Disposal of investments in Cyprus and Serbia ATTACQ LIMITED (Incorporated in the Republic of South Africa) (Registration number 1997/000543/06) JSE share code: ATT ISIN: ZAE000177218 (“Attacq”) DISPOSAL OF INVESTMENTS IN CYPRUS AND SERBIA 1. INTRODUCTION AIH International Limited (“AIHI”), a wholly-owned subsidiary of Attacq, has entered into sale of shares and claims agreements (“agreements”) to dispose of its 48.75% equity shareholding and loan account in Atterbury Cyprus Limited (“Atterbury Cyprus”) and 25.0% equity shareholding and loan account in Atterbury Serbia B.V. (“Atterbury Serbia”) to Atterbury Europe B.V. (“Atterbury Europe”) for an aggregate consideration of €93 million, payable in cash (“the disposals”). Atterbury Cyprus owns a 99.67% shareholding in The Mall of Cyprus (MC) plc, the owner of the Shacolas Emporium Park located in Nicosia, Cyprus and a 99.50% shareholding in The Mall of Engomi (ME) plc, the owner of the Mall of Engomi, also located in Nicosia Cyprus. Atterbury Serbia holds 50.0% of a portfolio of seven retail properties in Serbia, including Serbia’s largest mall, Usce Shopping Centre located in the Serbian capital of Belgrade. 2. RATIONALE FOR THE DISPOSALS Attacq holds a 37.32% shareholding in MAS Real Estate Inc. (“MAS”), which is listed on the Main Board of the Johannesburg Stock Exchange. In line with Attacq’s focus on its key investments and given MAS’ growing size, its change in investment focus to include Central and Eastern Europe and its increasing exposure to this region via its joint ventures with Prime Kapital, Attacq has made the strategic decision to exit its investments in Atterbury Cyprus and Atterbury Serbia and for MAS to be its primary entry point into these markets. 3. SALIENT TERMS OF THE DISPOSALS 3.1. Atterbury Cyprus 3.1.1. The consideration receivable in respect of Atterbury Cyprus is €57.8 million, comprising €27.6 million in respect of the shares owned in Atterbury Cyprus and €30.2 million in respect of AIHI’s claims against Atterbury Cyprus. 3.1.2. The net asset value of and profits attributable to AIHI’s 48.75% equity shareholding and loan account in Atterbury Cyprus for the year ended 30 June 2016 and the six month period ended 31 December 2016 is set out below: 30 June 2016 31 December 2016 Net asset value R891.9 million R802.8 million Net profit/loss R124.1 million R39.3 million 3.1.3. A deed of guarantee, dated 16 July 2015, was entered into between Attacq and Ermes Department Stores Plc whereby Attacq agreed to guarantee certain obligations of Atterbury Cyprus (“the guarantee”). Atterbury Europe undertakes to release Attacq from all its obligations under the guarantee and will indemnify and keep Attacq indemnified from and against all and any losses suffered or incurred by Attacq which arise from the enforcement of the guarantee, until such guarantee is irrevocably released and discharged. 3.2. Atterbury Serbia 3.2.1. The consideration receivable in respect of Atterbury Serbia is €35.2 million, comprising €23.2 million in respect of the shares owned in Atterbury Serbia and €12.0 million in respect of AIHI’s claims against Atterbury Serbia. 3.2.2. The net asset value of and profits attributable to AIHI’s 25.0% equity shareholding and loan account in Atterbury Serbia for the year ended 30 June 2016 and the six month period ended 31 December 2016 is set out below: 30 June 2016 31 December 2016 Net asset value R34.2 million R171.2 million Net profit/loss R(0.55) million R(41.9) million 3.3. The effective date of the disposals is 31 March 2017. 3.4. The disposals are inter-conditional on each other but not subject to any other conditions precedent. 3.5. The proceeds will be repatriated to South Africa and applied in settling debt in Attacq’s South Africa property portfolio as well as in funding developments in Attacq’s Waterfall pipeline. 3.6. The agreements provide for warranties and indemnities that are normal for transactions of this nature. 4. CATEGORISATION OF TRANSACTION The disposals, in aggregate, are classified as a category 2 transaction in terms of paragraph 9.5(a) of the JSE Listings Requirements and accordingly does not require approval by Attacq shareholders. 31 March 2017 Sponsor Java Capital Date: 31/03/2017 04:50:00 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.