SYCOM PROPERTY FUND - Trading statement

Trading statement

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”)


TRADING STATEMENT

In compliance with paragraph 3.4 of the Listings Requirements of the JSE Limited, a listed
company is required to publish a trading statement as soon as a reasonable degree of certainty
exists that the financial results for the next period to be reported on are likely to vary by more than
20% from the previous corresponding period.

Unitholders are advised that Sycom changed its financial year end from 31 March to 30 June during
the 2015 financial period and therefore the current reporting covers the 6 months ended
31 December 2015, while the comparative period relates to the 6 months ended
30 September 2014.

The directors of SPFM accordingly report that in respect of the six months ended 31 December
2015 -

-        Headline earnings per unit will increase by 46.0% to 137.74 cents (30 September 2014:
         94.32 cents); and
-        Earnings per unit will increase by 61.2% to 154.55 cents (30 September 2014: 95.88
         cents).

The above increases can be attributed mainly to non-cash gains on the revaluations of investment
properties and Sycom’s investment in Stenham European Shopping Centre Fund. These gains will
not impact on the calculation of distributable income.

The contents of this trading statement and the financial information on which it has been based
have not been reviewed or reported on by Sycom’s auditors.

Unitholders are advised that the interim results for the six months ended 31 December 2015 are
expected to be released on or about 2 March 2016.

Cape Town
19 February 2016

Sponsor
Questco (Pty) Limited

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