Repurchase of ordinary shares GREENBAY PROPERTIES LTD (Incorporated in the Republic of Mauritius on 14 August 2014) (Registration number C124756 C1/GBL) SEM share code: GFP.N0000 JSE share code: GRP ISIN: MU0461N00007 ("Greenbay" or "the Company") REPURCHASE OF ORDINARY SHARES 1. INTRODUCTION Shareholders are referred to the announcement released on the SEM website and SENS on Thursday, 31 May 2018 with regard to the implementation of a share buy-back programme, together with the further announcement released on the SEM website and SENS on Wednesday, 8 August 2018 confirming that the share buy-back programme remained in place. In compliance with paragraph 11.27 of the JSE Listings Requirements, the board of directors of Greenbay (the "board") hereby advises shareholders that Greenbay has cumulatively repurchased 304 714 545 ordinary shares, representing 3,21% of the issued share capital of the Company, in terms of the general authority granted by shareholders at the Annual General Meeting of the Company held on 31 January 2018 (the "repurchase"). 2. DETAILS OF THE REPURCHASE SEM JSE Date of repurchases* From 12 June 2018 to From 16 August 2018 21 September 2018 to 26 September 2018 Number of shares repurchased 6 306 500 298 408 045 Lowest repurchase price per share EUR0.08 R1.33 Highest repurchase price per share EUR0.08 R1.40 Volume weighted average price EUR0.08 R1.35 Total value of shares repurchased EUR509 817 R404 954 279 SEM and JSE Number of shares that may still be repurchased in terms of the general authority 168 741 970 Percentage of shares that may still be repurchased in terms of the general authority 1,78% Shares in issue on 31 May 2018 9 488 106 526 Shares in issue on 26 September 2018 9 488 106 526 Treasury shares held after the repurchase 304 714 545 * - No shares were repurchased during Greenbay's mandatory closed periods. The repurchases were effected through the order books operated by the SEM and JSE, respectively, and done without any prior understanding or agreement between Greenbay and the counterparties. The repurchased shares will be held as treasury shares. The shares were repurchased out of existing cash resources of the Company, and all future repurchases will also be funded from available cash resources. 3. STATEMENT BY THE BOARD The board has considered the effect of the repurchase and is of the opinion that, for a period of 12 months following the date of this announcement: - Greenbay and its subsidiaries will be able, in the ordinary course of business, to pay its debts; - the assets of the Company and the group will be in excess of the liabilities of the Company and the group; - the Company's ordinary share capital and reserves will be adequate for ordinary business purposes; and - the Company will have adequate working capital for ordinary business purposes. 4. FINANCIAL INFORMATION PERTAINING TO THE GENERAL REPURCHASE The impact of the repurchase has been calculated and the board can confirm that the implementation of the repurchase has reduced cash balances by approximately EUR24 507 284. The Company has a primary listing on both the Official Market of the SEM and the Main Board of the JSE. 27 September 2018 For further information please contact: JSE sponsor Java Capital Tel: +27 11 722 3050 SEM authorised representative and sponsor Perigeum Capital Tel: +230 402 0890 Company Secretary Intercontinental Trust Ltd Tel: +230 403 0800 This notice is issued pursuant to JSE Listings Requirements, SEM Listing Rules 11.3 and Rule 5(1) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007. The Board of Directors of Greenbay Properties Ltd accepts full responsibility for the accuracy of the information contained in this announcement. Date: 27/09/2018 08:00:00 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.