Changes to the board of directors of the company VUKILE PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2002/027194/06) JSE share code: VKE NSX share code: VKN Debt company code: VKEI ISIN: ZAE000180865 (Granted REIT status with the JSE) ("Vukile" or "the company") CHANGES TO THE BOARD OF DIRECTORS OF THE COMPANY Shareholders are advised that Mr. Anton Botha has communicated his intention to retire from the board of directors of the company (the "board") at the upcoming annual general meeting ("AGM") which is anticipated to be held on or about 14 August 2018. Anton has been chairman of the board since the company's listing on the JSE in 2004. Vukile has been most fortunate to benefit from his vast experience, wisdom, skill and leadership since the company's inception. The board would like to thank Anton for his invaluable contribution to Vukile and wishes him every success in the future. Mr. Botha will be succeeded by Mr. Nigel Payne who is currently the chairman of the Audit and Risk Committee. Mr. Payne joined the Vukile board in 2012 and has an in-depth understanding of the business. The board looks forward to his continued valuable contribution to the company in his new role as chairman of the board, where the company will benefit from his vast experience and expertise across industries. In line with recommendations contained in the King IV Report on Corporate Governance, Dr. Renosi Mokate will assume the role of lead independent non-executive director with effect from 1 June 2018. Dr. Mokate is a former deputy governor of the South African Reserve Bank, former executive director of the World Bank and is currently chairperson of the Government Employees Pension Fund. Dr. Mokate joined the board of Vukile in 2013. In light of Mr. Payne's intended role as chairman of the board, Vukile has reconstituted the Audit and Risk Committee. Ms. Babalwa Ngonyama, who joined the board in February 2018 will assume the role of chairman of the Audit and Risk Committee at the AGM. Ms. Ngonyama brings significant experience to her new role and currently serves as the chairperson of the audit committees for both Aspen Pharmacare Holdings Limited and Clover Industries Limited, both listed on the JSE. Mr. Peter Moyanga, who has served on the Audit and Risk Committee since its inception in 2004, will retire from the Audit and Risk Committee at the AGM but will remain a member of the board. 29 May 2018 JSE sponsor NSX sponsor Java Capital IJG Securities (Pty) Ltd Date: 29/05/2018 01:50:00 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.