Quarterly update in terms of section 1.10(C) of The Listings Requirements Freedom Property Fund Limited (Incorporated in the Republic of South Africa) (Registration number: 2012/129186/06) Share code: FDP ISIN: ZAE000185260 (“Freedom” or the “Company”) QUARTERLY UPDATE IN TERMS OF SECTION 1.10(c) OF THE LISTINGS REQUIREMENTS Shareholders are referred to the announcement released on the Stock Exchange News Services of JSE Limited (the “JSE”) on 30 June 2016, notifying of a delay in the release of the Company’s annual financial statements for the year ended 29 February 2016 (“Annual Financial Results”), and to the further announcement released by the Company on 27 January 2017 (“January 2017 Announcement”). The board of directors of Freedom (the “Board”) remains committed to taking all necessary steps to ensure the release of its Annual Financial Results as soon as reasonably possible. To this end, the Company continues to work with the Company’s auditor, RSM South Africa (the “Auditor”), and has, amongst others, contracted the services of an independent International Financial Reporting Standards expert to assist the process. Shareholders are reminded that the release of the Annual Financial Results is anticipated to include the restatement of the financial results of the Company for the year ended 28 February 2015, notwithstanding such financial results having previously been signed off by the Auditor. As previously announced, the Board has sought legal counsel as to potential legal action regarding the matters set out in the January 2017 Announcement, and consequently shareholders are advised that the Board has resolved to take immediate and appropriate legal action in respect of certain transactions entered into by the Company during the 2015 and 2016 financial years. Shareholders will be updated as and when there are further developments. Johannesburg 28 April 2017 Sponsor Bravura Capital Proprietary Limited Date: 28/04/2017 05:20:00 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.