Accelerated Book Build TEXTON PROPERTY FUND LIMITED (formerly Vunani Property Investment Fund Limited) Granted REIT status by the JSE (Incorporated in the Republic of South Africa) (Registration number 2005/019302/06) JSE code: TEX ISIN: ZAE000190542 (“Texton” or “the Company”) ACCELERATED BOOK BUILD NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO Texton announces an equity raising of approximately ZAR154 million through the issue of new ordinary shares (“Equity Raise”). The Equity Raise is subject to pricing acceptable to Texton and the new shares will be issued in terms of a vendor placement, as a result of the general authority to place shares under the control of directors, as approved by shareholders at the annual general meeting of the Company held on Friday, 27 September 2013. The proceeds of the Equity Raise will be used to settle the purchase consideration of Edcon Place as announced on SENS on Thursday, 14 August 2014. The Equity Raise will be offered to qualifying investors through an accelerated book build process (“Book Build”) conducted on the JSE. The Book Build opens at 09h00 (South African time) on Wednesday, 8 October 2014 and the Company reserves the right to close it at any time thereafter. Pricing and allocations will be announced as soon as practical following the closing of the Book Build. The new shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the existing shares. Investec Bank Limited is acting as the sole bookrunner. 8 October 2014 Sole Bookrunner, corporate advisor and JSE sponsor Investec Bank Limited Tel: +27 11 291 3269 / +27 11 286 8136 Date: 08/10/2014 08:15:00 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.