Posting of circular 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") POSTING OF CIRCULAR ANNOUNCEMENT Shareholders are referred to the previous announcement released on SENS on Thursday, 11 October 2018, wherein shareholders were advised that the board of directors ("the board") of Equites declared an interim cash dividend of 68.11618 cents per share in respect of the six months ended 31 August 2018 (the "cash dividend"). Shareholders have been provided with the election to reinvest the cash dividend in return for Equites shares ("dividend reinvestment alternative"). A circular to Equites shareholders ("the circular") in respect of the dividend reinvestment alternative, together with an election form, will be posted to shareholders today. The circular is also available on the website of the company (https://www.equites.co.za/shareholder-notices). Copies of this circular may be obtained from Equites, 14th floor, Portside Building, 4 Bree Street, Cape Town, 8001 and from Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196 during normal office hours 08:00 until 16:00 (SA time) from Tuesday, 16 October 2018 to Friday, 2 November 2018. 16 October 2018 Corporate advisor and sponsor Java Capital Date: 16/10/2018 12:49:00 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.