Results of dividend reinvestment alternative 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”) RESULTS OF DIVIDEND REINVESTMENT ALTERNATIVE Shareholders are referred to the declaration of a cash dividend of 74.43284 cents per share (the “cash dividend”) with an election to reinvest the cash dividend in return for new Equites shares (the “new shares”) (the “dividend reinvestment alternative”), announced on SENS on Thursday, 10 October 2019 for the six months ended 31 August 2019 and the announcement of the reinvestment price per new share (being R20.50 per share) applicable to Equites shareholders electing the dividend reinvestment alternative, released on SENS on Tuesday, 22 October 2019. Shareholders holding 263 541 116 Equites shares or 48.37% of Equites shares (prior to the election) qualifying to receive the cash dividend elected to receive the dividend reinvestment alternative, resulting in the issue of 9 551 659 new shares, retaining R195 830 864.28 in new equity for Equites. Accordingly, the total number of shares in issue post the issue of the new shares pursuant to the dividend reinvestment alternative will be 554 441 246. Certificated shareholders who did not elect the dividend reinvestment alternative in respect of some or all of their shares and who have provided their bank details to Equites’ transfer secretaries will have their bank accounts credited with the cash dividend on Monday, 4 November 2019. Share certificates in respect of certificated shareholders who did elect the dividend reinvestment alternative in respect of some or all of their shares will be posted on Wednesday, 6 November 2019 to certificated shareholders at their risk. The Central Securities Depository Participants or broker custody accounts of dematerialised shareholders who did not elect the dividend reinvestment alternative in respect of some or all of their shares will be credited with the cash dividend on Monday, 4 November 2019 and the Central Securities Depository Participants or broker custody accounts of dematerialised shareholders who did elect the dividend reinvestment alternative in respect of some or all of their shares will be credited on Wednesday, 6 November 2019 with their new shares. 4 November 2019 Corporate advisor and sponsor Java Capital Date: 04/11/2019 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.