Notice of dealings in securities by a director VUNANI PROPERTY INVESTMENT FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2005/019302/06) JSE code: VPF ISIN: ZAE000157459 (“the Company”) NOTICE OF DEALINGS IN SECURITIES BY A DIRECTOR 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 unitsbya director: Name of director: R.R. Emslie Position: Independent non-executive director Class of securities: Linked units (“lu”) Date of trade: 5 November 2012 Number of linked units and price: 8 021lu at 810 cpu and 16 979 lu at 820 cpu Total value of transaction: R204 198 Nature of transaction: Purchase Where traded: On-market Nature of interest: Direct beneficial Clearance obtained: Yes Name of director: R.R. Emslie Position: Independent non-executive director Class of securities: Linked units (“lu”) Date of trade: 6 November 2012 Number of linked units and price: 10 000lu at 820 cpu Total value of transaction: R82 000 Nature of transaction: Purchase Where traded: On-market Nature of interest: Direct beneficial Clearance obtained: Yes Sandton 6 November 2012 Sponsor Grindrod Bank Limited Date: 06/11/2012 04:20:00 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.