OPGEDATEERDE KOMMUNIKASIE

31 Januarie 2012

Die Direksies (“Die Direksies”) van die Geherstruktureerde Sharemax Groep berig as volg.

REËLINGSKEMA PROSESSE

1. Die Direksies is bly om aan te kondig dat die Hooggeregshof al die Reëlingskemas met betrekking tot die Zambezi Maatskappye, die Villa Maatskappye en die Inkomsteplan Maatskappye, soos gedurende November 2011 aan die betrokke skemakrediteure en skema-aandeelhouers voorgestel, bekragtig het.

2. Die betrokke Hofbevele wat die Skemas bekragtig het, is by die Kommissie vir Maatskappye en Intelektuele Eiendom geregistreer ingevolge die bepalings van die Maatskappywet.

3. Die Skema met betrekking tot die Groeiplan Maatskappye, soos gedurende November 2011 aan die betrokke skemakrediteure en skema-aandeelhouers voorgestel, was gedurende Desember 2011 goedgekeur en aanvaar ingevolge die bepalings van die Maatskappywet.

4. Soos voorsiening voor gemaak in die Skemas, het die Registrateur van Banke, kragtens die Bankwet, amptelik die Direktiewe wat gedurende September 2010 uitgereik is en wat betrekking gehad het op die terugbetaling van fondse, ten opsigte van Sharemax Investments (Edms) Beperk, al die Sharemax Sindikasie Maatskappye en die Individue teen wie die Direktiewe uitgereik was, teruggetrek.

5. Voortvloeiend uit bostaande, het al vier die Skemas met ingang van 20 Januarie 2012 onvoorwaardelik geword.

6. Die vertraging in die bekragtiging van die Zambezi, Villa en Inkomsteplan Maatskapye word betreur. Dit was veroorsaak deur die optrede van partye wat gepoog het om tussenbeide te tree in die bekragtigingsproses van hierdie Skemas, onder omstandighede waaroor die Direksies nie beheer gehad het nie. Hierdie partye het hul tussenbeidetredende aksies teruggetrek. Behalwe vir addisionele regskostes wat die Sharemax Sindikasie Maatskappye moes aangaan om die gepoogde tussenbeidetredende aksies teen te staan, het die vertraging geen verliese of verdere kostes vir die Sharemax Sindikasie Maatskappye tot gevolg gehad nie.

7. Aandag word daarop gevestig dat die Direktiewe en die effek daarvan, sedert Oktober 2010 tot die datum waarop die Direktiewe teruggetrek was soos hierbo vermeld, onder formele Regshersiening was.

8. Die Direksies is tevrede dat daar geen oortreding van die Bankwet bestaan ten opsigte van die Geherstruktureerde Sharemax Groep wat ‘n negatiewe impak, of enigsinds, op die voortgesette bedrywighede en/of die bates van die Geherstruktureerde Groep kan hê nie.

9. Die Direksies is ook tevrede dat daar geen onwettigheid bestaan in die Geherstruktureerde Groep wat die bedrywighede van die Geherstruktureerde Groep of die geherstruktureerde belange van die Beleggers in die toekoms kan beïnvloed nie.

10. Die Direksies wil ook hul dank uitspreek teenoor al die duisende Beleggers wat so oorweldigend ten gunste van die aanvaarding en goedkeuring van die Skemas gestem het. Meer as 99,5%, beide in getal en in waarde, het ten gunste van die Skemas gestem, tot die beste voordeel van al 34 000 Beleggers.

11. Die Direksies het begin met die implementering van die Skemas en die suksesvolle herstrukturering van die historiese Sharemax Sindikasie Maatskappyegroep, voortvloeiend uit die suksesvolle Reëlingskemaprosesse.

12. Die historiese Sharemax Sindikasie Maatskappyegroep is nou ‘n ongelukkige hoofstuk in die geskiedenis.

13. Die Direksies en die Beleggers kan nou uitsien na die toekoms en waardetoevoeging tot die bedrywighede van die Geherstruktureerde Groep en die bates waarin Beleggers histories belê het en nou belê bly met hulle geherstruktureerde belange.

14. Die Direksies sal alles in hul vermoë doen om waarde te ontsluit in die beste belange van Beleggers, nie net ten opsigte van maandelikse inkomste nie, maar ook ten opsigte van die maksimum terugbetaling van kapitaal soos voorsien in die Skema Omsendskrywes.

15. Sake gaan voort soos normaalweg sonder risiko van inmenging deur derde partye met agendas gemik op geldmakery uit onverdiende en ongegronde likwidasie, geregtelike bestuur of soortgelyke prosesse, wat geweldige swaarkry veroorsaak het en wat bygedra het tot verlies aan waarde van die historiese Sharemax portefeulje.

