Dealings by an associate of a director 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" or the "Company" ) DEALINGS BY AN ASSOCIATE OF A DIRECTOR Intaprop Holdings (Pty) Ltd, a company in which Norman Whale, a director of Acucap, holds an effective indirect beneficial interest of 28.5% (through a trust in which he is a beneficiary), disposed of shares in Acucap. In compliance with paragraph 3.63 to 3.66 of the JSE Listings Requirements, the following information is disclosed: Name of director: Norman Whale Norman Whale Type of director: Non-executive director Non-executive director Nature of transaction: On-market disposal On-market disposal Number and class of securities 5 700 ordinary shares* 6 475.77 ordinary shares** disposed: Date of disposal of the Acucap 26 November 2014 27 November 2014 securities: Price: 5 146.18 cents 5 159.69 cents Total value: R293 332.26 R334 129.65 Nature of interest: Indirect beneficial Indirect beneficial * Effective beneficial indirect interest of 5 700 ordinary shares being 28.5% X 20 000 ordinary shares at 5 146.18 cents per share ** Effective beneficial indirect interest of 6 475.77 ordinary shares being 28.5% X 22 722 ordinary shares at 5 159.69 cents per share Cape Town 2 December 2014 Sponsor to Acucap Questco (Pty) Ltd Date: 02/12/2014 05:38:00 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.