Results of general meeting of SA Corporate Unitholders SA CORPORATE REAL ESTATE FUND (A portfolio forming part of SA Corporate Real Estate Trust Scheme, a Collective Investment Scheme in property registered in terms of the Collective Investment Schemes Control Act, No. 45 of 2002 (“CISCA”)) (Approved as a REIT by the JSE Limited) JSE share code: SAC ISIN: ZAE000083614 (“SA Corporate”) Managed by SA Corporate Real Estate Fund Managers Limited (Registration number 1994/009895/06) (Incorporated in the Republic of South Africa) (“the Manager”) SA CORPORATE REAL ESTATE LIMITED (Incorporated in the Republic of South Africa) (Registration number 2015/015578/06) JSE share code: SAC ISIN: ZAE000203238 (“Newco”) RESULTS OF GENERAL MEETING OF SA CORPORATE UNITHOLDERS (“UNITHOLDERS”) 1. Introduction Unitholders are referred to the announcement released on the Stock Exchange News Service of the JSE Limited (“JSE”) on 30 April 2015, regarding the posting of a circular (“Circular”) and notice of general meeting of Unitholders (“General Meeting”), and are hereby advised that at the General Meeting held on Friday, 29 May 2015, the resolution contained in the notice of General Meeting (relating to the proposed transaction whereby SA Corporate will be reconstituted to an internally managed corporate Real Estate Investment Trust (“REIT”) and listed on the JSE as Newco (the “Transaction”)), forming part of the Circular, was passed by the requisite majority of votes of Unitholders present in person or represented by proxy at the General Meeting. 2. Results of the general meeting Details of the results of voting at the General Meeting were as follows: Resolution Number of Percentage For** Against** Abstained*** Units voted of Units in % % % issue* % Approval of the 1 338 303 134 66.24 99.97 0.03 0.13 Transaction * Based on 2 024 162 410 Units in issue, less excluded Units of 3 795 561, at the date of the General Meeting ** In relation to the total number of Units voted at the General Meeting *** In relation to the total number of Units in issue at the date of the General Meeting 3. Outstanding conditions precedent The Transaction is still subject to the fulfilment of the following conditions precedent by Friday, 26 June 2015: (i) the approval by SA Corporate's lenders regarding a syndicated loan to SA Retail Properties Proprietary Limited, secured by guarantees by SA Corporate and some of its fixed property companies; (ii) the final approval of the Transaction by the Registrar of Collective Investment Schemes appointed in terms of CISCA; and (iii) suitable rulings being obtained from the Advance Tax Ruling Unit of the South African Revenue Service relating to certain aspects of the Transaction, including in respect of roll-over relief in terms of sections 42 and 44 of the Income Tax Act, no. 58 of 1962. The Manager shall have the discretion to waive the requirements in relation to the obtaining of such rulings or any part thereof, should it determine that such ruling or part thereof is no longer required. Sandton 29 May 2015 Corporate Advisor and Transaction Sponsor Investec Bank Limited Attorneys, Tax and Competition Law Advisors Cliffe Dekker Hofmeyr Independent Reporting Accountants and Auditors Deloitte & Touche Sponsor Nedbank Capital (a division of Nedbank Limited) Date: 29/05/2015 04:00:00 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.