OCTODEC INVESTMENTS LIMITED - Update on the Voluntary Offer by Emira Property Fund Limited to Acquire Further Octodec Shares

Update on the Voluntary Offer by Emira Property Fund Limited to Acquire Further Octodec Shares

OCTODEC INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1956/002868/06)
JSE share code: OCT
JSE alpha code: OCTI
ISIN: ZAE000192258
LEI: 3789I36JI0BKTUSZ8813
(Approved as a REIT by the JSE)
("Octodec")

UPDATE ON THE VOLUNTARY OFFER BY EMIRA PROPERTY FUND LIMITED TO ACQUIRE FURTHER OCTODEC SHARES

Octodec shareholders ("Shareholders") and noteholders are referred to the announcement released by Octodec on SENS
on 21 April 2026, together with the announcements released by Emira Property Fund Limited ("Emira") on SENS:

(i)     on 13 April 2026 in respect of Emira's acquisition (through its wholly-owned subsidiary, Freestone Property
        Investments Proprietary Limited ("Purchaser")) of 53 698 356 ordinary shares in Octodec ("Octodec Shares"),
        representing a shareholding of c. 20.17%, for an aggregate purchase consideration of R891 773 046 in a series of
        off-market transactions ("Acquisition") and a voluntary offer by Emira to acquire up to a further 39 204 583
        Octodec shares for a cash consideration of R16.75 per share ("Voluntary Offer"),
(ii)    on 24 April 2026 announcing that it had, through the Purchaser, acquired a further 2 889 864 Octodec Shares for
        an average cash consideration of R16.7446 per share and an aggregate consideration of R48 389 722.75 in certain
        on-market transactions ("Further Acquisitions") and that the maximum number of Octodec Shares capable of
        being acquired under the Voluntary Offer was reduced to 36 314 719 Octodec Shares, and
(iii)   on 11 May 2026 in respect of the results of the Voluntary Offer ("Results Announcement").

The Results Announcement confirmed that, pursuant to the Acquisition, the Further Acquisitions and acceptances of the
Voluntary Offer by Shareholders holding 5 921 780 (c. 2.2%) Octodec Shares, Emira now holds 62 510 000 (23.5%)
Octodec Shares.

14 May 2026

Corporate Advisor, Equity and Debt Sponsor             Legal Advisor
Nedbank Corporate and Investment Banking,              Bowmans
a division of Nedbank Limited

Date: 14-05-2026 03:55:00
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