VPF - Vunani Property Investment Fund Limited - Trading Statement

VPF - Vunani Property Investment Fund Limited - Trading Statement               
VUNANI PROPERTY INVESTMENT FUND LIMITED                                         
(formerly Vunani Property Investment Fund Proprietary Limited)                  
(Incorporated in the Republic of South Africa)                                  
(Registration number 2005/019302/06)                                            
JSE code: VPF                                                                   
ISIN: ZAE000157459                                                              
("the company" or "VPIF")                                                       
TRADING STATEMENT                                                               
In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements           
("Listings Requirements"), companies are required to publish a trading          
statement as soon as they are reasonably certain that the financial             
results for the current reporting period will differ by at least 20% when       
compared to a profit forecast provided by the company.                          
VPIF`s year-end was changed from December to June and the company`s             
linked units were listed on the JSE on 11 August 2011.                          
VPIF is currently finalising its results for the six months ended 30 June       
2011. The results for this period are not directly comparable to the            
forecast for the same period as set out in the company`s Pre-Listing            
Statement dated 5 July 2011 ("the forecast"). The forecast included the         
three properties acquired on listing on the assumption that the transfer        
of these properties took place as at 1 January 2011.  However, the actual       
results for the six months ended 30 June 2011 exclude these three               
properties as they were only transferred into VPIF on the date of               
listing. Thus, there is a variation of more than 20% in the results.            
The directors anticipate that the company will report basic earnings and        
headline earnings per linked unit, for the six months ended 30 June 2011,       
as follows:                                                                     
Basic earnings per linked unit:  Between 15.03 cents and 18.19                  
                                cents (forecast: 74.93 cents)                   
Headline earnings per linked     Between 14.96 cents and 18.74                  
unit:                            cents (forecast: 18.89 cents)                  
The financial information on which this trading statement is based has          
not been reviewed or reported on by the company`s auditors.                     
The company`s results for the six months ended 30 June 2011 will be             
released by the end of September 2011.                                          
Sandton                                                                         
29 September 2011                                                               
Sponsor                                                                         
Grindrod Bank Limited                                                           
Date: 29/09/2011 17:07:04 Supplied by www.sharenet.co.za                     
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