Vukile’s acquisition of the Synergy management company and Synergy board changes VUKILE PROPERTY FUND LIMITED SYNERGY INCOME FUND LIMITED (Incorporated in the Republic of South Africa) (Incorporated in the Republic of South Africa) (Registration number 2002/027194/06) (Registration number 2007/032604/06) ISIN: ZAE000056370 JSE share code: SGA ISIN: ZAE000161550 JSE share code: VKE NSX share code: VKN JSE share code: SGB ISIN: ZAE000162293 (“Vukile”) (“Synergy”) VUKILE’S ACQUISITION OF THE SYNERGY MANAGEMENT COMPANY AND SYNERGY BOARD CHANGES Further to the joint announcement issued on 10 March 2015, security holders of both Vukile and Synergy are informed that all conditions to the agreement between Vukile and the shareholders of Capital Land Asset Management Proprietary Limited, being the asset and property manager of Synergy (the “Synergy Manco”) have been fulfilled. Vukile has accordingly completed its acquisition, with effect from 1 May 2015, of 100% of the equity in the Synergy Manco (the “Manco acquisition”). The existing management arrangements between Synergy and the Synergy Manco will not be affected by the Manco acquisition and the Synergy Manco will continue to render its asset and property management services to Synergy in terms of the existing management agreement. Pursuant to the Manco acquisition becoming unconditional: - William Brooks, Synergy’s CEO, has resigned as a director of Synergy with effect from 1 May 2015; - Sedise Moseneke, an executive director of Vukile, has been appointed as interim CEO of Synergy; and - Anton Raubenheimer, Synergy’s FD, will resign as a director of Synergy on finalisation of Synergy’s financial statements for the period ending 31 March 2015. A further announcement will be made on finalisation of the permanent CEO and replacement FD appointments. 5 May 2015 JSE sponsor and corporate adviser to Vukile and Synergy NSX sponsor to Vukile Java Capital IJG Securities (Pty) Ltd Date: 05/05/2015 05:15:00 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.