REDEFINE PROPERTIES LIMITED - Update to implementation of the remuneration policy and the announcement of the dealing in securities by a director

Update to implementation of the remuneration policy and the announcement of the dealing in securities by a director

REDEFINE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/018591/06)
JSE share code: RDF ISIN: ZAE000190252
LEI: 37890061EC026A7DA532
Debt company code: BIRDF
(Approved as a REIT by the JSE)
("Redefine" or the "Company")


UPDATE TO IMPLEMENTATION OF THE REMUNERATION POLICY AND TO THE ANNOUNCEMENT OF THE DEALING IN SECURITIES BY 
A DIRECTOR OF THE COMPANY


Shareholders and noteholders are advised that following a review of certain metrics applied to individual short-
term incentive (STI) performance conditions in terms of Redefine's remuneration implementation report for the
2025 financial year end (FY25), the following information in relation to COO, Leon Kok has been updated.

The like-for-like FY25 SA growth in net property income outcome was 1.2% (FY24: 4.7%) which is below the
threshold of 1.7% (being 3% below the prior year growth), with no vesting being applied in relation to that
individual performance metric.

In consultation with the Remuneration Committee, the remuneration implementation report initially published on
12 December 2025 has been amended to reflect the revised outcome, being a reduction of R323 996.54 of the
cash portion of the STI and a reduction of 19 090 in the deferred bonus shares awarded on 25 November 2025.

Accordingly, shareholders are referred to the dealings announcement published on 27 November 2025 and are
advised that the number of deferred shares granted and accepted pursuant to the provisions of the Redefine
Short-Term Incentive Scheme ("STI Scheme") has been reduced as follows:

 Name of director:                               Leon Kok
 Transaction date:                               25 November 2025
 Class of securities:                            Ordinary shares
 Number of securities:                           363 827
 Total deemed value of transaction:              R2 179 323.73, being the total deemed value calculated
                                                 using the volume weighted average price for the 5 days as at
                                                 25 November 2025, ex-dividend, of R5.99 per share
 Nature of transaction:                          Off-market acceptance of deferred shares offered in terms of
                                                 the STI Scheme
 Nature and extent of director's interest:       Direct beneficial
 Clearance to deal received:                     Yes

The amended remuneration implementation report, incorporated in the environmental, social and governance
("ESG") report can be found on the Company's website at:
https://www.redefine.co.za/investors/integrated-reports/2025-reporting-suite and on the meeting platform for
the annual general meeting at: https://smartagm.co.za.

28 January 2026


Sponsor
Java Capital
Date: 28-01-2026 04:40:00
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