Notification of an acquisition of a beneficial interest in securities and receipt of a firm intention notice SYNERGY INCOME FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2007/032604/06) JSE share code: SGA ISIN: ZAE000161550 JSE share code: SGB ISIN: ZAE000162293 (Approved as a REIT by the JSE) (“Synergy” or “the Company”) TRP121: NOTIFICATION OF AN ACQUISITION OF A BENEFICIAL INTEREST IN SECURITIES AND RECEIPT OF A FIRM INTENTION NOTICE In compliance with section 122(3)(b) of the Companies Act 71 of 2008 (“the Companies Act”) and Regulation 121(2)(b) of the Companies Act Regulations, 2011, holders of both Synergy A linked units and Synergy B linked units (collectively, “Unitholders”) are advised that Synergy has received notification from Vukile Property Fund Limited (“Vukile”) of the acquisition by Vukile of Synergy B linked units, such that Vukile is now able to exercise 39.965% of the voting rights attaching to all securities issued by the Company. Linked Unitholders are referred to the announcement published by Vukile on SENS on 5 November 2014 referring to Vukile’s firm intention to make a mandatory offer to Linked Unitholders (“the Mandatory Offer”) and setting out the terms and conditions on which such Mandatory Offer is to be made. The independent members of the board of directors of Synergy will consider the terms and conditions of the Mandatory Offer and will respond in due course having regard for its obligations in terms of the Companies Act 2008 and related Companies Regulations. 5 November 2014 Corporate Advisor and Transaction Sponsor Questco (Pty) Limited Date: 05/11/2014 11:13:00 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.