Condensed unaudited group results for the six months ended 28 February 2020 REDEFINE PROPERTIES LIMITED (Incorporated in the Republic of South Africa) Registration number: 1999/018591/06 JSE share code: RDF ISIN: ZAE000190252 (Redefine or the Company or the Group) (Approved as a REIT by the JSE) Condensed unaudited Group results for the six months ended 29 February 2020 - Deployed R1.9 billion into property assets - Healthy liquidity levels and all near term debt maturities substantially refinanced - Tenant retention rate at 95.7% - Employee engagement score of 87% above global and local benchmark - Increased solar PV capacity to 25.1MWP Financial results Unaudited Unaudited 29 February 28 February % 2020 2019 change Revenue (R'million) 4 818 4 395 9.6 Continued and discontinued earnings per share (cents) Headline earnings per share (cents) 22.63 39.90 (43.3) Basic earnings per share (cents) (115.83) 43.91 (363.8) Distributable income per share (cents) 33.46 49.19 (32.0) Dividend per share (cents) - 49.19 (100.0) Net asset value per share (excluding deferred taxation and non-controlling interest) (cents) 884.26 1 058.81 (16.5) While Redefine can comfortably meet its solvency and liquidity obligations and we are confidently pursuing our stated strategic priority to reduce balance sheet risk, the current circumstances dictate that we take the important precautionary measures to defer our decision on a dividend payment for the six months ended 29 February 2020. The board has decided to postpone this decision until the release of results for the year ending 31 August 2020, which is expected to be on or about 2 November 2020. Operating in an environment where the knowns are outweighed by evolving unknowns, Redefine has also withdrawn its previous distributable income per share guidance for the 2020 financial year. By order of the board Redefine Properties Limited 4 May 2020 Independent non-executive directors: SM Pityana (Chairman), ASP Dambuza, B Mathews (Deputy Chairperson), D Naidoo, LJ Sennelo, M Barkhuysen, NB Langa-Royds Executive directors: AJ Konig (Chief executive officer), LC Kok (Financial director) Registered office: Rosebank Towers, Office Level 5, 19 Biermann Avenue, Rosebank 2196; PO Box 1731, Parklands 2121; Telephone +27 11 283 0000 Transfer secretaries: Computershare Investor Services Proprietary Limited Sponsor: Java Capital Company secretary: B Baker Independent auditors: PricewaterhouseCoopers Inc The full announcement is available on our website: www.redefine.co.za The contents of this short-form announcement are the responsibility of the board of directors of Redefine. These are extracts from the condensed unaudited Group results for the six months ended 29 February 2020 and do not contain full or complete details of the financial results. Any investment decisions made by investors and/or shareholders should be based on consideration of the full announcement as a whole and shareholders are encouraged to review the full announcement which is available on Redefine's website https://www.redefine.co.za/investors/financial-results/2020-results/interim and on the JSE's website at: https://senspdf.jse.co.za/documents/2020/JSE/isse/RDF/29Feb2020.pdf. Copies of the full announcement may be requested via email to BronwynB@redefine.co.za or sponsor@javacapital.co.za. Date: 04-05-2020 07:30:00 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.