ACUCAP PROPERTIES LIMITED - Joint cautionary announcement

Joint cautionary announcement

Acucap Properties Limited                        Sycom Property Fund
(Incorporated in the Republic of South           A Collective Investment Scheme in Property
 Africa)                                         ("CISP") registered in terms of the Collective
(Registration number 2001/021725/06)             Investment Schemes Control Act, No. 45 of 2002
Share code: ACP                                  and managed by Sycom Property Fund
ISIN: ZAE000037651                               Managers Limited
(“Acucap”)                                       (Registration number 1986/002756/06)
                                                 Share code: SYC     ISIN: ZAE000019303
                                                 (“Sycom”)

Joint cautionary announcement

The board of directors of Acucap and an independent committee of the board of directors of Sycom
Property Fund Managers Limited (“SPFM”), which comprises only those SPFM directors who are not
also directors of Acucap (“the Sycom Independent Board”), advise that they are in discussions
concerning a possible merger of Acucap and Sycom. The Acucap board and the Sycom Independent
Board are exploring a transaction, the terms of which will be favourable to both Acucap linked
unitholders and Sycom unitholders (collectively "Unitholders").

Unitholders are further advised that the Competition Tribunal has approved a merger between Acucap
and Sycom without any conditions.

Unitholders will be kept informed as discussions progress and accordingly, are advised to exercise
caution when dealing in their Acucap linked units and Sycom units respectively, until such time as a
further announcement is made.



30 January 2014

Cape Town



Corporate Advisor and Transaction Sponsor

Questco (Pty) Ltd


Legal Advisor to Acucap

Cliffe Dekker Hofmeyr Inc.


Legal advisor to the Sycom Independent Board

Bowman Gilfillan Inc.


Competition Law Advisor

Vani Chetty

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