Change to the board of directors Acucap Properties Limited (Incorporated in the Republic of South Africa) (Registration number 2001/021725/06) Share code: ACP ISIN: ZAE000037651 (Approved as a REIT by the JSE) (“Acucap”) CHANGE TO THE BOARD OF DIRECTORS The board of directors of Acucap (the “Board”) hereby advise that Baden Marlow has made a decision to retire from his position as financial director of Acucap, with effect from 31 July 2014. He will however remain on the Board as a non-executive director. Baden has been with Acucap since its formation in 2001, and the Board recognises his crucial role as part of the executive team, as well as the immense contribution he has made to the successes of Acucap and its investee, Sycom Property Fund. The Board welcomes his decision to remain on in a non-executive capacity and is certain that he will continue to add enormous value to the management of the group. The Board is pleased to announce the appointment of Baden’s successor, Craig Kotze, as financial director of Acucap, with effect from 1 August 2014. Craig is a Chartered Accountant with 12 years' experience in the property industry. He served as financial director of Atlas Properties Limited from 2004 to 2007, and he became part of the Acucap asset management team following the merger of these two companies in 2007. Craig has an intimate understanding of the business, and has worked closely with Baden for the last 7 years, and the Board therefore expects a smooth transition over the next two months Based on his past experience and qualifications, the members of Acucap’s audit committee have verified that Craig meets the eligibility criteria for the position, as required by Section 3.84(h) of the JSE Limited Listings Requirements. Cape Town 9 June 2014 Sponsor Questco (Pty) Ltd Date: 09/06/2014 04:43:00 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.