Update on the non-binding advisory vote on the remuneration policy 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" or "the company") UPDATE ON THE NON-BINDING ADVISORY VOTE ON THE REMUNERATION POLICY Shareholders are referred to the SENS announcement released on Friday, 27 July 2018, relating to the results of Equites' annual general meeting ("AGM") and the invitation to shareholders to engage with the company with respect to the remuneration policy. Shareholders were afforded until Friday, 10 August 2018 to furnish Equites with their dissenting concerns or queries in respect thereof. Shareholders are advised that: - Two shareholders, holding approximately 10.5% of voteable shares, who voted against the remuneration policy at the AGM, have engaged directly with the company. - The primary concern raised by these shareholders was the lack of performance incentives as a component of the Long-Term Incentive Scheme. A secondary concern related to the use of budgets as a performance hurdle in determining awards to employees and/or directors in terms of the Short-Term Incentive Scheme. - With regards to shareholders that may have acted on the recommendation of Institutional Shareholder Services ("ISS") to vote against the company’s remuneration policy, Equites has obtained a copy of the report issued by ISS setting out the concerns, and will table this report at the upcoming remuneration committee meeting. - The remuneration committee is obtaining independent advice on all the matters raised and will discuss and agree changes to the company's Short and Long-Term Incentive Schemes at its next meeting in October 2018. Shareholders will be advised of any proposed changes that result from this process. 27 August 2018 Sponsor Java Capital Date: 27/08/2018 03:11:00 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.