SYNERGY INCOME FUND LIMITED - Results of Vendor Consideration Placing

Results of Vendor Consideration Placing

SYNERGY INCOME FUND LIMITED
(formerly Capital Land Retail Fund Limited)
(Incorporated in the Republic of South Africa on 13 November 2007)
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" or “the company”)

RESULTS OF VENDOR CONSIDERATION PLACING

As announced on SENS on 19 July 2012, the vendor consideration placing which opened on 17 July 2012 was substantially
over-subscribed. As a consequence of strong demand from investors, the amount of capital to be raised was increased to
R376 million, which amount marginally exceeds 70% of the respective purchase prices payable to the vendors in respect of
Gugulethu Square Shopping Centre and Setsing Crescent Shopping Centre (“the acquisitions”). The Synergy linked units to
be issued pursuant to the vendor consideration placing were priced at R8.60 per A linked unit and R5.50 per B linked unit
and a total of 22 463 047 A linked units and 33 239 600 B linked units will be listed in the “Real Estate – Real Estate
Holdings and Development” sector of the Main Board of the JSE when trade commences on Monday, 13 August 2012.

IMPACT OF THE VENDOR CONSIDERATION PLACING ON SYNERGY A AND B LINKED UNITS

The capital raised does not have an impact on the forecast distributions for Synergy's A linked units as presented in the
forecast issued on SENS on 6 June 2012 but is expected to result in the following forecast distributions per B linked unit:

                                                 Year ending 30 June                Year ending 30 June
                                                 2013                               2014

Forecast distribution per B linked unit          51.75                              62.69
(cents) as reflected in the SENS
announcement on 6 June 2012

Revised forecast distribution per B              51.00                              60.85
linked unit (cents)*


* The revised forecast distribution per B linked unit includes updated assumptions applicable to interest rates in respect of
both interest received and interest paid following the 19 July 2012 announcement of the reduction in the repo rate as
communicated by the South African Reserve Bank’s Monetary Policy Committee.

Based on the vendor consideration placing pricing of R5.50 per B linked unit, the revised forecast distributions per B linked
unit in the table above result in a yield of approximately 9.3% for the year ending 30 June 2013 and an expected growth rate
of 19.3% between the years ending 30 June 2013 and 30 June 2014. Following the vendor consideration placing and the
implementation of the acquisitions, the company’s loan to value ratio will decrease from 40% to 36%.

The aforementioned forecast statements and the forecasts underlying such statements are the responsibility of the board of
Synergy and have not been reviewed or reported on by the independent reporting accountants.

31 July 2012

Corporate advisor, bookrunner and sponsor
Javacapital


www.synergyincomefund.com

Date: 31/07/2012 03:19:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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