Change of dates relating to the proposed rights offer VUNANI PROPERTY INVESTMENT FUND LIMITED Approved as a REIT by the JSE (Incorporated in the Republic of South Africa) (Registration number 2005/019302/06) JSE code: VPF ISIN: ZAE000157459 JSE code for LA’s: VPFN ISIN FOR LA’s: ZAE00010087 (“VPIF” or “the company”) CHANGE OF DATES RELATING TO THE PROPOSED RIGHTS OFFER Unitholders are referred to the declaration data announcement relating to VPIF’s proposed rights offer, which was released on SENS on 5 July 2013 in which it was announced that the finalisation announcement relating to the rights offer would be released on SENS on or about 12 July 2013. Unitholders are now advised that the dates and times released in the aforementioned announcement have been changed and the revised dates and times will be as set out below: 2013 Finalisation announcement relating to the rights offer by no later than Friday, 19 July Last day to trade in VPIF units in order to qualify to participate in the rights offer (cum entitlement) Friday, 26 July Listing of letters of allocation on the JSE under the JSE code VPFN and ISIN ZAE000180097 at commencement of trading on Monday, 29 July VPIF units commence trading ex-rights on the JSE at commencement of trading on Monday, 29 July Record date for participation in the rights offer at the close of trade on Friday, 2 August Rights offer circular and form of instruction posted to unitholders, where applicable Monday, 5 August Rights offer opens at commencement of trading on Monday, 5 August Dematerialised unitholders’ accounts at their CSDP or broker automatically credited with their entitlement Monday, 5 August Certificated unitholders’ entitlements will be credited to an account held with the transfer secretaries Monday, 5 August Last day to trade in letters of allocation on the JSE on Friday, 16 August Listing of VPIF rights offer units at commencement of trading on Monday, 19 August Rights offer closes – payments to be made and form of instruction in respect of letters of allocation lodged by certificated unitholders by 12:00 on (see notes 1 and 5 for dematerialised unitholders) Friday, 23 August Record date for letters of allocation Friday, 23 August Dematerialised unitholders’ accounts updated with rights offer units to the extent accepted and debited with the relevant costs by their CSDP or broker (see note 5) Monday, 26 August Results of rights offer announcement released on SENS on or about Monday, 26 August Results of rights offer announcement published in the press on or about Tuesday, 27 August Dematerialised unitholders’ accounts updated with excess rights offer units allocated to Wednesday, 28 August them and debited with the relevant costs by their CSDP or broker Unit certificates posted to certificated unitholders (including any excess rights offer units Wednesday, 28 August allocated to them), if applicable, on or about Notes: 1. Dematerialised unitholders are required to notify their duly appointed CSDP or broker of their acceptance or otherwise of the rights offer in the manner and time stipulated in the agreement governing the relationship between such unitholder and their CSDP or broker. 2. All times indicated are South African times unless otherwise stated. 3. Unit certificates may not be rematerialised between Monday, 29 July 2013 and Friday, 2 August 2013, both days inclusive. 4. The CSDP / broker accounts of dematerialised unitholders will be automatically credited with the rights offer units to the extent to which they have accepted the rights offer. VPIF unit certificates will be posted, by registered post at the unitholders’ risk, to certificated unitholders in respect of the rights offer units which have been accepted. 5. CSDPs or brokers effect payment in respect of dematerialised unitholders on a delivery versus payment method. Sandton 12 July 2013 Corporate Adviser Vunani Corporate Finance Sponsor Grindrod Bank Limited Investment Bank Investec Bank Limited Date: 12/07/2013 02:33:00 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.