Changes to the Board TEXTON PROPERTY FUND LIMITED Granted REIT status by the JSE Incorporated in the Republic of South Africa (Registration number 2005/019302/06) Share code: TEX ISIN: ZAE000190542 (“Texton” or “the Company”) CHANGES TO THE BOARD In compliance with paragraph 3.59 of the Listings Requirements of JSE Limited, the Board of Directors of Texton (“the Board”) hereby notifies its shareholders of the following changes to the Board with effect from 23 November 2017: - Ms Kyansambo Vundla has resigned as Independent Non-Executive Director with effect from 23 November 2017. Accordingly, shareholders are referred to ordinary resolution number 7 (Re-appointment of Ms KN Vundla as a director) and ordinary resolution number 10 (Re-appointment of Ms KN Vundla as a member of the audit and risk committee) included in the Notice of Annual General Meeting, attached to and forming part of the Integrated Annual Report 2017, in respect of the Annual General Meeting to be held on Thursday, 23 November 2017 (“AGM”), and are advised that such resolutions were withdrawn prior to the AGM. - Subsequently, the Board takes the pleasure in welcoming Mr Trurman Zuma, who has been appointed as an Independent Non-Executive Director and as Chairperson of the Remuneration & Nomination Committee of the Company with effect from 23 November 2017. Trurman has held directorships on several listed property entity boards for more than 10 years and holds a stake in one of South Africa’s largest accounts receivable management companies, where he has assumed the role of strategic director. He joined Sanlam Personal Finance in August 2016 as Head of Recurring Savings. Trurman also held the role of Head of Global Research and Investments for South Africa and Africa for Barclays and Absa, during which time he held positions on numerous boards for the Absa Group. Trurman is a CA (SA) and holds a BComm and PGradDip (Acc) from the University of Natal (Durban) in 1997. He was awarded a scholarship to study at Harvard Business School, and completed his Program for Management Development in 2004. The Board would like to thank Ms Vundla for her valuable contribution to the Company and wishes her well in her future endeavours. The Board welcomes Mr Zuma to the Board and looks forward to his contribution to the Company. Johannesburg 23 November 2017 Sponsor Merchantec Capital Date: 23/11/2017 04:30:00 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.