Resignation of Chairman and appointment of Chief Operating Officer SA Corporate Real Estate Fund (Incorporated in the Republic of South Africa) A Collective Investment Scheme in property registered in terms of the Collective Investment Schemes Control Act, No. 45 of 2002 and managed by SA Corporate Real Estate Fund Managers Limited (Registration number 1994/009895/06) Share Code: SAC ISIN Code: ZAE000083614 ("SA Corporate" or "the Fund" or “the company”) Resignation of Chairman and appointment of Chief Operating Officer 1. Resignation of Chairman In compliance with rule 3.59 of the JSE Limited Listings Requirements, SA Corporate unitholders are advised that Mr Kevin Roman has resigned as Chairman and director of SA Corporate Real Estate Fund Managers Limited, SA Corporate's management company, with immediate effect. Mr Roman would like to devote more time to his other property interests. The Board of SA Corporate would like to express its appreciation to Kevin for the exemplary way in which he has led the company during his tenure as Chairman and would like to wish him all the best with his ventures. The Fund is pleased to announce that Mr John Biesman-Simons, currently a non-executive director of SA Corporate, has agreed to stand in as Chairman with immediate effect until a permanent appointment is made. The Remuneration and Nomination Committee of the Board will immediately embark on a process to appoint a new Chairman. As a result of his temporary appointment as Chairman, Mr Biesman-Simons will also step down as Chairman of the Risk, Audit and Compliance Committee with immediate effect. Mr Ebrahim Seedat, currently an independent non-executive director of SA Corporate, will be appointed as Acting Chairman of the aforementioned committee with immediate effect. 2. Appointment of Chief Operating Officer As part of the process of strengthening the management team of SA Corporate, Mr Rory Mackey has been appointed as the Chief Operating Officer (COO) and Alternate Director to Mr Gerhard van Zyl, Managing Director of SA Corporate. Mr Mackey has gained extensive experience in the property industry, particularly during the seven years when he was responsible for ACSA’s retail, office and industrial property interests. He is currently a senior investment executive in Old Mutual Investment Group’s infrastructure investment business and will join SA Corporate with effect from 1 August 2012. His appointment as alternate director is also effective 1 August 2012 and subject to the required regulatory approvals being obtained. Cape Town 25 July 2012 Sponsor Nedbank Capital Date: 25/07/2012 03:08:00 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.