Clarification announcement: Unaudited results for the six months ended 30 September 2015 SYNERGY INCOME FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2007/032604/06) JSE share code: SGA ISIN: ZAE000161550 JSE share code: SGB ISIN: ZAE000162293 (Approved as a REIT by the JSE) (“Synergy” or “the company”) CLARIFICATION ANNOUNCEMENT: UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015 Shareholders are referred to the unaudited condensed interim results announcement for the six months ended 30 September 2015 that was released on SENS on 20 November 2015. Synergy has been requested to provide clarification on the earnings per share and headline earnings per share included in the announcement and the table below refers. Unaudited Audited Unaudited 6 months ended 9 months ended 6 months ended 30 September 2015 31 March 2015 31 December 2015 Number of A shares/units in issue 47 352 203 47 352 203 47 352 203 Number of B shares/units in issue 106 352 670 106 352 670 106 352 670 Weighted average number of A shares/units in issue 47 352 203 47 352 203 47 352 203 Weighted average number of B shares/units in issue 106 352 670 106 352 670 106 352 670 Basic earnings*/(loss) per A share/unit (cents) 47.59 (23.17) (0.47) Basic earnings*/(loss) per B share/unit (cents) 47.59 (23.17) (0.47) Basic headline earnings* per A share/unit (cents) 38.83 66.53 43.61 Basic headline earnings* per B share/unit (cents) 38.83 40.52 27.34 * Synergy has no dilutionary instruments in issue Synergy successfully converted from a linked unit to a share based capital structure effective 27 July 2015 as stated in the 10 July 2015 announcement released on SENS. 25 November 2015 Sponsor Java Capital Date: 25/11/2015 03:00:00 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.