Dealings in securities by Associates of Directors 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) (“the Company”) DEALINGS IN SECURITIES BY ASSOCIATES OF DIRECTORS In terms of paragraph 3.63 to 3.66 of the JSE Limited Listings Requirements, shareholders are advised of the following dealings in the Company’s securities by associates of directors. Name of director: R Emslie Name of Associate: ROE Family Investments CC (“ROE”) Relationship to Associate: R Emslie is the sole member of ROE Nature of transaction: Off-market subscription of shares in terms of a vendor consideration placement Date of issue: 14 December 2018 Class of shares: Ordinary shares Extent of interest: Indirect beneficial interest Number of shares acquired: 500 000 Price per share: R6.46 Total value: R3 230 000 Clearance to deal obtained: Yes Name of director: C Conaty Name of Associate: The Brefni Trust Relationship to Associate: C Conaty and his immediate family members are the beneficiaries of the Brefni Trust Nature of transaction: Off-market subscription of shares in terms of a vendor consideration placement Date of issue: 14 December 2018 Class of shares: Ordinary shares Extent of interest: Indirect beneficial interest Number of shares acquired: 123 859 Price per share: R6.46 Total value R800 129.14 Clearance to deal obtained: Yes Bryanston 19 December 2018 Designated Advisor Questco Corporate Advisory Proprietary Limited Date: 19/12/2018 02:52:00 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.