Notice Of Sale Of Vpif Linked Units 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”) NOTICE OF SALE OF VPIF LINKED UNITS AND DIRECTORS’ INTERESTS THEREIN AND NOTIFICATION IN TERMS OF SECTION 122(1) OF THE COMPANIES ACT, 2008 (ACT 71 OF 2008), AS AMENDED BACKGROUND Vunani Properties Proprietary Limited (“VP”), a subsidiary of Vunani Limited (“VL”) holds 18 151 317 linked units in the Company, equal to approximately 15% of the Company’s issued linked units (the “VPIF Investment”). In 2010, Vunani Limited (“VL) and Vunani Capital Proprietary Limited (“VC”), a wholly owned subsidiary of VL, entered into debt restructuring agreements with their major lenders (the “VL Debt Restructure”). The VL Debt Restructure provided for a moratorium period on debt and interest payments and allowed VL and VC to settle a substantial portion of their debt obligations on a sustainable basis with their lenders. The moratorium period has ended and VL has agreed with its lenders that the remaining debt obligations will be settled through the proceeds of the disposal of the VPIF Investment. The shareholders of VP have passed a special resolution approving the sale and unbundling of the VPIF Investment and the proceeds from the VPIF Investment disposal are to be used to repay loans in VP including an inter-company loan with VC, and the balance distributed to shareholders. The information set out below is in terms of the JSE Limited Listings Requirements (“Listings Requirements”) as they relate to dealing in securities by directors and their associates. The information below reflects their disposal of indirect beneficial holdings in VPIF through transactions entered into by VP. It should be noted that VPIF directors are not disposing of their direct beneficial holdings in VPIF. In compliance with sections 3.63 to 3.74 of the Listings Requirements of the JSE Limited, linked unitholders are advised of the following transactions in the company’s linked units by associates of directors: Class of securities: Linked units (“lu”) Date of trade, number of linked 9 100 000 lu on 12 October units and price: 2012 at 880 cpu Total value of transaction: R80 080 000 Nature of transaction: Sale Where traded: Off market (block trade) The following directors are affected by the above: NAME POSITION NATURE OF NAME OF INTEREST ASSOCIATE AND RELATIONSHIP RF Kane CEO Indirect Director of beneficial Vunani Properties (Pty) Limited PW Mackenzie Executive Indirect Director of director beneficial Vunani Properties (Pty) Limited EG Dube Non-executive Indirect Director of director beneficial Vunani Properties (Pty) Limited CE Chimombe- Non-executive Indirect Director of Munyoro director beneficial Vunani Limited NOTIFICATION IN TERMS OF SECTION 122(1) OF THE COMPANIES ACT, 2008 (ACT 71 OF 2008), AS AMENDED (“Companies Act”) In accordance with paragraph 3.83(b) of the Listings Requirements and the above section of Companies Act, unitholders are advised that Vunani Properties (Pty) Limited has notified the Company that it has decreased its holding in the Company, such that its total interest in the units of the Company now amounts to 5.2% of the total issued units. Sandton 16 October 2012 Independent Lead Sponsor Grindrod Bank Limited Corporate Adviser and Joint Sponsor Vunani Corporate Finance Date: 16/10/2012 05:40:00 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.