VUKILE PROPERTY FUND LIMITED - Launch Of Offering Of Linked Units

Launch Of Offering Of Linked Units

Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE share code: VKE      ISIN: ZAE00056370
NSX share code: VKN
("Vukile" or “the Company”)

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO
THE UNITED STATES OF AMERICA, CANADA, JAPAN OR AUSTRALIA.

LAUNCH OF OFFERING OF LINKED UNITS

1. Introduction

Vukile announces the launch of an offering of up to 20 525 000 new linked units, representing 4.99% of
the total number of linked units in issue (the “Offering”).

The linked units will be issued by Vukile, under its existing general authority to issue linked units for
cash, as approved by Vukile linked unitholders at the Annual General Meeting held on 31 August 2012.

2. Offering terms

The initial price range at which the linked units are being offered is R16.65 to R17.00.

The new linked units to be issued pursuant to the Offering will not qualify to receive the interim
distribution for the six months ended 30 September 2012 as the new linked units will be issued after the
record date for the distribution.

The Offering will be offered through an accelerated bookbuild process to qualifying institutional investors
only. The book for the Offering will open with immediate effect and is expected to close today Tuesday,
11 December 2012. Pricing and allocations will be announced as soon as practicable following the
closing of the book.

3. Use of proceeds

The proceeds of the Offering will be used to repay debt facilities and temporarily reduce gearing in the
Company. The repayment of debt is expected to be yield enhancing for the Company.

Holders of Vukile linked units are referred to the detailed cautionary announcement released on SENS
on 23 November 2012 relating to the acquisition of a 50% undivided share in the East Rand Mall (the
“Acquisition”) and the unaudited condensed interim financial statements and results for the six months
ended 30 September 2012 announced on SENS on 23 November 2012. Subject to the fulfillment of the
outstanding conditions precedent to the Acquisition, specifically the Competition Commission approval,
the increased debt capacity may be used in part payment of the R1.115 billion purchase price of the
Acquisition or alternatively may be used to finance the acquisition and development pipeline referred to
in the interim financial statements.

4. Listing and settlement

Listing and trading of the new linked units is expected to commence at 09h00 on Wednesday, 19
December 2012.

5. Bookrunner

Rand Merchant Bank, a division of FirstRand Bank Limited (“RMB”), is acting as sole bookrunner for the
Offering.

Johannesburg
11 December 2012

Bookrunner, merchant bank and transaction sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

This announcement is not for publication or distribution or release, directly or indirectly, in the United
States of America (including its territories and possessions, any state of the United States and the
District of Columbia). This announcement does not constitute or form part of an offer or solicitation of an
offer to purchase or subscribe for securities in the United States or any other jurisdiction. The securities
referred to herein have not been and will not be registered under the United States Securities Act of
1933, as amended (the "Securities Act"), and may not be offered or sold, directly or indirectly, in the
United States, absent registration or an exemption from, or transaction not subject to, the registration
requirements of the Securities Act. No public offering of securities is being made in the United States.
This announcement does not and is not intended to constitute an offer to the public in South Africa in
terms of the South African Companies Act 71 of 2008 (as amended). Neither this announcement nor
any copy of it may be taken, transmitted or distributed, directly or indirectly in or into the United States,
Canada, Australia or Japan.

This announcement is for information purposes only and in member states of the European Economic
Area (other than the United Kingdom) is directed only at persons who are qualified investors (as defined
in article 2(1)(e) of EU directive 2003/71/EC (the "Prospectus Directive") and the relevant implementing
rules and regulations adopted by each Member State). In the United Kingdom, this announcement is
directed only at the following persons: investment professionals falling within article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); and high net
worth entities, and other persons to whom it may lawfully be communicated, falling within article 49(2)(a)
to (d) of the Order.

This announcement has been issued by and is the sole responsibility of the Vukile. No representation or
warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is
or will be accepted by RMB or by any of its respective affiliates or agents as to, or in relation to, the
accuracy or completeness of this announcement or any other written or oral information made available
to or publicly available to any interested party or its advisers, and any liability therefore is expressly
disclaimed.

This announcement does not purport to identify or suggest the risks (direct or indirect) which may be
associated with an investment in the securities. Any investment decision to buy securities in the Offering
must be made solely on the basis of publicly available information which has not been independently
verified by RMB.

RMB is acting for Vukile, and no one else, in connection with the Offering and will not be responsible to
anyone other than Vukile for providing the protections offered to clients of RMB, nor for providing advice
in relation to the Offering.

Date: 11/12/2012 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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