Update on the disposal of properties by wholly owned subsidiaries FREEDOM PROPERTY FUND LIMITED Incorporated in the Republic of South Africa Registration number: 2012/129186/06 Share code: FDP ISIN: ZAE000185260 (“the Company”) UPDATE ON THE DISPOSAL OF PROPERTIES BY WHOLLY OWNED SUBSIDIARIES Shareholders are referred to the announcement, dated 3 September 2019, which advised that Zambesa Investments Proprietary Limited (“Zambesa”) and Tubatse Estate Proprietary Limited (“Tubatse Estate”), which are wholly-owned subsidiaries of the Company, had entered into property sale agreements with Cecilo Investments CC (“Cecilo”) relating to the disposal by: • Zambesa of 7 residential units plus 33 serviced stands in the sectional scheme known as Tubatse Homes SS 758/2017 to Cecilo; and • Tubatse Estate of the remaining extent of the Burgersfort Extension 40 Township situated at Portion 6 of the farm Witgatboom 316 (collectively “the Disposals”). Shareholders are hereby advised that certain conditions precedent to the Disposals have not been fulfilled within the timelines specified. Accordingly, the Company is currently not able to proceed with the Disposals. Paarl 23 September 2019 Sponsor and Corporate Advisor Questco Corporate Advisory Proprietary Limited Date: 23/09/2019 01:10:00 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.