Results of dividend reinvestment alternative 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") RESULTS OF DIVIDEND REINVESTMENT ALTERNATIVE Shareholders are referred to the declaration of an interim cash dividend of 78.10251 cents per share (the "cash dividend") with an election to reinvest the dividend in return for Vukile shares (the "dividend reinvestment alternative") announced on SENS on Thursday, 29 November 2018 for the six months ended 30 September 2018 and the announcement of the reinvestment price per new share (being R19.40 per share) applicable to Vukile shareholders electing the dividend reinvestment alternative released on SENS on Monday, 10 December 2018. Shareholders holding 112 692 987 Vukile shares or 12.55 % of Vukile shares (prior to the election) qualifying to receive the cash dividend elected to participate in the dividend reinvestment alternative, resulting in the issue of 4 480 038 new Vukile shares, retaining R86 912 737,12 (based on the issue price of R19.40 per new share after accounting for the applicable dividend withholding tax in respect of non-resident shareholders and fractions) in new equity for Vukile. Accordingly, a total cash dividend of R613 523 049,44 is payable today in respect of 785 535 637 Vukile shares. The Central Securities Depository Participants or broker custody accounts of dematerialised shareholders who did not elect the dividend reinvestment alternative in respect of some or all of their shares will be credited with the cash dividend on Monday, 24 December 2018 and the Central Securities Depository Participants or broker custody accounts of dematerialised shareholders who did elect the share alternative in respect of some or all of their shares will be credited on Friday, 28 December 2018 with their new Vukile shares. 24 December 2018 Corporate advisor and JSE sponsor NSX sponsor Java Capital IJG Securities (Pty) Ltd Date: 24/12/2018 10:00:00 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.