Trading statement INGENUITY PROPERTY INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number 2000/018084/06) ISIN: ZAE000127411 JSE share code: ING (“Ingenuity” or “the company”) TRADING STATEMENT In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, shareholders are advised that Ingenuity expects to report for the six months ended 28 February 2018: - headline earnings per share (“HEPS”) of 0.5 cents, which is a decrease of 67% when compared to HEPS of 1.5 cents reported for the corresponding six months ended 28 February 2017; and - earnings per share (“EPS”) of 7.6 cents, which is an increase of 46% when compared to EPS of 5.2 cents reported for the corresponding six months ended 28 February 2017. HEPS has decreased mainly due to: - a decrease in net property income of R5.9 million due to three properties sold in the previous reporting period, however on a like-for-like property basis, core net property income has increased by 12%; and - the share of losses of R4.3 million from the equity-accounted investment, City Park joint venture, for which a redevelopment planning application has been submitted and which development is expected to commence in due course. The losses result mainly due to the interest carrying cost on the property. EPS has increased mainly due to net increases in the fair value adjustments of investment properties. In the current reporting period, the net increase was R113.4 million compared to R53.4 million in the corresponding six months ended 28 February 2017. The above information has not been reviewed or reported on by the company’s auditors and Ingenuity’s consolidated results for the six months ended 28 February 2018 are expected to be published on or about 25 April 2018. Cape Town 24 April 2018 Sponsor Nedbank Corporate and Investment Banking Date: 24/04/2018 01:35:00 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.