Dealings in securities by associates of directors of the company TOWER PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2012/066457/06) JSE share code: TWR ISIN: ZAE000179040 (Approved as a REIT by the JSE) ("Tower" or "the company") DEALINGS IN SECURITIES BY ASSOCIATES OF DIRECTORS OF THE COMPANY Shareholders are advised of the following information relating to the acceptance of share options offered to directors in terms of the Tower Property Fund Incentive Scheme ("the Scheme"), which options will vest in equal tranches on 2 November 2021, 2 November 2022 and 2 November 2023, subject to the achievement of the agreed upon vesting conditions contained in the rules of the Scheme. Name of associate: Hulk Investments (Pty) Ltd ("Hulk Investments") Name of director and relationship to director: Marc Edwards, who is a director and owns 100% interest in Hulk Investments Transaction date: 2 November 2018 Class of securities: Ordinary shares Number of securities: 4 189 473 Price per security: RNil Total value of transaction: R27 985 679.64 (at a deemed price per security of R6.68) Nature of transaction: Off-market acceptance of share options in terms of the Scheme Nature and extent of director's interest: Indirect beneficial Clearance to deal received: Yes Name of associate: Mutinix (Pty) Ltd ("Mutinix") Name of director and relationship to director: Joanne Mabin, who is a director and sole shareholder of Mutinix Transaction date: 2 November 2018 Class of securities: Ordinary shares Number of securities: 2 742 494 Price per security: RNil Total value of transaction: R18 319 859.92 (at a deemed price per security of R6.68) Nature of transaction: Off-market acceptance of share options in terms of the Scheme Nature and extent of director's interest: Indirect beneficial Clearance to deal received: Yes 5 November 2018 Sponsor Java Capital Date: 05/11/2018 12:25:00 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.