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The purpose of this announcement is to communicate to Growthpoint linked unitholders and the market in
general:

1.   the background to the Competing Proposals and Growthpoint’s views and position in relation to the evolution
     and resultant outcome of the Competing Proposals; and
2.   processes being pursued by Growthpoint with the relevant regulators and stakeholders to ensure that:
          a. Fountainhead unitholders are afforded the opportunity to consider and vote on the Growthpoint
             Offer, which they have to date been precluded from doing so, due to the continued actions and
             threats of litigation by Redefine aimed at protecting its proprietary interests, which are contrary and
             misaligned with those of Fountainhead unitholders; and
          b. Redefine is precluded from voting its Fountainhead units in terms of the Growthpoint Offer.

The Growthpoint Offer remains at a 11.2% premium to the Fountainhead unit price based on closing prices as at
16 April, 2013, which equates to a premium of R1 166 million.

In the Fountainhead SENS announcement dated 28 March, 2013, the Independent Committee indicated that
     it would not re-engage with Growthpoint in respect of the Growthpoint Second Offer unless it could be
     proven that Redefine would be precluded from voting its units in respect of the resolutions to approve the
     Growthpoint Offer.

     To this end, Growthpoint has requested a formal ruling from the JSE that Redefine be precluded from voting
     on all resolutions, including the vote required to amend the Trust Deed, and is awaiting the JSE’s response.
     Growthpoint is of the view that the Manco is a related party as defined in terms of the JSE Listings
     Requirements, which is supported by the extraordinary circumstances arising from the continuing conflict of
     interest, Redefine will be precluded from voting on the Growthpoint Offer.

     Growthpoint has to date received letters of support from Fountainhead unitholders confirming their support
     for a vote of Fountainhead unitholders which would specifically exclude those units held by Redefine and its
     associates, and to lodge their vote in favour of the resolutions necessary to implement the Growthpoint

The global economy will expand 3.3 percent this year, less than the 3.5 percent forecast in January, after 3.2 percent growth in 2012, the Washington-based fund said today, cutting its prediction for this year a fourth consecutive time. The Washington-based IMF sees the 17-country euro area shrinking 0.3 percent, compared with a 0.2 percent retreat in January, with France joining Spain and Italy in contracting.

After buying TIPS through December, the Minneapolis-based firm has been selling the securities. TIPS have suffered a sell- off during each of the past five years even though the Fed has pumped more than $2.5 trillion into the economy through its bond purchase programs in a policy known as quantitative easing.

“We’ve been told to expect inflation every year for the last four years and it hasn’t happened,” James Kochan, chief fixed-income strategist at Wells Fargo Funds Management LLC in Menomonee Falls, Wisconsin, said in an April 10 telephone interview. “I’m not a big believer that you have to buy inflation protection here.” Kochan said he has been advising investors to sell TIPS.

How does listed property generally handle a bear market? Does the good dividend payments give it some resilience?