Acucap Prop Ltd \Sycom Prop Fund - Update on the Follow-On Offer Sycom Property Fund Acucap Properties Limited A Collective Investment Scheme in Property Incorporated in the Republic of South Africa registered in terms of the Collective Registration number 2001/021725/06 Investment Schemes Control Act, No. 45 of Share code: ACP 2002 and managed by Sycom Property Fund ISIN: ZAE0000189551 Managers Limited (“SPFM”) Approved as a REIT by the JSE Registration number 1986/002756/06 (“Acucap”) Share code: SYC ISIN: ZAE000019303 Approved as a REIT by the JSE (“Sycom”) UPDATE ON THE FOLLOW-ON OFFER 1. Introduction Holders of shares in Acucap (“Acucap Shareholders” and “Acucap Shares”) and holders of participatory interest in Sycom (“Sycom Unitholders” and “Sycom Units”) are referred to the announcements dated 12 June 2014 and 20 June 2014 in terms of which Acucap announced that it had made a subsequent offer (“the Follow-On Offer”) to acquire all remaining Sycom Units that it did not already own. The terms of the Follow-On Offer are identical to the terms of the offer made by Acucap in March 2014 (“the Initial Offer”). Sycom Unitholders that accept the Follow-On Offer will therefore receive 58 Acucap Shares for every 100 Sycom Units tendered into the Follow-On Offer (“Follow-On Offer Consideration”). As further explained in the announcements of 12 June 2014 and 20 June 2014, payment of the Follow- On Offer Consideration will occur on a weekly basis. Sycom Unitholders that accept the Follow-On Offer on/before 12h00 on Friday, will therefore receive the Follow-On Offer Consideration on the immediately following Monday. Where acceptances are received after 12h00 on Friday, they will be treated as having been received the following Monday and accordingly will qualify for payment on the Monday thereafter. The results of the Follow-On Offer to date are included in the table below: Acucap’s holding in Sycom immediately following the Initial Offer 73.3% Sycom Units acquired by Acucap to date, in terms of the Follow-On Offer 9.5% Acucap’s holding in Sycom after taking into account the Follow-On Offer 82.8% acceptances received on 25 July 2014 Following the issue of the Follow-On Offer Consideration due on Monday, 28 July 2014 (payable to Sycom Unitholders that accepted the Follow-On Offer after 12h00 on Friday, 18 July 2014), Acucap’s total shares in issue (and listed) will increase to 240 365 557 shares. The Follow-On Offer remains open for acceptances until the earlier of 30 September 2014 and a date to be announced by Acucap. 2. Action required in order to accept the Follow-On Offer: Dematerialised Sycom Unitholders Dematerialised Sycom Unitholders should contact their CSDP or broker to accept the Follow-On Offer. Certificated Sycom Unitholders Certificated Sycom Unitholders that wish to accept the Follow-On Offer must return the form of acceptance, surrender and transfer (as contained in the Initial Offer document available on the Sycom website www.sycom.co.za), together with their Sycom Unit certificate/s, to Computershare Investor Services (Pty) Ltd, Ground Floor, 70 Marshall Street, Johannesburg or PO Box 61763, Marshalltown, 2107 as soon as possible. Additional forms of acceptance, surrender and transfer can be obtained by emailing sycom@questco.co.za or contacting Questco on +27 11 011 9200. 3. Directors’ acceptance of the Follow-On Offer In compliance with paragraph 3.63 to 3.66 of the JSE Listings Requirements, the following information is disclosed in respect of the acceptance of the Follow-On Offer by the following directors and by an associate of the company secretary: Name of director: PA Theodosiou FM Berkeley Company: Acucap and SPFM Acucap and SPFM Type of director: Executive director Non-executive director Nature of transaction: Off-market disposal of Off-market disposal of Sycom Units (through Sycom Units (through acceptance of the Follow-On acceptance of the Follow-On Offer) and concurrent off- Offer) and concurrent off- market acquisition of Acucap market acquisition of Acucap Shares (as consideration Shares (as consideration therefor) therefor) Number and class of securities 226 570 Sycom Units 227 772 Sycom Units disposed of in terms of the Follow-On Offer: Number and class of securities 131 410 Acucap Shares 132 108 Acucap Shares acquired as consideration: Date of acceptance of the Follow-On 24 June 2014 10 July 2014 Offer: Date of receipt of the Follow-On Offer 7 July 2014 14 July 2014 Consideration: Price: R45.34 (note 1) R47.96 (note 2) Total value: R5 958 129.40 R6 335 899.68 Nature of interest: Direct beneficial Direct beneficial Clearance to deal provided: Yes Yes Name of associate: R Steyn (The spouse of HHO Steyn, who is the Company Secretary of both Acucap and SPFM) Nature of transaction: Off-market disposal of Sycom Units (through acceptance of the Follow-On Offer) and concurrent off-market acquisition of Acucap Shares (as consideration therefor) Number and class of securities disposed 16 000 Sycom Units of in terms of the Follow-On Offer: Number and class of securities acquired 9 280 Acucap Shares as consideration: Date of acceptance of the Follow-On 27 June 2014 Offer: Date of receipt of the Follow-On Offer 7 July 2014 Consideration: Price: R45.34 (note 3) Total value: R420 755.20 Notes: 1. Calculated as the closing Sycom Unit price on Thursday, 3 July 2014 (being the day immediately before the Follow-On Offer closed for that week) of R26.30 divided by the exchange ratio of 58 Acucap Shares per every 100 Sycom Units held. 2. Calculated as the closing Sycom Unit price on Thursday, 10 July 2014 (being the day immediately before the Follow- On Offer closed for that week) of R27.82 divided by the exchange ratio of 58 Acucap Shares per every 100 Sycom Units held. 3. Calculated as the closing Sycom Unit price on Thursday, 3 July 2014 (being the day immediately before the Follow- On Offer closed for that week) of R26.30 divided by the exchange ratio of 58 Acucap Shares per every 100 Sycom Units held. Cape Town 25 July 2014 Corporate Advisor and Sponsor to Acucap and Sycom Questco (Pty) Ltd Date: 25/07/2014 04:41:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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