SENS: Arrowhead acquisition of shares in Rebosis Property Fund Ltd.

Arrowhead shareholders are advised that the company has acquired an aggregate of 50 562 338 ordinary shares in Rebosis Property Fund Limited, equating to 9.76% of the issued share capital of Rebosis, from a number of institutional and other shareholders, in consideration for either cash or the issue of Arrowhead ordinary shares, with the last such acquisition effective on 4 March 2016.

Rebosis is a Real Estate Investment Trust listed on the Main Board of the JSE with a market capitalisation of
approximately R5.5 billion and a portfolio comprising a mix of retail and office properties. The Arrowhead board of
directors believes that the price at which the company was able to acquire the Rebosis shares represents good value and an opportunity to acquire a stake in high quality assets on a yield enhancing basis.

The Rebosis shares acquired by Arrowhead have a combined value of approximately R547 million and attributable profits of approximately R60 million for the financial year ending 31 August 2016.

The acquisition of the Rebosis shares is classified in aggregate as a category 2 transaction in terms of paragraph 9.5(a) of the JSE Listings Requirements and accordingly does not require the approval of Arrowhead shareholders.