• GREA’s shareholders, Grit and the Public Investment Corporation of South Africa ("PIC") acting in its capacity as the nominated asset manager and duly authorised agent of the Government Employees Pension Fund (“GEPF”), have conditionally agreed to subscribe, pro rata to their existing shareholdings (as between themselves), for a total of US$100 million of new equity in GREA (the "GREA Capital Raise").
• Grit will, conditional upon shareholder approval, meet its obligations to the GREA Capital Raise with proceeds raised from the disposal of its interests in Bora Africa and the partial disposal of its interests in Acacia Estates to GREA. The remaining funds (receivable in cash from PIC) will provide GREA with the opportunity to develop new industrial and logistics assets and enable it to expand its diplomatic housing portfolio. These disposals are considered related party transactions for the purposes of the Listing Rules and are together considered a Class 2 transaction (the “Related Party Transactions”). Details include:

1. Grit disposing of a 99.9% interest in Bora Africa, Grit’s wholly-owned subsidiary that invests in logistics, light industrial, manufacturing and digital infrastructure properties to GREA for US$50.7 million, a value derived from the independently appraised property valuation and latest audited NAV at 30 June 2023; and

2. Grit selling to GREA a 48.5 per cent. interest in Acacia Estates for an aggregate consideration of US$19.6 million (comprising US$14.3 million for the sale of the equity interests plus approximately US$5.3 million for the assignment of the shareholder loans (subject to a completion accounts adjustment)), a value derived from the independently appraised property valuation and latest audited NAV at 30 June 2023. Grit will then retain a 5.0 per cent. interest in Acacia Estates.