Proposed management and board changes 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") PROPOSED MANAGEMENT AND BOARD CHANGES Further to the executive succession plans previously communicated to shareholders in the Integrated Annual Report 2018, shareholders are advised that the Company has received the formal retirement notification of Mr. Michael Potts, the Financial Director of Vukile. Mr Potts will retire as Financial Director on 31 March 2019. As replacement for Mr Potts, the Company has appointed Mr Elton Bosch as CFO Designate with effect from 1 September 2018. Mr Bosch will join the Board as an executive director on 1 April 2019, following Mr Potts’s retirement. Mr Bosch was previously the Financial Director of Clover Industries Limited ("Clover"). Prior to joining Clover, he was a partner and the regional leader responsible for the Deloitte Risk Advisory division in Pretoria. Mr Bosch holds a BCom (Hons) and a CA (SA) qualification. In addition, Ms Lopion, the current Managing Director: Southern Africa has also indicated her formal intention to retire on 30 June 2019 and succession planning in respect of her role is ongoing. 3 September 2018 JSE sponsor Java Capital NSX sponsor IJG Securities (Pty) Ltd Date: 03/09/2018 05:35:00 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.