VUKILE PROPERTY FUND LIMITED - Vukile Prop/Atlantic Leaf - Voluntary joint announcement: Atlantic Leaf and Vukile enter into strategic relationship

Vukile Prop/Atlantic Leaf - Voluntary joint announcement: Atlantic Leaf and Vukile enter into strategic relationship

Atlantic Leaf Properties Limited                       Vukile Property Fund Limited
(Incorporated in the Republic of Mauritius)            (Incorporated in the Republic of South Africa)
(Registration number: 119492 C1/GBL)                   (Registration number: 2002/027194/06)
SEM share code: ALPL.N0000                             JSE share code: VKE
JSE share code: ALP                                    NSX share code: VKN
ISIN: MU0422N00009                                     ISIN: ZAE000180865
(“Atlantic Leaf”)                                      (Granted REIT status with the JSE)
                                                       (“Vukile”)


VOLUNTARY JOINT ANNOUNCEMENT: ATLANTIC LEAF AND VUKILE ENTER INTO STRATEGIC RELATIONSHIP


The respective boards of directors of Atlantic Leaf and Vukile (the “Boards”) are pleased to announce that
the companies have agreed the terms of a strategic relationship (the “Strategic Relationship”).

Atlantic Leaf is a Mauritius-domiciled real estate investment company, focusing on high quality real estate
assets in Western Europe, and in particular the UK. Atlantic Leaf has its primary listing on the Official List
of the Stock Exchange of Mauritius Ltd (the “SEM”) and a secondary listing on the Alternative Exchange of
the JSE Limited, and has a current market capitalisation of approximately ZAR 1.3 billion (c. GBP 67
million).

Vukile is a leading South African Real Estate Investment Trust, with an internally-managed and
predominantly retail-focused property portfolio valued at approximately ZAR 15 billion (c. GBP 750
million). Vukile is listed on the main board of the JSE Limited with a current market capitalisation of
approximately ZAR 11.7 billion (c. GBP 584 million).

Under the terms of the Strategic Relationship, Vukile will subscribe for new shares in Atlantic Leaf on the
JSE Limited to a value of ZAR 350 million (c. GBP 18 million) through a private placement of shares to be
settled in October 2015 (the “Private Placement”), following which Vukile is anticipated to hold
approximately 21% of Atlantic Leaf’s total shares in issue. It is currently envisaged that Vukile will increase
its investment in Atlantic Leaf up to 30% through future placements of shares by Atlantic Leaf to fund its
continued international expansion. Following the Private Placement, Laurence Rapp, CEO of Vukile, will be
invited to join the Board of Atlantic Leaf as a non-executive director and a member of the Investment
Committee.

Atlantic Leaf is pleased to secure the support of a shareholder of Vukile’s calibre and believes this is a great
vote of confidence in Atlantic Leaf’s direction and will help fast-track the growth of Atlantic Leaf. In
addition, the Strategic Relationship will provide Vukile with offshore property exposure, and allow it to take
advantage of opportunities with attractive yields in new markets by partnering with a property company that
is on a growth trajectory.

Under the terms of the Private Placement, Vukile will subscribe for 16 139 668 new Atlantic Leaf shares.
The issue price per share of the Private Placement will be approximately ZAR 21.69 per Atlantic Leaf share,
being the rand equivalent of the net asset value per Atlantic Leaf share adjusted for Vukile’s share of
hedging costs. The Atlantic Leaf shares issued to Vukile pursuant to the Private Placement will not be
eligible to receive the interim distribution, if any, for the period from 1 March 2015 to 31 August 2015. The
proceeds raised from the Private Placement will be used to fund the purchase of property opportunities
forming part of Atlantic Leaf’s acquisition pipeline as well as to refinance certain of its debt facilities. The
timing of the Private Placement has been set to align with Atlantic Leaf’s funding requirements.

Shareholders of Atlantic Leaf and the public in general are reminded that on 26 May 2015 the Listing
Executive Committee of the SEM approved the issue and listing of 100 000 000 additional Atlantic Leaf
shares, of which 72 370 262 Atlantic Leaf shares have not yet been issued. The new Atlantic Leaf shares to
be issued to Vukile pursuant to the Private Placement will be issued out of this remaining unissued capacity.

A further announcement will be released by the Board of Atlantic Leaf following the conclusion of the
Private Placement, in which the date of listing of the new Atlantic Leaf shares will be disclosed.


By order of the Boards.

For further information please contact:

South African corporate advisor to Atlantic Leaf
Leaf Capital                                                        +27 21 657 1180

Corporate advisor to Vukile and JSE sponsor to
Atlantic Leaf and Vukile
Java Capital                                                        +27 11 722 3050

Atlantic Leaf corporate secretary
Intercontinental Trust Limited                                      +230 403 0800

NSX sponsor to Vukile
IJG Securities (Pty) Ltd                                            +264 61 383 500

13 August 2015

This notice is issued pursuant to SEM Listing Rule 11.3 and Rule 5(1) of the Securities (Disclosure Obligations of Reporting
Issuers) Rules 2007. The Boards of Directors of Atlantic Leaf Properties Limited and Vukile Property Fund Limited accept full
responsibility for the accuracy of the information contained in this announcement.

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