Update on the Edcon restructure OCTODEC INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1956/002868/06) JSE share code: OCT ISIN: ZAE000192258 (Approved as a REIT by the JSE) ("Octodec" or "the company") UPDATE ON THE EDCON RESTRUCTURE Shareholders are advised that Octodec is a participating landlord in the Edcon Proprietary Limited ("Edcon") recapitalisation and restructure programme ("the restructure"). In terms of the restructure, Octodec has agreed to a rental reduction for a period of two years commencing on 1 April 2019 of approximately R11.0 million and will receive equity in lieu of such rental reduction over the two year period. The value of the equity is uncertain at this stage As at 31 August 2018, Octodec's exposure to Edcon amounted to 0.9% of its total gross lettable area ("GLA") and 1.2% of rental income. The restructure relates to Octodec's current exposure to Jet, being 9 688m2 of GLA. The restructure excludes approximately 4 061m2 of GLA in respect of which Jet and Red Square gave notice in 2018 pursuant to their expiring lease agreements. As a result, Octodec's total exposure to Edcon is expected to reduce to 0.6% of GLA for the year ending 31 August 2019, which includes a Jet and CNA with a GLA of 9 688m2 and 577m2 respectively. The impact of the Edcon restructure on Octodec's distributable income for the financial year ending 31 August 2019 is not material (R2,2 million or 0.4% of distributable income). 12 March 2019 Sponsor Java Capital Date: 12/03/2019 07:05:00 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.