REBOSIS PROPERTY FUND LIMITED (IN BUSINESS RESCUE)
Incorporated in the Republic of South Africa
(Registration number: 2010/003468/06)
JSE share code: REA ISIN: ZAE000240552
JSE share code: REB ISIN: ZAE000201687
(Approved as a REIT by the JSE)
(“Rebosis” or the “Company” or the “Group”)


MONTHLY UPDATE ANNOUNCEMENT AND OPERATIONAL UPDATE

Shareholders are referred to the announcement released by the Company on 6 April 2023 ("PSP
Announcement") which provided salient information regarding the Public Sales Process (“PSP”), and
the Public Sales Process Update announcement released on 28 June 2023, extending the dates in the
PSP timetable. This announcement sets out the monthly update on the PSP to 14 August 2023 as well
as an operational update as at 31 July 2023.

1.   PSP progress to 14 August 2023

     1.1   Following conclusion of the expression of interest (“EOI”) Phase, the joint business rescue
           practitioners (“Joint BRPs”) selected 22 participants (“Preferred Bidders”) to proceed to the
           due diligence and offer phase (“DD & Offer Phase”). The Preferred Bidders include private
           individuals, joint ventures, and JSE-listed REITS. In addition, the Government-tenanted
           portfolio has received interest from unlisted property groups and seasoned property
           entrepreneurs specialising in this asset class.

     1.2   Following conclusion of the DD & Offer Phase, the lenders, advisors and Joint BRPs (“PSP
           Team”) received binding offers on 17 July 2023 and final offers were submitted on 7 August
           2023. The PSP Team is assessing the offers received, selecting the successful bidders and
           negotiating sale agreements with the successful bidders.

     1.3   The due date for the selection of the final purchasers and conclusion of the Final Sale
           Agreements was 14 August 2023.

     1.4   The Advisors to the Joint BRPs and the Joint BRPs are in the process of ensuring full
           compliance in respect of each negotiation/sale process, and as such, and with the consent
           of the Secured Creditors, a decision was taken to extend the abovementioned due date to
           the following extent:

                1.4.1    By one week in respect of the Nedbank Portfolio Properties, thus taking the
                         proposed revised due date for the selection of the Final Purchaser(s) and
                         conclusion of the Final Sale Agreement(s) to 21 August 2023;

                1.4.2    By two weeks in respect of the Investec and Standard Bank Portfolio
                         Properties, thus taking the proposed revised due date for the selection of the
                         Final Purchaser(s) and conclusion of the Final Sale Agreement(s) to 28 August
                         2023.
2.   This announcement sets out the extended timetable for Preferred Bidders as approved by Secured
     Creditors:

      Remaining PSP Milestones                             Extended dates         Secured Creditor
                                                                                  approved further
                                                                                  extended dates

      Selection of Final Purchaser(s) and conclusion
      of Final Sale Agreement(s) (Nedbank Portfolio          14 August 2023           21 August 2023
      Properties)

      Selection of Final Purchaser(s) and conclusion
      of Final Sale Agreement(s) (Investec and               14 August 2023           28 August 2023
      Standard Bank Portfolio Properties)


      A further announcement, as required by the JSE, setting out details of the Final Purchasers and
      the Final Sale Agreements entered into will be released on SENS within 24 hours of signature of
      the Final Sale Agreements.

3.    Employees and support functions

      During the business rescue process, and up until 31 July 2023, the Company has ensured that
      all Rebosis employees have been paid, such that support functions, facilities management
      services and property and asset management functions across the portfolio remain
      uninterrupted. The Joint BRPs are actively engaging with the successful bidders in an attempt to
      retain as many of these Rebosis employees as possible, in line with the BRP Plan.

4.    Commercial portfolio update as at 31 July 2023

           Rebosis’ main sovereign tenant, the Department of Public Works and Infrastructure
           (“DPWI”), has waived their “Right of First Refusal” to purchase the properties they are
           leasing, as outlined in the respective lease agreements. These properties comprise 13
           leases amounting to circa 130 000 m². The Company previously advised the DPWI of its
           intention to dispose of its entire office portfolio, including those assets leased by the DPWI.
           In response, the DPWI advised Rebosis that they have no intention of exercising their rights
           in this regard, enabling Rebosis to dispose of the properties to any other interested party.

           Rebosis’ portfolio located in the CBD of Johannesburg was not impacted by the Lilian Ngoyi
           Street (previously Bree Street) methane gas explosion on 19 July 2023. As a precautionary
           measure, the Group has engaged a structural engineer to assess the various buildings for
           any secondary damage.

Capitalised terms used in this announcement are as defined in the Business Rescue Plan, unless
otherwise stated.



15 August 2023


Joint BRPs:                              Phahlani Mkhombo and Jacques du Toit

Advisors to the Joint BRPs:              Java Capital Proprietary Limited, Black Acres Proprietary
                                         Limited, Deloitte & Touche

Legal Advisors to the Joint BRPs:        Cliffe Dekker Hofmeyr Inc.
Sponsor to Rebosis:   Nedbank Corporate and Investment Banking, a division of
                      Nedbank Limited