Arrowhead \Gemgrow - Joint finalisation announcement ARROWHEAD PROPERTIES LIMITED GEMGROW PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Incorporated in the Republic of South Africa) (Registration number 2011/000308/06) (Registration number 2007/032604/06) JSE share code: AWA ISIN: ZAE000203105 JSE share code: GPA ISIN: ZAE0000223269 (Approved as a REIT by the JSE) JSE share code: GPB ISIN: ZAE0000223277 (“Arrowhead”) (Approved as a REIT by the JSE) (“Gemgrow”) Joint Finalisation Announcement Arrowhead and Gemgrow shareholders are referred to the joint announcements released on SENS, the last of which was published on Thursday, 29 August 2019, regarding, inter alia, the offer by Gemgrow to acquire all of the Arrowhead ordinary shares, but excluding the Arrowhead shares held in treasury, from Arrowhead shareholders (“scheme participants”) by way of a scheme of arrangement in terms of section 114 of the Companies Act, No. 71 of 2008, as amended, proposed by the board of Arrowhead to the scheme participants (“transaction”). The boards of Arrowhead and Gemgrow are pleased to announce that all outstanding conditions precedent to the transaction have now been fulfilled. The salient dates and times previously published on SENS on 29 August 2019 in respect of the implementation of the transaction, remain unchanged. Arrowhead Independent Board Responsibility Statement The Arrowhead independent board (to the extent the information relates to Arrowhead), accepts responsibility for the information contained in this announcement and, to the best of its knowledge and belief, confirms that the information contained is true and this announcement does not omit anything likely to affect the importance of such information. Gemgrow Responsibility Statement Gemgrow (to the extent the information relates to Gemgrow), accepts responsibility for the information contained in this announcement and, to the best of its knowledge and belief, confirms that the information contained is true and this announcement does not omit anything likely to affect the importance of such information. 9 September 2019 Corporate advisor and sponsor to Arrowhead Investec Bank Limited Independent corporate advisor and transaction sponsor to Gemgrow Nedbank Corporate and Investment Banking, a division of Nedbank Limited Corporate advisor to Gemgrow Investec Bank Limited Strategic transaction advisor to Arrowhead Ferryman Capital Partners Legal advisor and competition law advisor Cliffe Dekker Hofmeyr Incorporated Date: 09/09/2019 02:35:00 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.