VUNANI PROPERTY INVESTMENT FUND LTD - CAUTIONARY ANNOUNCEMENT

CAUTIONARY ANNOUNCEMENT

VUNANI PROPERTY INVESTMENT FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/019302/06)
JSE code: VPF
ISIN: ZAE000157459
(“the Company” or “VPIF”)

CAUTIONARY ANNOUNCEMENT

Unitholders are advised that the Company is currently involved in
negotiations that if concluded, could have a material effect on the
price of VPIF`s units. Unitholders are therefore advised to
exercise caution in dealing with the units of VPIF until such time
that a further announcement is made.

Sandton
29 August 2012

Sponsor:
Grindrod Bank Limited

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