Renewal of Cautionary Announcement ADRENNA PROPERTY GROUP LIMITED (Registration Number 1998/012245/06) Share Code: ANA ISIN: ZAE000163580 (“Adrenna” or “the Company”) RENEWAL OF CAUTIONARY ANNOUNCEMENT Further to the cautionary announcement published on 26 June 2019, shareholders are advised that the board of directors of Adrenna (“Board”) is continuing with its deliberations regarding a possible delisting of the Company from the JSE Limited by means of an offer to Shareholders to repurchase the issued share capital held by them and that an indicative offer consideration of up to R1.30 per share is currently being considered by the Board. Shareholders are advised that this announcement is not a firm intention announcement in terms of Regulation 101 of the Companies Regulations, 2011 and are accordingly advised to continue to exercise caution when dealing in the Company’s securities until such time as a detailed firm intention announcement is made or until this cautionary is otherwise withdrawn. The Board accepts responsibility for the information contained in this announcement. The best of its knowledge and belief, the information contained in this announcement is true and is nothing has been omitted which is likely to affect the importance of the information included. Johannesburg 7 August 2019 Sponsor Arbor Capital Sponsors Proprietary Limited Date: 07/08/2019 09:19:00 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.