Announcement of dividend reinvestment 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 REINVESTMENT PRICE AND CONFIRMATION OF FINALISATION INFORMATION Further to the declaration of a cash dividend of 72.65350 cents per share (the “cash dividend”) with an election to reinvest the cash dividend in return for Vukile shares (the “share reinvestment alternative”), announced on SENS on 27 November 2017 (the “declaration announcement”), the price per share, as determined on 5 December 2017 (the “finalisation date”), applicable to Vukile shareholders electing the share reinvestment alternative and recorded in the register on Friday, 15 December 2017 (i.e. the “record date”), is R19.27147 per share (the “reinvestment price”). The reinvestment price is a 1% discount to the spot price (less the cash dividend) of Vukile shares on the JSE prior to the finalisation date. The ratio in respect of the share reinvestment alternative is 3.77000 shares for every 100 shares held on the record date by South African resident shareholders exempt from dividend tax and 3.01600 shares for every 100 shares held on the record date by non-resident shareholders subject to dividend tax at 20%. Where a shareholder’s entitlement to the shares in relation to the share reinvestment alternative, calculated with reference to the above share ratio, gives rise to an entitlement to a fraction of a new share, such fraction will be rounded down to the nearest whole number with the cash balance of the dividend being retained by the shareholder. 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 Tuesday, 28 November 2017 (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 72.65350 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 20%, 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-resident shareholders who have submitted the requisite documentation and assuming that a dividend tax rate of 20% is applicable, will accordingly receive a net dividend of 58.1228 cents per share. Due to the fact that the cash dividend or share reinvestment 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. Illustrative example on the application of rounding and the impact of dividend tax The application of the rounding principle of rounding down to the nearest whole number and the impact of dividend tax on shareholders has been illustrated by way of the example below: South African Non-resident resident shareholders shareholders subject to exempt from dividend tax at dividend tax 20% Dividend per share (cents) 72.65350 72.65350 Dividend tax per share (cents) - (14.5307) Total net dividend per share (cents) 72.65350 58.1228 Number of shares held 100 100 Reinvestment price (R) 19.27147 19.27147 Total amount available for reinvestment (R) 72.65350 58.1228 Number of shares entitled to in terms of the ratio 3.77000 3.01600 Rounded number of shares issued in terms of share reinvestment alternative 3 3 Total amount payable for shares acquired in terms of the share reinvestment 57.81441 57.8144 alternative (R) Balance of distribution paid to shareholder (R) 14.83903 0.30834 Trading of Vukile shares Shareholders are advised that, as per the published timetable, the last date to trade is Tuesday, 12 December 2017 and the shares will trade ex-dividend on Wednesday, 13 December 2017. As published in the declaration announcement, shareholders electing the share reinvestment 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 Friday, 15 December 2017, due to the fact that settlement of the shares will be three days after the record date, being Thursday, 21 December 2017, 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 reinvestment alternative is 12:00 (South African time) on Friday, 15 December 2017. No action is required if you wish to receive the cash dividend. The salient dates, timetable and all other information relating to the dividend (including the tax implications) and share reinvestment alternative disclosed in the declaration announcement remain unchanged. 5 December 2017 Corporate advisor and sponsor Java Capital Date: 05/12/2017 11:29:00 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.