Change to the board of directors ASCENSION PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Registration number 2006/026141/06) JSE share code: AIA ISIN: ZAE000204566 (Approved as a REIT by the JSE) (“Ascension” or “the company”) CHANGE TO THE BOARD OF DIRECTORS The board of directors (“the Board”) of Ascension wishes to announce that Mr. Kameel Keshav will be leaving his position as Chief Executive Officer of the Company as at 31 March 2017 to pursue other opportunities. Following the recent announcement of the intention of Rebosis Property Fund Limited (“Rebosis”) to make an offer to acquire all of the Ascension A shares in exchange for 19.34236 Rebosis A ordinary shares for every 100 Ascension A shares by scheme of arrangement (the “A share scheme”), which will be voted on by Ascension shareholders at the scheme meeting to be held on 16 March 2017. Ascension anticipates that the A share scheme will be implemented by the end of April 2017 and has elected not to appoint a new CEO, pending the approval of the A share scheme by Ascension shareholders. Kameel made an outstanding contribution to the Company and the Board appreciates the commitment and time he invested and demonstrated in the performance of his duties. 1 March 2017 Sponsor Java Capital Date: 01/03/2017 05:43:00 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.