ARROWHEAD PROPERTIES LIMITED - Update on Arrowhead's investment in Rebosis Property Fund Limited

Update on Arrowhead's investment in Rebosis Property Fund Limited

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")


UPDATE ON ARROWHEAD'S INVESTMENT IN REBOSIS PROPERTY FUND LIMITED


Arrowhead released its provisional summarised consolidated audited results for the year ended 30 September 2018
on SENS on 28 November 2018, wherein the Company highlighted that it is exploring various strategic options
in relation to its 17.9% stake in Rebosis Property Fund Limited ("Rebosis") B shares ("the Rebosis investment").

Fundamental to Arrowhead's investment criteria, is the ability to exercise appropriate control over the assets in
which it is invested. The Rebosis investment does not currently meet this requirement, as such an evaluation of
the following options is being considered:

-   disposal of the Rebosis investment, either in tranches or in its entirety, depending on market conditions and
    appetite;

-   a distribution in specie to Arrowhead shareholders of the Rebosis investment, which will take the form of a
    return of capital; or

-   through a corporate action with Rebosis, on a sustainable income for sustainable income basis, which will
    satisfy Arrowhead's stated investment criteria.

(collectively, the "strategic options").

Arrowhead has, and will continue to engage with key Rebosis and Arrowhead stakeholders as regards the strategic
options, in order to determine the most responsible and optimal route to unlocking value.

29 November 2018


Sponsor
Java Capital

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