The private placement of linked units in the Rebosis Property Fund Limited ("Rebosis") on the main board of the JSE Limited ("JSE"), which took place today, was the first under the new Companies Act which came into effect on 1 May. Rebosis is the first black-managed and substantially black-held property fund to be listed on the JSE.

Lydia Shadrach-Razzino, Director in the Corporate and Commercial Practice Area at Cliffe Dekker Hofmeyr, the legal advisors to Rebosis on the listing, said that the listing was exciting for South Africa considering the combination of the following, i) the history of Rebosis, ii) its Black Economic Empowerment ("BEE") credentials, and iii) the BEE credentials of its asset manager.

"The private placement of linked units in Rebosis was not an offer to the public and a registered prospectus was not required. The linked units in Rebosis were placed privately in terms of a pre-listing statement in accordance with the listing requirements of the JSE and the new Companies Act," she said.

Ian Hayes, Director in the Corporate and Commercial Practice Area at Cliffe Dekker Hofmeyr, said we are thrilled to have been part of this first and somewhat unique listing under the new Companies Act.

The listing of linked units in Rebosis will offer investors an initial 8.6% forward yield (calculated for the 12 months to 31 May 2012), with forecast growth in distributions of 12% in 2012.

Established by the Billion Group, Rebosis owns a portfolio of eight high grade retail and office properties located in Gauteng and the Eastern Cape and valued at approximately R3.6 billion. The office buildings make up approximately 40% and the retail malls approximately 60% of the value of the portfolio.

The five office buildings are located in nodes attractive to government tenants, four in Pretoria and one in Braamfontein. The retail portfolio comprises three exceptional quality shopping malls, most notably Hemingways Mall in East London

The listing will allow Rebosis access to the equity markets to finance its planned future growth and to raise approximately R1.66 billion in order to facilitate the acquisition of the additional properties and restructure and reduce the group's overall gearing levels.

The Cliffe Dekker Hofmeyr team included the following directors:

Ian Hayes, Corporate and Commercial

Lydia Shadrach-Razzino, Corporate and Commercial

Quintin du Plessis, Real Estates (see photographs attached)


FOR MORE INFORMATION:
Lydia Shadrach-Razzino, Director, Corporate and Commercial, Cliffe Dekker Hofmeyr,
Tel: +27 (0)11 562 1700 or email: lydia.shadrachrazzino@dlacdh.com

Andrea Collocott, Head: Marketing, Cliffe Dekker Hofmeyr,
Tel: +27 (0)11 562 1281 or email: andrea.collocott@dlacdh.com

Angela Graham, Tel: 084 245 245 2 yeahwrite@worldonline.co.za

Notes to editors:

Rebosis Property Fund Limited

Rebosis, built up from scratch by CEO Sisa Ngebulana, offers as unique selling points a large exposure to the rising black-middle class through strategically located retail developments. And government is already a large and apparently happy tenant in its office developments.

Cliffe Dekker Hofmeyr

Cliffe Dekker Hofmeyr is one of the largest commercial law firms in South Africa with some 115 directors/partners and 250 qualified lawyers located at offices in Johannesburg and Cape Town.

Cliffe Dekker Hofmeyr lawyers specialise in services covering the complete spectrum of business legal needs in 11 core areas of practice. The firm also has dedicated sector-led teams consisting of lawyers with experience in a wide range of industries and the public sector.

Cliffe Dekker Hofmeyr is the South African member firm of DLA Piper Group, an alliance of legal practices, which includes firms with offices around the globe that are affiliated to members of the DLA Piper Practice but are not themselves members of it.

Cliffe Dekker Hofmeyr's Africa practice, in conjunction with DLA Piper Africa Group, is unrivalled in terms of pan-African legal services and geographical coverage.

DLA Piper is an international legal practice with over 3,500 lawyers located in 30 countries and 69 offices throughout Asia, Europe, the Middle East and the US.

For further information, please visit www.cliffedekkerhofmeyr.com