VKE - Vukile Property Fund Limited - Early distribution declaration for the six

VKE - Vukile Property Fund Limited - Early distribution declaration for the six 
months ending 31 March 2012                                                     
Vukile Property Fund Limited                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 2002/027194/06)                                            
JSE share code: VKE      ISIN: ZAE00056370                                      
NSX share code: VKN                                                             
("Vukile" or "the company")                                                     
EARLY DISTRIBUTION DECLARATION FOR THE SIX MONTHS ENDING 31 MARCH 2012          
Holders of Vukile Linked Units ("linked unitholders") are referred to the       
circular issued by Vukile on 31 January 2012 ("circular"), the general meeting  
results announcement released on SENS on 29 February 2012 and the fulfillment of
conditions precedent and early distribution announcement released on SENS on 9  
March 2012 all relating to the acquisition by Vukile of twenty properties from  
Sanlam Life Insurance Limited (the "acquisition") and the issue and allotment of
Vukile linked units as part consideration for the acquisition in terms of a     
vendor placement (the "vendor placement").                                      
Pursuant to the above, notice is hereby given that an early distribution of     
70.50 cents per linked unit ("early distribution") has been declared for the six
months ending 31 March 2012, which comprises interest on debentures of 70.356   
cents and a dividend of 0.144 cents.                                            
This, together with the September 2011 interim distribution of 54.314 cents,    
will result in a total distribution for the year ended 31 March 2012 of 124.81  
cents per linked unit, which represents a 6.1% increase year-on-year.           
Given the planned vendor placement a decision has been made to make an early    
distribution. The early distribution will ensure that only existing linked      
unitholders will participate in the company`s distribution for the six months   
ending 31 March 2012. The early payment of this distribution, which ordinarily  
would have been paid in June 2012, provides an indicative cash flow benefit to  
existing linked unitholders of approximately 1.3 cents per linked unit, on the  
assumption that the distribution is invested for the two month period at 5.5%   
per annum.                                                                      
Linked units to be listed pursuant to the vendor placement will participate in  
the full distribution for the financial year beginning on 1 April 2012.         
Accordingly, the salient dates of the early distribution are as follows:        
Last day to trade cum the distribution           Wednesday, 4 Apr 2012          
Linked units commence trading "ex" distribution  Thursday, 5 Apr 2012           
Record date                                      Friday, 13 Apr 2012            
Payment date                                     Monday, 16 Apr 2012            
Linked unit certificates may not be dematerialised or rematerialised between    
Thursday, 5 April 2012 and Friday, 13 April 2012 both days inclusive.           
The early distribution will amount to R247.47 million. The directors confirm    
that the company has adequate cash resources at its disposal for this purpose   
out of the current year`s distributable earnings, which are forecast to be      
R438.2 million. This forecast, which is based upon the interim unaudited results
of the company for the six months ended 30 September 2011, the actual management
accounts for the five months up to and including 29 February 2012, and          
management budgets for one month up to and including 31 March 2012, has not been
reviewed or reported on by the auditors of the company. Management budgets have 
been based on the expected rental income from the property portfolio, assuming  
no unexpected variances.                                                        
The results for the financial year ending 31 March 2012 are expected to be      
released on SENS on or about 29 May 2012.                                       
Johannesburg                                                                    
16 March 2012                                                                   
Merchant bank and transaction sponsor                                           
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 16/03/2012 11:00:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.                  
The SENS service is an information dissemination service administered by the    
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or            
implicitly, represent, warrant or in any way guarantee the truth, accuracy or   
completeness of the information published on SENS. The JSE, their officers,     
employees and agents accept no liability for (or in respect of) any direct,     
indirect, incidental or consequential loss or damage of any kind or nature,     
howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.