CARACTERIZACIÓN DE LA SALA 212

OVER ERF 96678 CAPE TOWN AT NEWLANDS (“THE PROPERTY”) FROM LEAF PROPERTY FUND TRUST AND ATTERBURY INVESTMENT HOLDINGS (“LEAF”)

1. INTRODUCTION

I, MRB Gibbons, a duly authorised Professional Valuer, registered without restriction in terms of Section 19 of the Property Valuers Professional Act, 2000 (Act No. 47 of 2000), of Suite 303, 3rd Floor, Newspaper House, 122 St. Georges Mall, Cape Town do hereby certify that to the best of my knowledge, I have valued the property as at 1st April 2016 [13.23(c)] in order to determine its value on a discounted cash flow or capitalisation of net income basis [13.23(d)] as at the date specified below

Total Value of the Property: R655,000,0000 [13.23a(i)]

In accordance with your instruction of 24 November 2015, I confirm that I have visited and inspected the property below on 27th _{November 2015 [13.23(a)(iii)] and have received all necessary details required to perform a valuation in}

order to provide you with my opinion of the property’s market value as at 01st _{April 2016 [13.23(a)].}

Set out below are particulars relating to the Property, as detailed in the circular to Ingenuity shareholders to be dated on or about 10th _{February 2016, to which this report is attached and the value that I have attributed to the property:-}

DETAILS OF PROPERTY PORTFOLIO [13.31]

Property Name Physical Address [13.23(a)(ii)] Property description and use [13.23(a)(iv)] [13.23(a)(v)] [13.23(a)(viii) Registered legal description [13.23(a)(ii)] Section Areas (m2_{) Age} Building Grade Valuation (R) Valuation Date Great Westerford 240 Main Road, Rondebosch. Cape Town Sectional title as well as servitudinal rights to parking on Erf 96678 Cape Town

Sections 1 & 2 as well as Exclusive use area CABSB1 in the Sectional Title Scheme SS Great Westerford

Section 1- 42,293 Section 2 – 16,587 Exclusive Use Area -8,619 60 yrs (recently renovated A-Grade R655,000,000 01/04/2016

2. BASIS AND METHOD OF VALUATION [13.23 (d)] The valuation is based on market value.

Market value means the best price, at which the sale of an interest in a property may reasonably be expected to have been completed, unconditionally for a cash consideration on the date of valuation, assuming:

• a willing seller and a willing buyer in a market;

• that, prior to the date of valuation, there had been a reasonable period (having regard to the nature of the property and the state of the market) for the proper marketing of the property, for the agreement of price and terms and for the completion of the sale; and

• that the state of the market, level of value and other circumstances are, on any earlier assumed date of exchange of contracts, the same as on the date of the valuation.

The calculation of the market value of the property has been based on the direct comparable sales method. This is the fundamental basis on which commercial vacant land is traded on the market in South Africa. This is also due to there being strong supporting evidence of sales of similarly profiled property, so located at prices per Bulk square metre. [Section 13.23 (d)].

Vacancies have been provided for at 2.5%.

No income has been lost due to time delays to complete refurbishments for existing or new tenants; and

No adjustments have been made to future rental streams as all leases are assumed to revert to market related rentals as published in “Rode’s Retail Report” or “the South Africa Property Owner Associations’ South Africa Property Index”.

3. VACANT OR SPARE LAND N/A

4. VALUATION QUALIFICATIONS None

5. OTHER GENERAL MATTERS AND VALUATION SUMMARY

The full valuation report will be available for inspection detailing town planning, Valuer’s commentary, and other details. This has been given to the directors of Ingenuity Property Investments Limited.

6. ALTERNATIVE USE FOR THE PROPERTY

The property has been valued in accordance with its existing use which represents its market value. No alternative use for the property has been considered in determining its value.

7. OTHER COMMENTS

Our valuation excludes any amounts of Value-added Tax, transfer duty, or securities transfer duty.

The property has been valued as if wholly-owned with no account being taken of any outstanding monies due in respect of mortgage bonds, loans and other charges. No deductions have been made in our valuation for costs of acquisition. The valuation is detailed in a completed state and no deductions have been made for retention or any other set-off or deduction for any purposes which may be made at the discretion of the purchaser when purchasing the property. The valuation excludes any provision for capital expenditure, which - we are advised, has been provided for in the cash flow budgets. It is assumed that there is adequate provision to sustain the income level projected.

All areas quoted within the detailed valuation report will be those stated in the information furnished and verified where plans were available. To the extent that plans were not available, reliance was placed on the information submitted by the managing agents.

The property has been valued in its existing state, before allocations of capital expenditure. I have not carried out any geo-technical surveys, nor inspected those areas that are unexposed or inaccessible, neither have I arranged for the testing of any electrical or other services.

The valuation assumes that formal environmental assessments are not required and further that the property is not environmentally impaired or contaminated, unless otherwise stated in our reports [13.23(a)(xii)].

The property is not situated outside the Republic of South Africa [Section 13.28].

8. SOURCES OF INFORMATION [13.23 (a) (xiii)]

Information relating to the Property has been obtained and, where applicable, verified, from: • Leaf Properties.

• Our physical inspection of the property on or about 27th November 2015 confirming the nature of location reflected in the valuation report.

• Deeds Office; and Surveyor General’s Office & Local Authorities for verification of the Title Deeds, Erf diagrams, Municipal Valuations and Town Planning conditions.

• The Sellers.

• SAPOA and IPD published surveys as quoted on the motivated reports.

9. TOWN PLANNING RESTRICTIONS/CONDITIONS AND MATERIAL CONTRAVENTIONS OF STATUTORY

REQUIREMENTS [13.23 (a) (vi)&(vii)]

Full town planning details and title deeds have been supplied in the detailed valuation reports including conditions and restrictions and the property has been checked against such conditions. This is to ensure that they comply with town planning regulations and title deeds. There do not appear to be any infringements of local authority regulations or deeds by the property.

The valuation has further assumed that the improvements have been erected in accordance with the relevant Building and Town Planning Regulations and on inspection it would appear that the improvements are in accordance with the relevant town planning regulations.

10. LEASES [13.23 (a) (ix)]

Our valuation has been based on a review of actual tenants’ leases (which includes material terms such as repairing obligations, escalations, break options) and other pertinent details supplied to us by the managing agents and by Ingenuity.

All recovery details in respect of the existing leases e.g. utility cost and other recoveries as provided for in the leases have been disclosed by way of the monthly tenant invoices and summary schedule supplied to us. Option terms and other lease information have been supplied to us by the owners and managing agents and we are familiar with such documents.

There are no intra-group leases [13.23(a)(xi)].

11. OPTIONS OR BENEFIT/DETRIMENT OF CONTRACTUAL ARRANGEMENTS

To my knowledge there are no contractual arrangements on the property other than the leases as detailed in the report that have a major benefit or are detrimental to the fundamental value base of the property. [13.23(g)]

12. CONCLUSION

I confirm that to the best of my knowledge and belief there:

• are no options held by any third parties to purchase the Property [13.23(h)];

• have been no material changes between the date of the valuations and the last practicable date in any circumstances relating to the Property, which would affect the valuation thereof [13.23(c)];

I confirm that I have no pecuniary interest that would conflict with proper valuations of the Property by the Fund, other than normal professional fees. With 25 years’ experience in property valuation, the undersigned is qualified to express an opinion on the value of the Property.

Yours faithfully

MILLS FITCHET MAGNUS PENNY