Trading update and cautionary announcement NEW FRONTIER PROPERTIES LTD (Incorporated in the Republic of Mauritius on 5 June 2014) (Registration number 123368C1/GBL) SEM share code: NFP.N000 JSE share code: NFP ISIN: MU0453N00004 ("New Frontier" or the "company") TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT As indicated in the company's results for the 9 months ended 31 May 2018, the company continues to operate in a challenging retail environment, caused in part by a weaker sterling due to the uncertainty caused by the vote to leave the European Union, a fall in consumer confidence, increased costs and declining national footfall, impacted by a shift in consumer shopping habits. The external valuations for New Frontier's property portfolio are still in the process of being finalised. However, due to the previously indicated fall in income following a number of Company Voluntary Arrangements (CVAs) taking place, it is anticipated that the aggregate external valuation of New Frontier's property portfolio may decline materially. Given the challenging retail environment in which the company is operating and anticipated decline in value of New Frontier's property portfolio, the directors of New Frontier do not intend declaring a distribution for the year ended 31 August 2018. New Frontier's results for the year ended 31 August 2018 will be published once the external valuations for New Frontier's property portfolio and audit process have been finalised. It is anticipated that New Frontier's results will be published no later than 30 November 2018. Shareholders are advised to exercise caution when dealing in the company's securities until a further announcement is made. New Frontier holds primary listings on the SEM and the Alternative Exchange of the JSE. 8 November 2018 This notice is issued pursuant to SEM Listing Rules 11.3. The board of directors of New Frontier Properties Ltd accepts full responsibility for the accuracy of the information in this notice. For further information, please contact: JSE sponsor Java Capital +27 11 722 3050 Company secretary Osiris Corporate Solutions (Mauritius) Ltd +230 650 4030 Date: 08/11/2018 10:00:00 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.