VKE - Vukile Property Fund Limited - Fulfilment of conditions precedent and

VKE - Vukile Property Fund Limited - Fulfilment of conditions precedent and     
notice of early distribution                                                    
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")                                                     
FULFILMENT OF CONDITIONS PRECEDENT AND NOTICE OF EARLY DISTRIBUTION             
Holders of Vukile Linked Units ("linked unitholders") are referred to the       
circular issued by Vukile on 31 January 2012 ("circular"), the posting of       
circular announcement released on SENS the same day and the general meeting     
results announcement released on SENS on 29 February 2012 relating to the       
acquisition by Vukile of twenty properties from Sanlam Life Insurance           
Limited ("Sanlam") (the "acquisition") and the issue and allotment of Vukile    
linked units ("linked units") as part consideration for the acquisition in      
terms of a vendor placement (the "vendor placement").                           
Linked unitholders are advised that the following conditions precedent          
relating to the acquisition have now been fulfilled:                            
    -    the Competition Tribunal and the Minister of Trade and Industry        
have granted approval for the acquisition; and                         
    -    the city council of Durban has consented in writing to the cession     
         and assignment of the lease agreements in respect of the Durban        
         Workshop property to Vukile.                                           
Furthermore, as disclosed in the circular, an early distribution will be        
declared during the month of March 2012 to existing linked unitholders for      
the six months ended 31 March 2012 ("early distribution"). Linked               
unitholders are advised that it is currently anticipated that the early         
distribution will be paid during the month of April 2012, which is              
approximately two months earlier than is normally the case. This will ensure    
that existing linked unitholders participate in the company`s distribution      
for the six months ending 31 March 2012 and that the new linked unitholders     
will participate from the date of placement in the company`s distribution       
for the six month period ending 30 September 2012.                              
Further announcements relating to the outstanding conditions precedent and      
the final timing of the early distribution and placement of the linked units    
will be made in due course.                                                     
Johannesburg                                                                    
9 March 2012                                                                    
Merchant bank and transaction sponsor                                           
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 09/03/2012 10:00:01 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.