Changes to the board of directors of SPFM Sycom Property Fund A Collective Investment Scheme in Property Registered in terms of the Collective Investment Schemes Control Act, No. 45 of 2002 Managed by Sycom Property Fund Managers Limited (“SPFM”) Registration number 1986/002756/06 Share code: SYC ISIN: ZAE000019303 (Approved as a REIT by the JSE) (“Sycom”) CHANGES TO THE BOARD OF DIRECTORS OF SPFM Acucap Properties Limited (“Acucap”) currently holds 100% of the shares in Sycom’s statutory manager, SPFM. Following implementation of the acquisition by Growthpoint Properties Limited (“Growthpoint”) of the remaining shares in Acucap which it did not already own by way of a scheme of arrangement, Acucap is now a wholly owned subsidiary of Growthpoint and consequently Growthpoint holds an indirect 100% interest in SPFM. In accordance with the implementation agreement entered into between Acucap and Growthpoint, which is available for inspection at the registered office of Acucap, the board of directors of SPFM (“Board”) hereby advises that the following changes to the Board will take effect from the date of receipt of approval thereof from the Registrar of Collective Investment Schemes (“Registrar”), unless indicated otherwise: 1. Retirements from the Board: Name of director Nature of change in Board MS Moloko Retired as independent non-executive director and deputy chairman JPD Flanagan Retired as independent non-executive director CB Marlow Retired as non-executive director GR Jones Retired as executive director PA Theodosiou Retired as chief executive officer (refer note 1 below) Note 1 - In order to cater for the approval process undertaken by the Registrar and to ensure compliance with section 3.84 of the JSE Listings Requirements, PA Theodosiou’s retirement will become effective on the business day following the date of receipt of the approval by the Registrar of G Völkel’s appointment. 2. New appointments to the Board: Name of director Nature of change in Board EK de Klerk New appointment as non-executive director G Völkel New appointment as financial director RG Pienaar New appointment as executive director SA le Roux New appointment as executive director 3. Change in executive function of a director In addition, C Kotze, who has to date served as financial director of SPFM, will be appointed as chief executive officer of SPFM with effect from the business day following the date of receipt of the approval by the Registrar of G Völkel’s appointment as financial director. The Board would like to thank those directors that have retired for the services rendered during their tenure as directors. In particular, the Board acknowledges the contribution made by Pat Flanagan as the longest serving member of the Board, having been appointed in 1999. Their contribution and commitment to SPFM and Sycom has been key to the success of Sycom. Following the changes in the Board as set out above, the audit committee will also be reconstituted with effect from 18 May 2015 with GK Everingham being appointed as a member of the audit committee in the place of MS Moloko. 18 May 2015 Sponsor Questco (Pty) Ltd Date: 18/05/2015 05:18:00 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.