VUKILE PROPERTY FUND LIMITED - Cautionary announcement

Cautionary announcement

Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2002/027194/06
JSE Share code: VKE
ISIN: ZAE000056370
NSX Share code: VKN
(“Vukile” or “the company”)

CAUTIONARY ANNOUNCEMENT

Vukile linked unitholders (“Unitholders”) are advised
that Redefine Properties Limited (“Redefine”) has reached
agreement with Sanlam Life Insurance Limited (“Sanlam”)
to acquire the East Rand Mall (the “Property”) for a
purchase consideration of R2.23 billion, subject to the
negotiation of formal legal agreements and the receipt of
Competition Commission approval.

As Vukile has a pre-emptive right to acquire the
Property, Vukile has agreed with Redefine that it will
acquire a 50% undivided share of the Property from
Redefine for R1.115 billion on the same terms and
conditions and at the same time that Redefine acquires
the Property from Sanlam (the “Acquisition”).      A due
diligence has been completed and the Acquisition is
subject to the negotiation of formal legal agreements and
the receipt of Competition Commission approval.

The Acquisition will constitute a category 2 transaction
for Vukile and once the formal legal agreement has been
signed,   Vukile    will   release  a   detailed   terms
announcement.   The interim results for the company are
due to be released on SENS on 23 November 2012. The
financial effects of the Acquisition will be provided in
the interim results announcement.

Accordingly, Unitholders are advised to exercise caution
when dealing in the company’s linked units until the
financial effects of the Acquisition have been disclosed.

Johannesburg
1 November 2012

Merchant bank and transaction sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

NSX sponsor: IJG Securities (Pty) Ltd

Date: 01/11/2012 08:05:00 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.