16. Die Direksies het reeds begin met die verkryging van kort- en langtermyn befondsing om, onder andere, verskeie van die winkelsentra binne die Geherstruktureerde Groep op te gradeer met prioriteite die voltooiing van die padwerke by Zambezi Mall, die voltooiing van die huidige opgraderingsprojekte en die optimale verhuring in al die sentra.

17. Die Direksies is ook in gesprek met verskeie partye rakende die voortsetting van die Villa Mall projek so spoedig prakties moontlik.

18. Die Direksies wil dit beklemtoon dat daar geen basis of rede bestaan vir enige geregtelike of statutêre oorsig of toesighouding van enige aard ookal oor die bestuur en sake van die Geherstruktureerde Groep nie en dat al die bedrywighede van die Geherstruktureerde Groep onder die beheer van die Direksies is en wat, tot die mate soos verlang deur die betrokke bepalings van die Skemas, met die Ontvangers saamwerk.

19. Die Direksies bedank die Suid-Afrikaanse Reserwebank vir die geleentheid wat aan die Direksies gegun was om die herstrukturering van die historiese Sharemax Sindikasie Maatskappyegroep te bewerkstellig tot die mate waartoe die herstrukturering so suksesvol afgehandel kon word en wat die Geherstruktureerde Groep as resultaat het.

20. Die Direksies bedank ook al die Adviseurs vir hul waardevolle bystand tydens die herstruktureringsproses.

VERDERE VORDERING

Verdere gereelde vorderingsverslae en opdaterings sal volg so spoedig as prakties moontlik met inligting rakende spesifieke eiendomme, hul opgradering en ontwikkeling.

Neem ook kennis dat hierdie inligting ook op die Frontier webtuiste www.frontieram.co.za beskikbaar sal wees. U word uitgenooi om die webwerf te besoek vir gereelde opdaterings en agtergrond inligting.

Beleggers sal direk per sms ingelig word van enige kommunikasie wat op dié webtuiste geplaas word.

Neem ook asseblief kennis dat slegs hierdie webtuiste, sms’e, telefoniese en persoonlike kommunikasie, insluitend e-posse en briewe, direk na en van Beleggers, voortaan die amptelike kommunikasiemedia sal wees wat deur die Geherstruktureerde Groep gebruik en erken sal word.

Navrae kan direk gerig word aan die Frontier Kliëntediens by 0860 77 77 22 of e-pos aan admin@frontieram.co.za

UPDATE COMMUNICATION

31 January 2012

The Boards of Directors (“Boards”) of the Restructured Sharemax Group report as follows.

SCHEMES OF ARRANGEMENT PROCESSES

1. The Boards are pleased to announce that the High Court has sanctioned all the Schemes of Arrangement in respect of the Zambezi Companies, the Villa Companies and the Income Plan Companies, as proposed during November 2011 to relevant scheme creditors and scheme shareholders.

2. The relevant Court Orders sanctioning the Schemes have been registered with the Companies and Intellectual Property Commission in accordance with the provisions of the Companies Act.

3. During December 2011 the Scheme in respect of the Growth Plan Companies, as proposed during November 2011 to relevant scheme creditors and scheme shareholders, was approved and adopted in accordance with the provisions of the Companies Act.

4. As provided for in the Schemes, the Registrar of Banks has, in terms of the Banks Act, formally withdrawn all the Directives which pertained to the repayment of funds, which were issued during September 2010, in respect of Sharemax Investments (Pty) Limited, all the Sharemax Syndication Companies and the Individuals against whom such Directives were issued.

5. Following the aforesaid, all four Schemes have become unconditional with effect from 20 January 2012.

6. The unfortunate delay in obtaining sanctioning of the Zambezi, Villa and Income Plan Companies’ Schemes is regretted. This was caused by the actions of parties who attempted to intervene in the sanctioning process of those Schemes, under circumstances beyond the control of the Boards. These parties withdrew their intervening actions. Save for additional legal costs to the Sharemax Syndication Companies in opposing the attempted intervention, the delay did not result in any losses or further costs to the Sharemax Syndication Companies or Investors.

7. Attention is drawn to the fact that the Directives and their effect had, since October 2010, been under formal judicial Review, up to the date of the withdrawal of the Directives as aforesaid.

8. The Boards are satisfied that no relevant transgression of the Banks Act exists in respect of the Restructured Sharemax Group which may negatively, or at all, impact on the continuing affairs and/or the assets of the Restructured Group.

9. The Boards are furthermore satisfied that there exists no illegality in the Restructured Group that could affect the affairs of the Restructured Group or the restructured interests of Investors going forward.

10. The Boards thank the thousands of Investors who voted in such overwhelming numbers in favour of acceptance and approval of the Schemes. In excess of 99,5%, both in number and in value, voted in favour of the Schemes, to the best benefit of all 34,000 Investors.

11. The Boards have commenced implementing the Schemes and the successful restructuring of the historical Sharemax Syndication Companies group, resulting from the successful Schemes of Arrangement processes.

