Renewal of cautionary announcement and change to nomination & remuneration committee composition SA Corporate Real Estate Fund A Collective Investment Scheme in Property registered in terms of the Collective Investment Schemes Control Act, No. 45 of 2002 and managed by SA Corporate Real Estate Fund Managers Limited (Registration number 1994/009895/06) ("SA Corporate Fund Managers") Share Code: SAC ISIN Code: ZAE000083614 ("SA Corporate" or "the Fund") RENEWAL OF CAUTIONARY ANNOUNCEMENT AND CHANGE TO NOMINATION & REMUNERATION COMMITTEE COMPOSITION 1. Renewal of Cautionary Announcement Further to the cautionary announcement dated 22 February 2013 and the subsequent renewal dated 10 April 2013, unitholders are advised that the exclusive discussions between SA Corporate Fund Managers and Old Mutual Property Proprietary Limited regarding the possible internalisation of the management of the Fund remain in progress. Accordingly, unitholders are advised to continue to exercise caution when trading in the Fund’s units until a further announcement has been made. 2. Change to Nomination & Remuneration Committee Composition In compliance with rule 3.84 of the JSE Listing Requirements, unitholders are advised that Mr Roshan Morar will step down as member of the combined Nomination & Remuneration Committee (“NRC”) with immediate effect. Furthermore, the Chairman of the Board will continue to act as Chairman of the NRC, but Mr Ebrahim Seedat, an independent non-executive member of the NRC, will take over as Chairman for any discussions on remuneration matters. Cape Town 23 May 2013 Investment Bank Investec Bank Limited Sponsor Nedbank Capital Date: 23/05/2013 11:10:00 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.