Results of dividend re-invest alternative EQUITES PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2013/080877/06) JSE share code: EQU ISIN: ZAE000188843 (Approved as a REIT by the JSE) ("Equites" or "the company") RESULTS OF DIVIDEND RE-INVESTMENT ALTERNATIVE Shareholders are referred to the declaration of a cash dividend of 62.88144 cents per share (the "cash dividend") with an election to reinvest the cash dividend in return for Equites shares (the "share reinvestment alternative"), announced on SENS on 10 May 2018 (the "declaration announcement") for the year ended 28 February 2018 and the announcement of the reinvestment price per new share (being R20.00 per share) applicable to Equites shareholders electing the share alternative, announced on SENS on 22 May 2018. Shareholders holding 72 222 205 Equites shares or 17.62% of Equites shares (prior to the election) qualifying to receive the cash dividend elected to receive the share reinvestment alternative, resulting in the issue of 2 268 740 new Equites shares, retaining R45.4 million in new equity for Equites. Accordingly, a total cash dividend of R212.4 million is payable today in respect of 337 751 126 Equites shares. Certificated shareholders who did not elect the share reinvestment alternative in respect of some or all of their shares and who have provided their bank details to Equites’ transfer secretaries will have their bank accounts credited on 4 June 2018. Share certificates in respect of certificated shareholders who did elect the share reinvestment alternative in respect of some or all of their shares will be posted on Wednesday, 6 June 2018 to certificated shareholders at their risk. The Central Securities Depository Participants or broker custody accounts of dematerialised shareholders who did not elect the share reinvestment alternative in respect of some or all of their shares will be credited with the cash dividend on Monday, 4 June 2018 and the Central Securities Depository Participants or broker custody accounts of dematerialised shareholders who did elect the share alternative in respect of some or all of their shares will be credited on Wednesday, 6 June 2018 with their new Equites shares. 4 June 2018 Corporate advisor and sponsor Java Capital Date: 04/06/2018 05:12:00 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.