TRP waiver proceedings SYNERGY INCOME FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2007/032604/06) JSE share code: SGA ISIN: ZAE000202883 JSE share code: SGB ISIN: ZAE000202891 (Granted REIT status with the JSE) (“Synergy” or “the company”) TRP WAIVER PROCEEDINGS Shareholders are referred to the circular dated 26 September 2016 (the “circular”), relating to the transaction which will, once implemented, effectively reposition Synergy as a specialist high yielding, high growth fund (the “transaction”), as well as the announcement released on SENS on Tuesday, 25 October 2016 advising shareholders that all resolutions required to be passed in order to approve the transaction were passed by the requisite majority of shareholders at the general meeting held on Tuesday, 25 October 2016, including resolutions of independent A and B ordinary shareholders waiving a mandatory offer triggered by the transaction in terms of section 123 of the Companies Act, 71 of 2012 (the “Companies Act”) (the “waiver resolution”). Unless otherwise defined, words defined in the circular bear the same meaning in this announcement. Having considered Synergy’s application for exemption, the TRP has made a ruling that Arrowhead Properties Limited be exempted from the obligation to make a mandatory offer (the “ruling”), as required in terms of the Companies Act. The reasons for the ruling are available to any shareholder of the company upon receipt by the TRP of a request therefor. Any such request must be made in writing and addressed to “the Executive Director, Takeover Regulation Panel” at any of the addresses indicated below. In addition, any shareholder may request the Takeover Special Committee to review the ruling within five business days of this announcement (i.e. until 17h00 on Thursday, 3 November 2016). Any such application must be made in writing and addressed to “the Executive Director, Takeover Regulation Panel” at any of the following addresses: If delivered by hand or courier: If posted: If faxed: The Executive Director The Executive Director The Executive Director Takeover Regulation Panel Takeover Regulation Panel Takeover Regulation Panel 1st Floor Block 2 PO Box 91833 +27 86 541 2238 Freestone Park Auckland Park 135 Patricia Road 2006 Atholl 2196 After the expiry of the aforementioned five business day period, and providing that no shareholder requests a review of the ruling, the TRP waiver proceedings shall be regarded as completed. 27 October 2016 Corporate advisor and sponsor Java Capital Attorneys and Competition law advisors Cliffe Dekker Hofmeyr Date: 27/10/2016 04:40:00 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.