Calgro M3 secures international funding to the value of R387 million CALGRO M3 HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2005/027663/06) Share code: CGR ISIN: ZAE000109203 (“Calgro M3” or “the company”) Calgro M3 secures international funding to the value of R387 million Shareholders are advised that Calgro M3 Holdings Limited (“Calgro M3”) has secured its first international funding, a facility for ZAR 387 million (equivalent to €25 million), on an unsecured basis. The facility has been secured for a period of six years with an anticipated fixed simple interest rate of 12.41%, payable in six-monthly intervals. The first draw-down of ZAR 278 million (equivalent to €18 million) is anticipated in December 2017, with the second and final draw-down of ZAR 109 million (equivalent to €7 million) expected in May 2018. It is the intention of the Group to secure all international funding in South African Rands so as not to be exposed to any foreign exchange risk on this facility. The capital will contribute to the Group’s funding requirements to deliver low-income housing units on its secured pipeline in priority urban development areas. The current pipeline stands at R27,7 billion, which incorporates both its Integrated Residential Property Developments (from which some units will be retained in its REIT JV) and the Memorial Parks businesses. The funding is provided by Proparco, the private sector financing arm of Agence Française de Développement (AFD), France’s development bank, which has been working to support development in southern African countries for some 40 years. This is the first funding it has undertaken in the world in the affordable and integrated housing sectors. Johannesburg 25 October 2017 Sponsor Grindrod Bank Limited Date: 25/10/2017 10:30:00 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.