New Europe Pro \ Rockcastle Global - Update on merger of NEPI and Rockcastle and revised swap ratio NEW EUROPE PROPERTY INVESTMENTS PLC ROCKCASTLE GLOBAL REAL ESTATE COMPANY LIMITED Incorporated and registered in the Isle of Man with registered Incorporated in the Republic of Mauritius number 001211V Registration number: 108869 C1/GBL Registered as an external company with limited liability under JSE share code: ROC the laws of South Africa, registration number 2009/000025/10 SEM share code: ROCK.N0000 JSE share code: NEP BVB share code: NEP ISIN: MU0364N00003 ISIN: IM00B23XCH02 (“Rockcastle”) (“NEPI”) UPDATE ON MERGER OF NEPI AND ROCKCASTLE AND REVISED SWAP RATIO In a joint announcement released on the Stock Exchange News Service (“SENS”) of the JSE Limited (the “JSE”) and the websites of the Bucharest Stock Exchange (the “BVB”) and the Stock Exchange of Mauritius Ltd (the “SEM”) on 14 December 2016, NEPI and Rockcastle announced their proposed merger on the basis of a share swap ratio of one NEPI share for every 4.5 Rockcastle shares. Since the announcement of the proposed merger, the parties have continued to work together openly to evaluate the businesses, prospects and strategies of NEPI and Rockcastle. In so doing, both parties have refined their vision for a post-merger NEPI Rockcastle, which will be well-positioned in the increasingly competitive Central and Eastern European region to achieve sustainable growth over the next several years. In their evaluation of all aspects of the proposed merger, the parties have come to a final consensus on a revised share swap ratio of one NEPI share for every 4.7 Rockcastle shares. On this basis, the boards and management of both companies will recommend the proposed merger for approval by their respective shareholders. NEPI is listed on the JSE and the BVB. Rockcastle has its primary listings on the JSE and the SEM. If you are a NEPI shareholder, for further information please contact: JSE sponsor Java Capital Andrew Brooking +27 11 722 3052 BVB advisor SSIF Intercapital Invest SA Razvan Pasol +40 21 222 8731 If you are a Rockcastle shareholder, for further information please contact: JSE sponsor Java Capital Andrew Brooking +27 11 722 3052 SEM authorised representative and sponsor Perigeum Capital Ltd +230 402 0890 Shamin A. Sookia 11 May 2017 This notice is issued pursuant to the JSE Listings Requirements, the SEM Listing Rule 11.3, the Mauritian Securities Act 2005 and the Listing Rules of the Bucharest Stock Exchange. The boards of directors of NEPI and Rockcastle accept full responsibility for the accuracy of the information contained in this announcement. Corporate advisor to NEPI and JSE sponsor to NEPI and Rockcastle Independent JSE transaction sponsor to Rockcastle Java Capital Nedbank CIB Bucharest Stock Exchange advisor to NEPI SEM authorised representative and sponsor to Rockcastle Intercapital Invest Perigeum Capital Date: 11/05/2017 05:30:00 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.