Associate of a director’s acceptance of the follow-on offer Acucap Properties Limited Incorporated in the Republic of South Africa Registration number 2001/021725/06 Share code: ACP ISIN: ZAE000188660 Approved as a REIT by the JSE (“Acucap”) ASSOCIATE OF A DIRECTOR’S 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 associates of a director: Name of associate: Bryan Stevens Investment Trust (“the Trust”) Name of director: Bryan Stevens Type of director: Independent non-executive director of Acucap Company: Acucap Nature of relationship: Beneficiary of the Trust 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 2,266 Sycom units disposed of in terms of the follow-on offer: Number and class of securities 1,314 Acucap shares acquired as consideration: Date of acceptance of the follow-on 24 July 2014 offer: Date of receipt of the follow-on offer 28 July 2014 Consideration: Price: R48.36 (note 1) Total value: R63,545.04 Nature of interest: Indirect beneficial Name of associate: Knysna Views Property No. 5 CC Name of director: Bryan Stevens Type of director: Independent non-executive director of Acucap Company: Acucap Nature of relationship: Member 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 2,152 Sycom units disposed of in terms of the follow-on offer: Number and class of securities 1,249 Acucap shares acquired as consideration: Date of acceptance of the follow-on 24 July 2014 offer: Date of receipt of the follow-on offer 28 July 2014 Consideration: Price: R48.36 (note 1) Total value: R60,401.64 Nature of interest: Indirect beneficial Notes: 1. Calculated as the closing Sycom unit price on Thursday, 24 July 2014 of R28.05 divided by the exchange ratio of 58 Acucap shares per every 100 Sycom units held. Cape Town 8 August 2014 Sponsor to Acucap Questco (Pty) Ltd Date: 08/08/2014 04:18:00 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.