Cautionary announcement FREEDOM PROPERTY FUND LIMITED Incorporated in the Republic of South Africa Registration number: 2012/129186/06 Share code: FDP ISIN: ZAE000185260 (“Freedom” or “the Company) CAUTIONARY ANNOUNCEMENT Shareholders are advised that the Company has received a non-binding expression of interest (“Expression of Interest”) from the South African Housing and Infrastructure Fund (“SAHIF”) to acquire all of the issued shares of Freedom by way of a scheme of arrangement in terms of section 114 of the Companies Act 2008 (“the Potential Transaction”), subject to a due diligence investigation. The Expression of Interest is subject to an exclusivity period of a maximum of 120 days from 22 August 2019. If implemented, the Potential Transaction may have a material effect on the price of the Company’s securities. The Board of Directors of Freedom is in the process of engaging with SAHIF and shareholders are advised to exercise caution should they enter into any off-market trades in their Freedom shares until a further announcement is made. Paarl 2 September 2019 Sponsor Questco Corporate Advisory Proprietary Limited Date: 02/09/2019 12:05:00 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.