Change In Function Of Directors Vividend Income Fund Limited Incorporated in the Republic of South Africa (Registration Number 2010/003232/06) JSE Alpha Code: VIF ISIN: ZAE000150918 (Approved as a REIT by the JSE) (“Vividend” or “the Company”) CHANGE IN FUNCTION OF DIRECTORS In accordance with paragraph 3.59(c) of the Listings Requirements of the JSE Limited, the Board hereby notifies Vividend linked unitholders (“Vividend Linked Unitholders”) of the following changes to the functions of directors serving on the Board, with effect from 1 June 2014: • Mr Ari Jacobson’s directorate designation will change from chief executive officer of the Company to non-executive director; and • Mr Robert Amoils’s directorate designation will change from financial director of the Company to non-executive director. As a result of the acquisition by Arrowhead Properties Limited (“Arrowhead”) of the Vividend Management Group Proprietary Limited (“Vividend Manco”), as announced on SENS on 24 February 2014, the functions of the chief executive officer and financial director of Vividend have become limited and of a regulatory nature, as same are fulfilled by the Vividend Manco. Vividend Linked Unitholders are referred to the joint announcement by Vividend and Arrowhead on 1 April 2014 on SENS (“the Announcement”) regarding the firm intention of Arrowhead to make an offer to acquire all the issued linked units in Vividend, not already held by Arrowhead: • by means of one or more indivisibly linked schemes of arrangement (the “Schemes”) in terms of section 114 of the Companies Act 71 of 2008, as amended, (the "Companies Act"); or • if certain of the conditions to which the Schemes are subject are not fulfilled, or where applicable waived, as described more fully in the Announcement, by means of a voluntary general offer extended to all Vividend Linked Unitholders (the "General Offer"). The circular in respect of the Schemes and the General Offer were dispatched today, Monday, 2 June 2014, and include a resolution for the delisting of Vividend in the event that the Schemes are not implemented (“Delisting Resolution”). Accordingly, in the event that the Schemes or the Delisting Resolution is approved by Vividend Linked Unitholders, Vividend will be delisted from the JSE. In the event that the Schemes or the Delisting Resolution are not passed by Vividend Linked Unitholders, then the Board will immediately begin a process to appoint a new chief executive officer and financial director. It is not anticipated that the chief executive officer or financial director will have any regulatory functions to fulfil prior to the date of the general meeting to vote on the Schemes or the Delisting Resolution, which will be on Wednesday, 2 July 2014. Cape Town 3 June 2014 Sponsor PSG Capital Date: 03/06/2014 09:36:00 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.