Update on potential transaction and renewal of the 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) UPDATE ON THE POTENTIAL TRANSACTION AND RENEWAL OF THE CAUTIONARY ANNOUNCEMENT Shareholders are referred to the cautionary announcement, dated 2 September 2019, as well as the various renewals thereof, the latest of which was dated 29 November 2019, relating to the receipt by the Company of 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. Shareholders are advised that the Company and SAHIF have agreed, in writing, to extend the exclusivity period of the Expression of Interest to 2 March 2020. If implemented, the Potential Transaction may have a material effect on the price of the Company’s securities and shareholders are accordingly advised to continue to exercise caution should they enter into any off-market trades in their Freedom shares until a further announcement is made. Paarl 18 December 2019 Sponsor Questco Corporate Advisory Proprietary Limited Date: 18-12-2019 12:45:00 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.