ARROWHEAD PROPERTIES LIMITED - Change to the board of directors and voluntary investor update

Change to the board of directors and voluntary investor update

ARROWHEAD PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2011/000308/06)
JSE share code: AWA ISIN: ZAE000203105
(Approved as a REIT by the JSE)
("Arrowhead" or "the Company")


CHANGE TO THE BOARD OF DIRECTORS AND VOLUNTARY INVESTOR UPDATE


Shareholders are advised that independent non-executive director Elize Stroebel, has for personal reasons,
resigned from the board of directors of Arrowhead ("the board"), with immediate effect. The board thanks Elize
for her contribution to the Company and wishes her well in her future endeavours.

Shareholders are referred to the SENS released by Arrowhead on 20 August 2018 and are further advised that
Rebosis Property Fund Limited ("Rebosis") has released its reviewed provisional results for the year ended
31 August 2018. Arrowhead has an approximately 16.4% interest in Rebosis through a holding of Rebosis B shares.

Rebosis has declared a dividend of 29.60 cents per Rebosis B share for the six months ended 31 August 2018.
The Company has assessed the impact of Rebosis' dividend per Rebosis B share and Arrowhead now expects
dividend growth for the year ended 30 September 2018 to be between -15.25% and -15.75%. Accordingly, the
dividend for the year ended 30 September 2018 is expected to be between 74.1732 cents per share and 73.7356
cents per share and for the six-month period ended 30 September 2018, between 33.7432 cents per share and
33.3056 cents per share

This updated guidance has not been reviewed or reported on by Arrowhead's auditors.

13 November 2018


Sponsor
Java Capital

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