Cession and assignment of the asset management agreement and changes to the board VUNANI PROPERTY INVESTMENT FUND LIMITED Granted REIT status by the JSE (Incorporated in the Republic of South Africa) (Registration number 2005/019302/06) JSE code: VPF ISIN: ZAE000185872 CESSION AND ASSIGNMENT OF THE ASSET MANAGEMENT AGREEMENT AND CHANGES TO THE BOARD CESSION AND ASSIGNMENT OF THE ASSET MANAGEMENT AGREEMENT Further to the announcement dated 16 January 2014, shareholders are advised that all the suspensive conditions relating to the cession and assignment of the Asset Management Agreement to Texton Property Investments Proprietary Limited have now been fulfilled and the effective date of the transaction is 28 February 2014. CHANGES TO THE BOARD Shareholders are advised of the following changes to the Board, effective 1 March 2014. New appointments – non executive directors: • Angelique de Rauville Angelique’s career in property commenced in 1998 and includes fund management and specialist property investments, both locally and overseas. She is very well-known in the property arena and has received a number of awards. She founded and is currently the Managing Director of Handful of Keys Property Limited and also consults to the Investec Group. • John (Chick) Legh Chick has been operating in the South African property market since 1981, primarily as an owner/developer of commercial, industrial and retail properties. He is currently the Chairman of Kuper Legh Property Group. • Mathys (Thys) van Heerden Thys has been involved in the South African property industry for over 24 years serving in different capacities and has been involved with major acquisitions and transactions where his vast experience in property management, sales, valuations, large investments, etc, is invaluable. Resignations: • CE Chimbombe-Munyoro (non-executive) • EG Dube (non-executive) • PW Mackenzie (executive) • RR Emslie (non-executive) The Board welcomes the incoming directors and extends its appreciation to the outgoing directors, who have guided the fund in its first two years as a listed company. Sandton 3 March 2014 Sponsor Grindrod Bank Limited Date: 03/03/2014 12:48:00 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.