Disposal of property letting enterprise 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 ENTERPRISE Introduction Shareholders are advised that Ascension has concluded an agreement for the disposal of the property letting enterprise in respect of the property known as Island Centre (the “property”) to Buffshelfco 43 Proprietary Limited (the “purchaser”) for an aggregate consideration of R115 000 000 (exclusive of VAT at zero percent) (the “disposal”). The property is 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 disposal forms part of Ascension’s stated strategy to dispose of non-core assets, in the ordinary course. The proceeds of the disposal will be used to reduce the existing debt of Ascension. Terms of the disposal The purchaser will acquire the property letting enterprise, which includes the property, with effect from the date of registration of transfer of the property into the purchaser’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: - the purchaser obtaining debt finance for the sale consideration payable; and - the approval of the Competition Authorities. 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 property is set out below. Property name and address Island Centre, Cumberland Road, Paarden Eiland, Cape Town Sector Industrial Geographical location Western Cape Rentable Area (m2) 24 195m2 Weighted Average rental per m2 R38.6/m2 Value attributed to the property R109 000 000 Net operating income (1 Sept 2015 to 31 Aug 2016) R9 488 109 The property was valued at as at 31 August 2016 by LDM Valuation Solutions (Pty) Ltd, a registered professional valuer in terms of the Property Valuers Profession Act, No. 47 of 2000. The value of the net assets being disposed of in terms of the disposal, being the value attributed to the properties, is R109 000 000, which is the value reported in the financial records of Ascension. 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. 26 January 2017 Sponsor Java Capital Date: 26/01/2017 05:08:00 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.