David Huw Rice

Redefine Properties Pty Ltd. (Investment Management) (Redefine-IM) is the investment management division of Redefine Properties Pty Ltd., ultimately held by Redefine Properties Ltd. in South Africa. The firm was founded by Marc Wainer and Wolf Cesman in 2006 and formerly known as Redefine Income Fund Ltd. They merged with Madison Property Fund Managers and ApexHi in 2009 and began operating as Redefine Properties. Headquartered in Johannesburg, Redefine-IM specializes in asset management in the real estate sector.

The Company's principal activity is managing portfolio of commercial, retail and industrial properties. Its portfolio consisted mainly of office buildings located in the inner cities of Johannesburg, Pretoria and Durban. The Company manages risk by growing the size of the property portfolio with revenue enhancing purchases, spread throughout the nine provinces in South Africa. Provinces includes Gauteng, KwaZulu-Natal, Western Cape, Eastern Cape, Free State, Mpumalanga, Limpopo, North West and Northern Cape. While the main focus is on purchasing additional properties to grow the portfolio, the Company also manages their asset base to maximise the potential of the core portfolio. Activity is centred on leasing vacant space and renewing leases with existing tenants, and upgrading and refurbishing buildings where appropriate as well as disposing of properties, which do not meet the growth targets. Tenants include the Government, Standard Bank, Nedcor and Metcash.

Redefine Properties International Ltd. invests in commercial real estate and real estate securities. Its investment portfolio is geographically diversified across the United Kingdom, Europe and Australia with a focus on the retail, commercial and hotel sectors. The company was founded on May 11, 2010 and is headquartered in Johannesburg, South Africa.

Part of Redefine Properties Ltd., Fountainhead Property Trust Management Ltd. is a South African company that manages a real estate investment trust. The company is based in Johannesburg, South Africa. Fountainhead Property Trust Management was acquired by Redefine Properties Ltd. on July 26, 2012.

Fountainhead Property Trust operates as a Real Estate Investment Trust. The Trust consists of investment properties, which earns revenue in the form of rentals from tenants of these investment properties. The Trust is organized into four major business segments: Retail, Office, Industrial and Specialized. The Retail segment comprising mainly shopping centers. The Office segment comprising mainly office parks and office buildings. The Industrial segment comprising mainly industrial buildings such as warehouses and factories. The Specialized segment comprising a hospital and a hotel. Fountainhead Property Trust was founded in 1983 and is headquartered in Johannesburg, South Africa.

The Group's principal activity is providing property funds management and property consultancy services. It has a total of 541 portfolio covering retail, commercial and industrial property.