Pivotal / Redefine - Updated salient dates and times in respect of scheme of arrangement THE PIVOTAL FUND LIMITED REDEFINE PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Incorporated in the Republic of South Africa) (Registration number 2005/030215/06) (Registration number 1999/018591/06) JSE share code: PIV ISIN: ZAE000196440 JSE share code: RDF ISIN: ZAE000190252 (“Pivotal”) (Approved as a REIT by the JSE) (“Redefine”) UPDATED SALIENT DATES AND TIMES IN RESPECT OF SCHEME OF ARRANGEMENT Shareholders are referred to the announcements released on SENS on 30 August 2016, 31 October 2016 and 29 November 2016 regarding, inter alia, a scheme of arrangement (“scheme”) in terms of section 114 of the Companies Act (read with section 115 of the Companies Act) proposed by the Pivotal board (on recommendation of the independent board) between Pivotal and the Pivotal shareholders (“scheme participants”), in terms of which, as indivisible components: - Redefine will acquire the entire issued share capital of Pivotal in exchange for the issue of, in aggregate, 460 000 000 Redefine shares to the scheme participants; and - Redefine will in addition deliver 31 153 281 Echo Polska Properties N.V. shares to the scheme participants. Shareholders are advised that as the scheme remains subject, inter alia, to the conclusion of the Setso BEE transaction, the salient dates for the scheme will therefore need to be revised. Set out below are the updated salient dates and times in respect of the scheme. 2016 Finalisation date expected to be on Wednesday, 21 December Finalisation date announcement expected to be released on SENS on Thursday, 22 December Finalisation date announcement expected to be published in the press on Friday, 23 December 2017 Expected last day to trade in order to participate in the scheme Tuesday, 3 January Suspension of listing of Pivotal shares on the JSE expected to take place at the commencement of trade on Wednesday, 4 January Commencement of trade in Redefine consideration shares and EPP settlement shares expected to take place at the commencement of trade on or about Wednesday, 4 January Announcement on SENS of cash payment due to shareholders in terms of the fractional entitlement principle, determined with reference to the VWAP of Redefine shares and EPP shares respectively on the JSE on Wednesday, 4 January 2017, less 10% (as prescribed by the Listings Requirements) Thursday, 5 January Expected scheme record date Friday, 6 January EPP transfer date/second operative date Monday, 9 January Certificated shareholders expected to have their accounts (held at their CSDP or broker) credited with the Redefine consideration shares and EPP settlement shares to which they are entitled (provided their form of surrender and transfer (blue) and documents of title are received on or before 12:00 on the scheme record date) on or about Monday, 9 January Dematerialised shareholders expected to have their accounts (held at their CSDP or broker) credited with the Redefine consideration shares and EPP settlement shares to which they are entitled on or about Monday, 9 January Cash payment due to shareholders in terms of the fractional entitlement in respect of the Redefine consideration shares and EPP settlement shares Monday, 9 January Termination of listing of Pivotal shares on the JSE expected to take place at the commencement of trade on or about Tuesday, 10 January 15 December 2016 Corporate advisor and sponsor to Redefine Java Capital Sponsor to Pivotal Java Capital Legal advisor to Redefine Cliffe Dekker Hofmeyr Legal advisor to Pivotal enS Africa Date: 15/12/2016 05:02:00 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.