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SGA/SGB - Synergy Income Fund Limited - Update regarding acquisitions detailed in pre-listing statement: approval of the competition authorities SYNERGY INCOME FUND LIMITED (formerly Capital Land Retail Fund Limited) (Registration number 2007/032604/06) JSE share code for A linked units: SGA ISIN Code: ZAE000161550 JSE share code for B linked units: SGB ISIN Code: ZAE000162293 ("Synergy") UPDATE REGARDING ACQUISITIONS DETAILED IN PRE-LISTING STATEMENT: APPROVAL OF THE COMPETITION AUTHORITIES Synergy is pleased to advise investors that approval from the Competition Authorities has now been received in respect of the acquisition of the properties comprising the "SA Corporate Real Estate Fund Portfolio One" and the "SA Corporate Real Estate Fund Portfolio Two" (collectively the "SA Corporate Real Estate Portfolios"), as described in the pre-listing statement issued on 30 November 2011. The approval from the Competition Authorities is subject to the following conditions imposed by the Competition Tribunal: - Synergy undertaking that it will procure that the Spar Group Limited ("Spar") will dispose of its 20% shareholding in Synergy`s asset manager, Capital Land Asset Management (Proprietary) Limited, within a period of six months from the date of the approval; and - Synergy negotiating with Spar and its franchisees in the utmost good faith to have the exclusivity clauses in the following lease agreements between Synergy and Spar removed at the time of renewal of those leases: - Village Centre (renewal due in 2014); - Hubyeni Shopping Centre (renewal due in 2017); - Nzhelele Valley Shopping Centre (renewal due in 2017); - Renbro Centre (renewal due in 2018);and - Van Riebeeckshof Shopping Centre (renewal due in 2014). Notwithstanding the conditions imposed by the Competition Tribunal, the relationship between Synergy and Spar will continue as detailed in the pre- listing statement and as such there will be no impact on the strategy of Synergy as previously communicated to investors. It is anticipated that transfer of the properties comprising the SA Corporate Real Estate Fund Portfolios will take place during June 2012. Subsequent to the transfer of these properties, Synergy`s combined property portfolio will comprise 12 properties with a market value of approximately R1,140 million. 13 April 2012 Corporate Advisor and Sponsor Java Capital Competition Law Attorneys Webber Wentzel ALN Date: 13/04/2012 16:12:01 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.
