VKE - Vukile Property Fund Limited - Further update regarding the call option

VKE - Vukile Property Fund Limited - Further update regarding the call option   
granted by Sanlam Life Insurance Limited ("SANLAM LIFE") to Vukile              
Vukile Property Fund Limited                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 2002/027194/06)                                            
JSE Share code: VKE    ISIN: ZAE000056370                                       
NSX Share code: VKN                                                             
("Vukile" or "the Company")                                                     
FURTHER UPDATE REGARDING THE CALL OPTION GRANTED BY SANLAM LIFE INSURANCE       
LIMITED ("SANLAM LIFE") TO VUKILE                                               
1    Background                                                                 
Vukile linked unitholders ("Linked Unitholders") are referred to the circular   
dated 26 November 2009 in which details of the call option ("the Call Option")  
agreement entered into between Sanlam Life and Vukile ("the Agreement") to      
acquire certain properties valued at approximately R500 million were provided.  
The Company informed linked unitholders in an update announcement dated 31      
December 2010, that in terms of the provisions of the Agreement, Vukile had     
exercised the option by delivering a written notice ("the First Notice") to     
Sanlam Life on 31 December 2010, specifying that Vukile was interested in       
acquiring the properties which are the subject of the Agreement ("the Option    
Assets").                                                                       
Further to the First Notice, Sanlam Life was to provide Vukile with a value for 
the Option Assets based on their internal valuation methodologies and the value 
provided by an independent valuer ("the Valuation"), which Valuation would be   
the proposed purchase consideration for the Option Assets. Upon receipt and     
assessment of the Valuation, Vukile would, at its sole discretion, be entitled  
to elect to continue with the exercise of the Call Option by delivering a second
option exercise notice to Sanlam Life, at which stage Vukile would be entitled  
to acquire the Option Assets.                                                   
2    Lapsing of the Call Option                                                 
Linked Unitholders are advised that Vukile has, in terms of the provisions of   
the Agreement, received and assessed the Valuation and has, based on the value  
ascribed to the Option Assets, elected not to continue with the exercise of the 
Call Option. Consequently, the Call Option has lapsed and is no longer of any   
force or effect and Vukile will not acquire the Option Assets.                  
Johannesburg                                                                    
19 April 2011                                                                   
JSE sponsor: One Capital                                                        
NSX sponsor: IJG Securities (Proprietary) Limited                               
Date: 19/04/2011 13:37:11 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.