Posting of dividend election circular to Equites shareholders EQUITES PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2013/080877/06) JSE share code: EQU ISIN: ZAE000188843 (Approved as a REIT by the JSE) ("Equites" or "the company") POSTING OF DIVIDEND ELECTION CIRCULAR TO EQUITES SHAREHOLDERS Shareholders are referred to Equites' results announcement for the six months ended 31 August 2019 and the declaration announcement, released on SENS on Thursday, 10 October 2019. In such announcements, shareholders were advised that the board of directors of Equites had declared a cash dividend of 74.43284 cents per Equites share for the six months ended 31 August 2019 and that shareholders have been provided with the election to reinvest the cash dividend in return for Equites shares ("the dividend reinvestment alternative"). A circular to Equites shareholders ("the circular") in respect of the dividend reinvestment alternative, together with an election form, will be posted to shareholders on Friday, 11 October 2019 and will also be available on the website of the company (www.equites.co.za/shareholder-notices.html) from Friday, 11 October 2019. Copies of this circular may be obtained from the registered offices of Equites, 14th floor, Portside Building, 4 Bree Street, Cape Town, 8001 during normal business hours, 08:00 until 16:00 (SA time), from Friday, 11 October 2019 to Friday, 1 November 2019. 11 October 2019 Corporate advisor and sponsor Java Capital Date: 11/10/2019 12:00:00 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.