Further cautionary announcement ARROWHEAD PROPERTIES LIMITED GEMGROW PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Incorporated in the Republic of South Africa) (Registration number 2011/000308/06) (Registration number 2007/032604/06) JSE share code: AWA ISIN: ZAE000203105 JSE share code: GPA ISIN: ZAE0000223269 (Approved as a REIT by the JSE) JSE share code: GPB ISIN: ZAE0000223277 (“Arrowhead”) (Approved as a REIT by the JSE) ("Gemgrow" or “the company”) FURTHER CAUTIONARY ANNOUNCEMENT Shareholders are referred to the joint cautionary announcement released on SENS on 10 April 2019, wherein Arrowhead and Gemgrow (the “Parties”) advised that their respective boards of directors have, in principle, agreed to a potential transaction which may result in the reverse takeover of Gemgrow by Arrowhead (the “Merger”). Shareholders are advised that the Parties are in the process of finalising transaction agreements and accordingly, shareholders are advised to continue exercising caution when dealing in their respective shares until a further announcement in respect of the Merger has been made. 28 May 2019 Corporate advisor and sponsor to Arrowhead Investec Bank Limited Independent corporate advisor and transaction sponsor to Gemgrow Nedbank Corporate and Investment Banking Corporate advisor to Gemgrow Investec Bank Limited Strategic transaction advisor to Arrowhead Ferryman Capital Partners Legal advisor Cliffe Dekker Hofmeyr Date: 28/05/2019 07:05:00 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.
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