SYNERGY INCOME FUND LIMITED - Trading Statement

Trading Statement

SYNERGY INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2007/032604/06)
JSE share code for A linked units: SGA     ISIN: ZAE000161550
JSE share code for B linked units: SGB     ISIN: ZAE000162293
(“Synergy” or the “Fund”)


TRADING STATEMENT

In terms of the JSE Listings Requirements, property entities are required to publish a
trading statement as soon as they are satisfied that a reasonable degree of certainty exists
that the distribution for the period to be reported on next will differ by at least 15% from the
distribution for the previous corresponding period. Synergy has adopted distribution per
linked unit as its relevant measure of financial results.

Accordingly, linked unitholders are advised that the Board of Directors of Synergy
anticipates that the distribution per B linked unit for the six months ended 31 December
2012 will be between 145% and 155% higher than for the six months ended 31 December
2011.

The reason for the increase is due to the following:
- Synergy took transfer of its initial four properties during the period October 2011 to
  December 2011.
- Prior to the transfer of the first property on 7 October 2011, the only asset of the Fund
  was cash, which was held against guarantees, issued in respect of the properties to be
  acquired by the Fund.
- Synergy took transfer of a further eight properties during the period February 2012 to
  June 2012.
- Gugulethu Square Shopping Centre and Setsing Crescent Shopping Centre were acquired
  and transferred during August 2012.

The financial results on which this trading statement is based have not been reviewed or
reported on by Synergy’s auditors. The financial results announcement for the six months
ended 31 December 2012 will be published on or about 28 February 2013.

20 February 2013


Sponsor
Java Capital

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