Joint cautionary announcement Acucap Properties Limited Sycom Property Fund (Incorporated in the Republic of South A Collective Investment Scheme in Property Africa) ("CISP") registered in terms of the Collective (Registration number 2001/021725/06) Investment Schemes Control Act, No. 45 of 2002 Share code: ACP and managed by Sycom Property Fund ISIN: ZAE000037651 Managers Limited (“Acucap”) (Registration number 1986/002756/06) Share code: SYC ISIN: ZAE000019303 (“Sycom”) Joint cautionary announcement The board of directors of Acucap and an independent committee of the board of directors of Sycom Property Fund Managers Limited (“SPFM”), which comprises only those SPFM directors who are not also directors of Acucap (“the Sycom Independent Board”), advise that they are in discussions concerning a possible merger of Acucap and Sycom. The Acucap board and the Sycom Independent Board are exploring a transaction, the terms of which will be favourable to both Acucap linked unitholders and Sycom unitholders (collectively "Unitholders"). Unitholders are further advised that the Competition Tribunal has approved a merger between Acucap and Sycom without any conditions. Unitholders will be kept informed as discussions progress and accordingly, are advised to exercise caution when dealing in their Acucap linked units and Sycom units respectively, until such time as a further announcement is made. 30 January 2014 Cape Town Corporate Advisor and Transaction Sponsor Questco (Pty) Ltd Legal Advisor to Acucap Cliffe Dekker Hofmeyr Inc. Legal advisor to the Sycom Independent Board Bowman Gilfillan Inc. Competition Law Advisor Vani Chetty Date: 30/01/2014 08:05:00 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.