ING 201704210030A 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 Listings Requirements of the JSE Limited, Ingenuity expects to announce for the six months ended 28 February 2017: - earnings per share (“EPS”) of 5.2 cents per share (2016: 5.4 cents) which is a decrease of 3.7% over the prior comparative period; - headline earnings per share (“HEPS”) of 1.5 cents per share (2016: 2.2 cents) which is a decrease of 31.8% over the prior comparative period; and - net asset value per share (“NAV”) of 123 cents per share (2016: 112 cents) which is an increase of 9.8% over the prior comparative period. EPS has decreased marginally due to increases in net borrowings utilised to fund acquisitions, higher interest rates and a decrease in fair value adjustments to cater for higher market yield expectations in a higher interest rate environment compared to the prior comparative period. HEPS has decreased due to increases in net borrowings utilised to fund acquisitions, increases in interest rates and the higher cost of funding associated with the long-term interest rate swap contracts entered into to mitigate interest rate risk. Currently, 56% of the total borrowings are hedged by contracts maturing between November 2020 and July 2021. NAV growth has increased due to acquisitions made and growth in the value of the portfolio. Ingenuity is committed to creating enduring increased wealth for shareholders, focusing on underlying quality assets with a strong focus on growing NAV. The above information has not been reviewed or reported on by the company’s auditors and the company’s consolidated results for the six months ended 28 February 2017 are expected to be published on or about 26 April 2017. Cape Town 21 April 2017 Sponsor Nedbank Corporate and Investment Banking Date: 21/04/2017 02:45:00 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.