Trading Statement TRANSCEND RESIDENTIAL PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) Registration number 2016/277183/06 JSE Code: TPF ISIN: ZAE000227765 (Approved as a REIT by the JSE) (“Transcend” or “the Company”) TRADING STATEMENT Shareholders are referred to the announcement released by Transcend on SENS on 6 April 2020, in which the Company advised that as a result of the uncertainty surrounding the financial impact of the COVID-19 pandemic (the “Pandemic”) on Transcend, it had withdrawn its previous dividend guidance. Transcend uses distribution per share (“DPS”) as its relevant measurement of financial performance and, accordingly, in terms of the JSE Listings Requirements, it is required to publish a trading statement as soon as it becomes reasonably certain that the DPS for the next period to be reported on will differ by at least 15% from that of the prior corresponding period. Transcend anticipates distributable income for the six months ended 30 June 2020 to be R36.50 million (30 June 2019: R40.11 million), with distributable earnings per share (“DEPS”) expected to be 27.89 cents (30 June 2019: 30.64 cents), representing a marginal decrease of 8.99% when compared to the prior corresponding period DEPS. Given the ongoing uncertainty regarding the future effects of the Pandemic on the South African economy and economic well-being of its citizens, as well as the impact thereof on the Company’s financial performance and position, the board of directors of Transcend (“the Board”) remains cautious and has decided to conserve its current cash position in declaring its interim dividend. Shareholders are, therefore, advised that Transcend expects its DPS for the six-month period ending 30 June 2020 to be 12.10 cents, as compared to the DPS reported for the previous corresponding period of 30.25 cents. This represents a decrease in DPS of 60% compared to the prior corresponding period. The Board will formally revisit Transcend’s distribution policy later in 2020 and will provide further guidance once there is greater certainty on the impact of COVID-19 on the business and financial performance of Transcend. The information contained in this trading statement and the financial information on which it has been based have not been reviewed or reported on by the Company’s auditors. Bryanston 11 August 2020 Sponsor Questco Corporate Advisory Proprietary Limited Date: 11-08-2020 05:03:00 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.