby inserted: “New Frontier Properties - New Frontier Properties Limited (registration number 123368C1/GBL), a public company duly listed on the Mauritian Stock Exchange and duly incorporated in accordance with the laws of Mauritius on 5 June 2014;” 3.1.1.2. on page 27 of the Programme Memorandum, the following definition of “Ascension Properties” is hereby inserted: “Ascension Properties - Ascension Properties Limited (registration number 2006/026141/06), a public company and registered real estate investment trust duly incorporated in accordance with the laws of South Africa;” 3.1.1.3. on page 35 of the Programme Memorandum, the definition of “Loan to Value Ratio” is hereby deleted; 3.1.1.4. on page 39 of the Programme Memorandum, the definition of “Rebosis Group” is hereby deleted and replaced with the following definition: “Rebosis Group - the Issuer and its Subsidiaries;” 3.1.1.5. on page 41 of the Programme Memorandum, the definition of “Subsidiary” is hereby deleted and replace with the following definition: “Subsidiary - a subsidiary company as defined in section 3(1) of the Companies Act, excluding New Frontier Properties and Ascension Properties and any other company incorporated outside of South Africa or held by a company incorporated outside of South Africa;” 3.1.1.6. on page 51 of the Programme Memorandum, the wording “(the Loan to Value Ratio)” at the end of Condition 10.5.2 shall be deleted; 3.1.1.7. On page 52 of the Programme Memorandum, the definition of “Loan to Value Ratio” as defined in Clause 10.5.10.3 shall be deleted and replaced with the following definition: 3.1.1.8. “Loan to Value Ratio – means, unless otherwise specified in the Applicable Pricing Supplement, the ratio between the Financial Indebtedness of the Rebosis Group and the aggregate market value of each immovable property and/or leasehold property with related rental enterprise owned by the Rebosis Group and includes the shares held by the Rebosis Group in New Frontier Properties and Ascension Properties and any other investment in a property company as determined, in relation to the Property Portfolio, in accordance with the most recent Property Portfolio Value;”, by completing the Consent Notice (available on request from the Transfer Agent) and delivering the same to the registered office of the relevant CSD Participant that provided said Noteholder with the Consent Notice, and providing a copy thereof to Nedbank Limited, acting through its Corporate and Investment Banking division and the Issuer by no later than 30 September 2016 in accordance with the terms and conditions of the Consent Notice. The relevant CSD Participant will then notify Strate Proprietary Limited of the total number of Consent Notices received, both in favour and not in favour of the proposed amendments. 4. The draft Supplement to the Programme Memorandum is attached hereto as Schedule 1 and is available on the Issuer’s website at www.rebosis.co.za. 5. The Supplement and the form of Consent Notice is also available on request from the Transfer Agent. Requests should be sent to Wayne Frank at WayneFr@Nedbank.co.za and by telephone at +27 11 294 4418. 6. This Notice is being delivered to Strate Proprietary Limited in accordance with Condition 19 (Amendment of these Conditions) of the Terms and Conditions as read with Condition 18 (Notices) of the Terms and Conditions. Debt Sponsor: Nedbank CIB 15th September 2016 3 Date: 15/09/2016 04:46:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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