General repurchase of shares announcement INGENUITY PROPERTY INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2000/018084/06) ISIN: ZAE000127411 JSE share code: ING (“Ingenuity” or the “Company”) GENERAL REPURCHASE OF SHARES ANNOUNCEMENT 1. Introduction Ingenuity shareholders are advised that the Company has repurchased 67 556 376 Ingenuity ordinary shares (“Shares”) in terms of a general approval granted by shareholders at the Company’s annual general meeting (the “Authority”) held on 25 January 2019 (the “General Repurchase”). 2. Details of the General Repurchase Dates of the General Repurchase: 28 January 2019 to 18 February 2019 Number of Shares repurchased: 67 556 376 Lowest repurchase price per Share: R1.05 Highest repurchase price per Share: R1.08 Total value of Shares repurchased: R72 797 424.09 62 107 643 Shares will be cancelled and delisted on or about 22 February 2019 (the “Cancellation”). The balance of 5 448 733 Shares will be held as treasury shares. The General Repurchase represents 5.4% of the Company’s issued share capital. Post the General Repurchase, Ingenuity will hold 112 510 672 Shares as treasury shares, representing 9.42% of the Company’s issued share capital post the Cancellation. Following the General Repurchase, the extent of the Authority to repurchase shares outstanding is 183 642 796 ordinary shares, representing 14.6% of the total issued share capital of Ingenuity, at the time the Authority was granted. 3. Source of funds The General Repurchase was funded from the Company’s available cash resources. 4. Statement by the board of directors of Ingenuity (the “Board”) The Board has considered the effect of the General Repurchase and is of the opinion that, for a period of twelve months following the date of this announcement: 4.1. the Company and the group will be able in the ordinary course of business to pay its debts; 4.2. the assets of the Company and the group will be in excess of the liabilities of the Company and the group. For this purpose, the assets and liabilities were recognised and measured in accordance with the accounting policies used in the latest audited annual group financial statements; 4.3. the share capital and reserves of the Company and the group will be adequate for ordinary business purposes; 4.4. the working capital of the Company and the group will be adequate for ordinary business purposes; and 4.5. the Company and the group have passed the solvency and liquidity test and since the test was performed, there have been no material changes to the financial position of the group. 5. Impact of the General Repurchase on financial information The General Repurchase has no significant impact on the financial information of the Company, save to reduce the number of Shares in issue by 62 107 643, with the total number of Shares in issue post the General Repurchase amounting to 1 193 888 216. 6. Compliance with paragraph 5.72 of the JSE Limited Listings Requirements (“JSE Listings Requirements”) The General Repurchase was effected through the order book operated by the JSE trading system and done without any prior understanding or arrangement between the Company and the counter parties. Accordingly, the Company has complied with paragraph 5.72 of the JSE Listings Requirements. Cape Town 15 February 2019 Sponsor Nedbank Corporate and Investment Banking Date: 15/02/2019 12:35:00 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.