12. The historical Sharemax Syndication Companies group is now part of an unfortunate chapter in history.

13. The Boards and Investors can now look to the future and the enhancing of the affairs and value of the Restructured Group and the assets in which Investors had historically invested, and now remain with their restructured interests.

14. The Boards will do all in their power to add and unlock value in the best interests of Investors, not only in terms of monthly income, but also in terms of the maximum capital repayment as envisaged in the Scheme Circulars.

15. Business is continuing in the ordinary course, without risk of interference from third parties with agenda’s pertaining to profiteering from actions aimed at unwarranted and unfounded liquidation, judicial management or similar processes, which actions caused immense hardship and contributed to the loss of value of the historical Sharemax portfolio.

16. The Boards have embarked upon the procuring of short and long term funding in order to, inter alia, upgrade various of the shopping centres within the Restructured Group and as priorities, to complete the road works at the Zambezi Mall, complete current upgrading activities and procure optimal tenanting in all centres.

17. The Boards are also in discussion with various parties in regard to furthering the Villa Mall project as soon as practicably possible.

18. The Receivers for scheme creditors and scheme shareholders having been appointed in terms of the Schemes, have commenced the preparation of Debenture Certificates to be dispatched in due course to Investors, in terms of the provisions of the Schemes.

19. The Boards emphasise that no basis or need exists for any judicial or statutory sanction or supervision of any kind in respect of the management or affairs of the Restructured Group, and that all affairs of the Restructured Group are under the control of the Boards, working in conjunction with the Receivers to the extent necessary as per the relevant provisions of the Schemes.

20. The Boards thank the South African Reserve Bank for the opportunity afforded to the Boards to procure the restructuring of the affairs of the historical Sharemax Syndication Companies group, as successfully as such restructuring has been achieved, resulting in the Restructured Group.

21. The Boards furthermore thank all the Advisors for their valued assistance during the process of restructuring.

FURTHER PROGRESS

Further and regular progress reports and updates will follow with information on specific properties, their upgrades and development, as soon as practicably possible. Please note that this information will be available on the Frontier website www.frontieram.co.za. You are welcome to visit this website for regular updates and background information. Investors will be informed directly via sms of any communication placed onto the web. Please also note that only this website, sms’s, telephonic and personal communication, including emails and letters, directly to and from Investors, will in future be the official medium of communication utilised and acknowledged by the Restructured Group.

SHAREMAX SYNDICATION COMPANIES

UPDATE COMMUNICATION

The Boards of Directors (“Boards”) of the Sharemax Syndication Companies (“Companies”) under Directive of the South African Reserve Bank report as follows.

SECTION 311 SCHEMES OF ARRANGEMENT PROCESSES

1. On 14 December 2011 the Court gave 3 parties time until 9 January 2012 to file applications for permission from the Court to intervene in the Scheme of Arrangement processes in regard to the Zambezi, Villa and Income Plan Companies (“Schemes”).

2. No order has been given by the Court approving or acknowledging any right of these parties to intervene, and none of these parties have, as yet, intervened.

3. Council acting on behalf of the Companies requested the Court to grant an Order for wasted costs against all or any of the aforesaid parties, should they either not file applications, or should the Court not grant permission to intervene.

4. The Companies will oppose any such applications, should same indeed be filed before or by 9 January 2012.

5. If such applications or any of them are indeed filed, the Companies will then have time, until 16 January 2012, to formally oppose and respond.

6. The Court will reconvene on 24 and, if necessary on 25 January 2012, to decide on the applications of the aforesaid parties and grant permission, or not, for any of them to intervene. Even if the Court grants permission (which the Companies are of the firm view will not eventuate), these parties will then have to file new applications to oppose the sanctioning of the Schemes.

7. The Companies will on 24 January 2012, in any event, apply to the Court for the sanctioning of the Schemes, notwithstanding the above, as the Boards of the Companies are of the firm view that the aforesaid parties have no grounds for either intervening in or opposing the Scheme processes.

8. The Companies express their regret and disappointment that 3 out of in excess of 14,300 investors who voted in respect of the Schemes, with an aggregate vote in favour of acceptance and sanctioning of the Schemes, in excess of 99%, saw it fit to attempt to intervene and oppose, on the day prescribed by Court, many weeks ago, for the sanctioning of the Schemes, in the process now delaying the sanctioning and implementation, to the best benefit of all 34,000 investors, of the Schemes so overwhelmingly having been voted in favour of.

9. The Boards of the Companies remain confident that the Schemes will be sanctioned by the Court, and will do all in their power to expedite such sanctioning.

10. Business will continue in the normal course as it has since the issuing of the Directives, until the Court sanctions these Schemes.

FURTHER PROGRESS

Further progress reports and updates will follow as soon as practicably possible.