Mandatory and comparable offers to the linked unitholders of Synergy Income Fund Limited wholly unconditional VUKILE PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2002/027194/06) JSE share code: VKE NSX share code: VKN ISIN: ZAE000056370 (Granted REIT status with the JSE) (“Vukile”) MANDATORY AND COMPARABLE OFFERS TO THE LINKED UNITHOLDERS OF SYNERGY INCOME FUND LIMITED WHOLLY UNCONDITIONAL Linked unitholders of Synergy Income Fund Limited (“Synergy”) are referred to the announcement released on SENS on 5 December 2014 wherein Synergy linked unitholders were advised that an offer circular was posted to Synergy linked unitholders in respect of: - a mandatory offer (the “mandatory offer”) by Vukile to acquire all of the Synergy B linked units not already owned by Vukile for an offer consideration of 1 Vukile linked unit for every 2.67 Synergy B linked units disposed of in terms of the mandatory offer; and - a comparable offer (the “comparable offer”) by Vukile to acquire all of the Synergy A linked units for an offer consideration of 1 Vukile linked unit for every 1.65 Synergy A linked units disposed of in terms of the comparable offer, (collectively the “offers”). Synergy linked unitholders are advised that Vukile has received unconditional approval in writing from the Competition Authorities, in terms of the Competition Act, 89 of 1998, in relation to the acquisition by Vukile of control of Synergy and/or Synergy’s underlying property portfolio. The offers are now open for acceptances on an unconditional basis. The mandatory offer consideration and the comparable offer consideration will be settled within 6 business days of acceptance of the mandatory offer and/or comparable offer, as the case may be. As at the date of this announcement, no acceptances of the offers have been received. Vukile holds 61 428 425 Synergy B linked units (representing 39.965% of the Synergy linked units in issue). A finalisation announcement (including the timetable in respect of the offers and the closing date of the offers) will be released on SENS in due course. The closing date of the offers, as set out in the finalisation announcement, will be at least 10 business days after the finalisation announcement is released on SENS and will not be earlier than 23 January 2015. 12 December 2014 Corporate advisor, legal advisor and JSE sponsor Java Capital NSX sponsor IJG Securities (Pty) Ltd Date: 12/12/2014 04:51:00 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.