TRADING STATEMENT AND ADOPTION OF NEW PERFORMANCE MEASURES FOR FUTURE TRADING STATEMENTS 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”) TRADING STATEMENT AND ADOPTION OF NEW PERFORMANCE MEASURES FOR FUTURE TRADING STATEMENTS In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements (“Listings Requirements”), companies are required to publish a trading statement as soon as they are reasonably certain that the financial results for the current reporting period will differ by at least 20% when compared to a profit forecast provided by the company. VPIF is currently finalising its results for the year ended 30 June 2012. The results for this period are not directly comparable to the forecast for the same period as set out in the company’s Pre- Listing Statement dated 5 July 2011 (“the forecast”). The factors that impacted on the actual earnings and distribution being different from the forecasted earnings and distribution for the year are as follows: • the listing of the company occurred on 11 August 2011 and not 1 July 2011 as assumed in the forecast; • the three acquisitions (being Athol Ridge (“AR”), Cedar Park Properties 31 Proprietary Limited (“Cedar Park”) and Pacific Eagle Properties 204 Proprietary Limited (“Pacific Eagle”) were assumed to take place 1 July 2011 for forecast purposes, whereas the actual acquisition date was the date of listing; and • the linked units were listed at a price of R7,05 and not R7,50 resulting in more units being issued than envisaged in the forecast and the company not achieving a zero debt position. Accordingly, the directors anticipate that the company will report headline earnings per linked unit of between 2.0 cents and 3.6 cents (forecast between 40.51 cents and 40.85 cents). Earnings per linked unit for the year ended 30 June 2012 are not expected to differ by 20% or more from those set out in the forecast. The directors expect that the total distribution per linked unit for the year ended 30 June 2012 will be between 60.00 cents and 68.00 cents (forecast between 70.55 cents and 70.84 cents). The financial information on which this trading statement is based has not been reviewed or reported on by the company’s auditors. The company’s results for the year ended 30 June 2012 will be released on 17 September 2012. In compliance with section 3.4(b)(vi) and 3.4(b)(vii) of the Listings, linked unitholders are advised that owing to the nature of the business conducted by VPIF, being that of a property loan stock investment company, the board of VPIF has decided to adopt the “distribution per linked unit" and "net asset value per linked unit" measures for future trading statement purposes, as it is considered to be a more appropriate yardstick to measure the performance of VPIF than "headline earnings per linked unit" and "earnings per linked unit". Sandton 3 September 2012 Sponsor Grindrod Bank Limited Date: 04/09/2012 09:14:00 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.