Disposal of properties ASTRAPAK LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1995/009169/06) Share Code: APK ISIN: ZAE000096962 Share Code: APKP ISIN: ZAE000087201 (“Astrapak”) DISPOSAL OF PROPERTIES 1. Introduction and rationale Astrapak Property Holdings Proprietary Limited (“APH”), a wholly-owned subsidiary of Astrapak, has entered into an agreement (“Transaction Agreement”) to dispose of certain properties located in the industrial area of Denver, Johannesburg. The properties, consisting of a number of warehouses, production facilities and offices measuring approximately 40,941 square meters under roof in the aggregate (“the Properties”), together with their related letting enterprises (together “the Property Businesses”), are being acquired by Injalo Warehousing Proprietary Limited, a subsidiary of Trueprop Proprietary Limited (“Injalo”) (“the Transaction”). The decision to dispose of the Property Businesses accords with Astrapak’s strategic objective to dispose of its residual properties already classified as assets held for sale. 2. Nature of the Transaction In terms of the Transaction Agreement, APH will dispose of the Property Businesses to Injalo on a going concern basis. The business of Thermopac (a division of Astrapak Manufacturing Holdings Proprietary Limited) will continue to occupy a portion of the properties as tenant on existing terms. The balance of the properties is occupied by unrelated third parties. 3. Transaction consideration The aggregate consideration payable in respect of the Transaction is R88 million. The purchase consideration will be settled in cash and will be applied by Astrapak to further reduce its level of gearing. 4. Financial information on the Property Businesses As at the financial year ended 29 February 2016, the net book value of the Properties in APH was R29.8 million. The Property Businesses generated turnover of R5.2 million in the form of rental income and had an attributable loss of R1.2 million for the financial year ended 29 February 2016. 5. Conditions precedent Other than for the delivery of the requisite bank issued guarantees and registration of transfer of the Properties in the Deeds Office, the Transaction is not subject to any further conditions precedent. There is an obligation on Astrapak to complete certain remedial work in respect of the Properties which APH commenced prior to the Transaction being agreed between the Parties and which is due for completion in the next few weeks. 6. Effective date The effective date of the Transaction will be the date of registration of transfer of the Properties in the Deeds Office, expected to be on or about 31 January 2017. 7. JSE categorisation The Transaction is a Category 2 transaction in terms of paragraph 9.5(a) of the JSE Limited Listings Requirements and accordingly no shareholder approval is required. 8. Cautionary renewal announcement of 10 November 2016 Shareholders are advised that the cautionary renewal released on the Stock Exchange News Service on 10 November 2016 is not related to this announcement and shareholders are therefore advised to continue exercising caution when trading in their Astrapak shares. Johannesburg 15 November 2016 Merchant bank and sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 15/11/2016 09:57:00 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.