Disposal of Linked Units in Vunani Property Investment Fund Limited (“VPIF”) VUNANI LIMITED (Incorporated in the Republic of South Africa) (Registration number 1997/020641/06) JSE code: VUN ISIN: ZAE000163382 (“Vunani”) DISPOSAL OF LINKED UNITS IN VUNANI PROPERTY INVESTMENT FUND LIMITED (“VPIF”) Shareholders are referred to the circular, dated 16 November 2012, regarding their approval for the disposal by Vunani’s subsidiary, Vunani Properties Proprietary Limited (“VP”), of a maximum of 6 238 415 VPIF linked units (“the circular”) and to the SENS announcement released on 14 December 2012, advising that the resolutions set out in the notice of general meeting contained in the circular had been approved at the general meeting by the requisite majority. Vunani shareholders are advised that VP has successfully disposed of 4 865 965 VPIF linked units at a price of 846.00 cents per unit for a total consideration of R41 166 063.90. The cash proceeds from the sale of these units, together with the remaining units, will be distributed to VP’s shareholders as a dividend in specie (“the distribution”). Vunani will apply the cash received from the distribution to the settlement of debt. 18 December 2012 Sandton Corporate Adviser Vunani Corporate Finance Designated Advisor Grindrod Bank Limited Date: 18/12/2012 03:30:00 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.