Joint Finalisation Announcement in Respect of the Schemes VIVIDEND INCOME FUND LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2010/003232/06) JSE share code: VIF ISIN: ZAE000150918 (Approved as a REIT by the JSE) (“Vividend” or “the Company”) ARROWHEAD PROPERTIES LIMITED (Incorporated in the Republic of South Africa) (Registration number 2011/000308/06) JSE share code: AWA ISIN: ZAE000158101 JSE share code: AWB ISIN: ZAE000158119 (Approved as a REIT by the JSE) JOINT FINALISATION ANNOUNCEMENT IN RESPECT OF THE SCHEMES 1. INTRODUCTION Linked unitholders of Vividend (“Linked Unitholders”) are referred to: a) the announcement released on SENS on 2 July 2014 relating to the approval by Linked Unitholders of the indivisibly linked schemes of arrangement (the "Schemes") in terms of section 114 of the Companies Act 71 of 2008, as amended, proposed by the independent board of directors of Vividend between Vividend and the Linked Unitholders; and b) the announcement released on SENS on 4 July 2014 relating to the salient dates of the special distribution to Linked Unitholders of 4.04 cents per linked unit for the period 1 March 2014 to 31 March 2014 (“Special Distribution”)(“Special Distribution Announcement”). Notice is hereby given that the Schemes have become unconditional. 2. SALIENT DATES RELATING TO THE SCHEMES As detailed in the circular posted to Linked Unitholders dated 2 June 2014 (“Circular”), the salient dates relating to the final implementation of the Schemes are as follows: 2014 Scheme LDT on Friday, 25 July Suspension of listing of Vividend Monday, 28 July Linked Units at the commencement of trade on the JSE on Trading in the Scheme Linked Unit Monday, 28 July Consideration of Arrowhead commences Scheme Consideration Record Date to Friday, 1 August be recorded in the Register in order to receive the Scheme Consideration on Operative Date of the Monday, 4 August Schemes on Settlement of the Scheme Consideration Monday, 4 August to take place on Termination of listing of Tuesday, 5 August Vividend Linked Units on the JSE at the commencement of trade on Notes: 1. Capitalised terms bear the meanings ascribed thereto in the Circular. 2. No dematerialisation or re-materialisation of Vividend linked units may take place from the business day following the Scheme LDT. 3. SALIENT DATES AND TIMES RELATING TO THE SPECIAL DISTRIBUTION As detailed in the Special Distribution Announcement, the Special Distribution was conditional upon the Schemes becoming unconditional and, accordingly, the Special Distribution is now unconditional. The salient dates relating to the Special Distribution as set out in the Special Distribution Announcement are repeated below: The Special Distribution will be payable to Linked Unitholders recorded in the register of the Company on Friday, 25 July 2014. The last day to trade cum distribution will be Friday, 18 July 2014 and trading will commence ex distribution on Monday, 21 July 2014. In respect of dematerialised Linked Unitholders, the distribution will be transferred to the Central Securities Depository Participant (CSDP) accounts or brokers' accounts on Monday, 28 July 2014. Certificated Linked Unitholder distribution payments will be posted on or about Monday, 28 July 2014. No dematerialisation or rematerialisation of linked units may take place between Monday, 21 July 2014, and Friday, 25 July 2014, both days inclusive. Cape Town 16 July 2014 Transaction Advisor and Sponsor to Vividend PSG Capital Legal Advisor to Vividend Fluxmans Inc. Corporate Advisor and Sponsor to Arrowhead Java Capital Legal Advisor to Arrowhead DLA Cliffe Dekker Hofmeyr Inc. Independent Reporting Accountants to Vividend and Arrowhead Grant Thornton Competition Law Advisor to Arrowhead Van Chetty Competition Law Date: 16/07/2014 05:20:00 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.