Announcement Of Dividend Re-Investment Price And Confirmation Of Finalisation Information 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: ZAE000180865 (Granted REIT status with the JSE) (“Vukile” or “the company”) ANNOUNCEMENT OF DIVIDEND RE-INVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION Further to the declaration of a cash dividend of 63.22200 cents per share (the “cash dividend”) with an election to re- invest the cash dividend in return for Vukile shares (the “share re-investment alternative”), announced on SENS on 25 November 2015 (the “declaration date”) (the “declaration announcement”), the price per share, as determined on 3 December 2015, applicable to Vukile shareholders electing to receive the share re-investment alternative and recorded in the register on Thursday, 10 December 2015 (the “record date”), is R17.50778 per share (the “re- investment price”). The re-investment price is a 0.86% discount to the five-day volume weighted average traded price (less the cash dividend). The ratio in respect of the share re-investment alternative is 3.61108 shares : 100 shares held on the record date. Accordingly the number of new Vukile shares to be issued per 100 shares held on the record date is 3.61108 shares. Fractions will be rounded up to the nearest whole number where the fraction is greater than or equal to 0.5 and rounded down to the nearest whole number where the fraction is less than 0.5. Dividend withholding tax (“dividend tax”) implications Dividend tax implications for South African resident shareholders Dividends received from a Real Estate Investment Trust (“REIT”) are exempt from dividend tax in the hands of South African resident shareholders provided that the shareholders have provided the requisite declaration as to residence as detailed in paragraph 5 of the circular to Vukile shareholders dated and posted on 25 November 2015 (the “circular”). South African resident shareholders, who have submitted the requisite documentation and are exempt from dividend tax, will accordingly receive a net dividend of 63.22200 cents per share. Dividend tax implications for non-resident shareholders Dividends received from a REIT by a non-resident shareholder will be subject to dividend tax at 15%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation (“DTA”) between South Africa and the country of residence of the non-resident shareholder. A reduced dividend withholding rate in terms of the applicable DTA may only be relied upon if the non-resident shareholder has provided the requisite documentation as detailed in paragraph 5 of the circular. Non-residents who have not submitted the requisite documentation, will accordingly receive a net dividend of 53.73870 cents per share. The impact of dividends tax on shareholders has been illustrated by way of the example below: South Africa resident Non-resident shareholders shareholders exempt from subject to dividend tax at 15% dividend tax Dividend per share (cents) 63.22200 63.22200 Dividend tax per share (cents) - (9.48330) Total net dividend per share 63.22200 53.73870 Reinvestment price (R) 17.50778 17.50778 New shares issued per 100 shares 3.61108 3.06942 Due to the fact that the cash dividend or dividend re-investment alternative may have tax implications for resident and non-resident shareholders, shareholders are encouraged to consult their professional advisors should they be in any doubt as to the appropriate action to take. Trading in Vukile shares Shareholders are advised that as per the published timetable, the last day to trade in order to receive the cash distribution or participate in the share re-investment alternative is Thursday, 10 December 2015 and the shares will trade ex-dividend on Friday, 11 December 2015. As published in the declaration announcement, shareholders electing the share re-investment alternative are once again alerted to the fact that the new shares will be listed on LDT + 3 and that these new shares can only be traded on LDT + 3 being Tuesday, 15 December 2015, due to the fact that settlement of the shares will be three days after the record date, being Wednesday, 23 December 2015, which differs from the conventional one day after record date settlement process. Shareholders are reminded that the last day to elect to receive the share re-investment alternative is 12:00 (South African time) on Friday, 18 December 2015. No action is required if you wish to receive the cash dividend. The salient dates, timetable and all other information relating to the cash dividend (including the tax implications) and the share re-investment alternative disclosed in the declaration announcement remain unchanged. 3 December 2015 JSE sponsor NSX sponsor Java Capital IJG Securities (Pty) Ltd Date: 03/12/2015 11:04:00 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.