Results of purchase of linked units in terms of a general authority VUNANI PROPERTY INVESTMENT FUND LIMITED Granted REIT status by the JSE (Registration number: 2005/019302/06) ISIN: ZAE000157459 JSE code: VPF (“VPIF” or “the company”) RESULTS OF PURCHASE OF LINKED UNITS IN TERMS OF A GENERAL AUTHORITY 1. INTRODUCTION The directors of the company have, in accordance with the general authority granted to them at the annual general meeting of unitholders held on 27 September 2013, cumulatively purchased 5.3% of its linked units on the JSE Limited (“JSE”), through its subsidiary, Vunani Property Investment Trust, (“the purchase”) at a price not greater than 10% above the volume weighted average trading price of VPIF over the 5 business days immediately preceding the purchase. 2. RATIONALE The management and board of VPIF are committed to the transformation and empowerment objectives of South Africa and have expended considerable effort in addressing VPIF’s objective of having a meaningful, sustainable and commercially driven black economic empowerment shareholding at the listed level. The purchased linked units will be deployed into the proposed BBBEE structure which will be implemented in the second quarter of 2014 once all relevant details and investors have been identified and finalised. 3. RESULTS OF THE PURCHASE The details of the purchase are as follows: Dates of purchase: 15 January 2014 Price paid during the purchase period (single transaction 965 concluded): Number of linked units purchased: 8 911 917 Value of linked units purchased: R85 999 999 Extent of authority outstanding: 8 000 285 linked units representing 4.7% of the initial issued linked units The company was made aware that the purchase, through no fault of the company, has not been effected through the order book operated by the JSE trading system as was instructed by the company. The company confirms that the purchase was completed without any prior understanding or arrangement between the company and the counter party/ies. The company is in consultation with JSE. 4. OPINIONS Available funds through Standard Bank of South Africa Limited were utilised to fund the purchase. The directors of the company have considered the impact of the purchase and are of the unanimous opinion that for a period of twelve months from the date of this announcement: - the company and the group will be able, in the ordinary course of business, to pay their debts; - the assets of the company and the group will be in excess of the liabilities of the company and the group, the assets and liabilities being recognised and measured in accordance with the accounting policies used in the latest audited annual group financial statements; - the working capital of the company and the group will be adequate for ordinary business purposes; and - the share capital and reserves of the company and the group will be adequate for ordinary purposes. 5. FINANCIAL EFFECTS The unaudited pro forma financial effects set out below have been prepared for illustrative purposes only to assist unitholders to assess the impact of the purchase on the earnings per linked unit ("EPLU"), headline earnings per linked unit ("HEPLU"), diluted earnings per linked unit (“DEPLU”), diluted headline earnings per linked unit (“DHEPLU”), net asset value per linked unit ("NAVPLU") and tangible net asset value per linked unit ("TNAVPLU"). These unaudited pro forma financial effects have been disclosed in terms of the JSE Listings Requirements and because of their nature may not fairly present the company’s financial position, changes in equity, results of operations or cash flows. The unaudited pro forma financial effects are the responsibility of the directors of the company. % Notes Before After change EPLU (cents) 196.17 206.53 5.3 DEPLU (cents) 196.17 206.53 5.3 HEPLU (cents) 97.44 99.92 0.4 DHEPLU (cents) 97.44 99.92 2.6 Distribution per linked unit (cents) 77.25 78.11 1.11 NAVPLU (cents) 861.9 853.6 (1.0) TNAVPLU (cents) 858.1 849.5 (1.0) Weighted average number of linked units in issue - undiluted (‘000) 120 618 111 706 (7.4) Weighted average number of linked units in issue – diluted (‘000) 120 618 111 706 (7.4) Linked units in issue at year end (000) 120 618 120 618 - Notes: 1. The EPLU and HEPLU, as set out in the "Before" column of the table, are based on the company’s consolidated audited financial statements for the year ended 30 June 2013. 2. EPLU and HEPLU effects are based on the assumption that the purchase was effective 1 July 2012; 3. The NAVPLU and TNAVPLU, as set out in the "Before" column of the table, are based on the consolidated audited balance sheet of the company at 30 June 2013. 4. NAVPLU and TNAVPLU effects are based on the assumption that the purchase was effective 30 June 2013; 6. LISTING ON THE JSE The purchased shares will remain listed on the JSE as they will held by Vunani Property Investment Trust, a subsidiary trust, as treasury stock. Sandton 20 January 2014 Sponsor Grindrod Bank Limited Date: 20/01/2014 04:01:00 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. 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