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 Shareholders are referred to the executive succession plan previously communicated to shareholders in the 2018 Integrated Annual Report as well as the Interim Results for the six months ended 30 September 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 30 June 2019. As replacement for Mr Potts, the Company has appointed Mr Laurence Cohen as CFO Designate with effect from 1 March 2019. Mr Cohen will become CFO and join the Vukile board as a director on 1 July 2019, following Mr Potts' retirement. Mr Cohen was previously CFO of Hyprop Investments Limited from 2003 to 2018. Mr Cohen chaired the accounting and JSE committee of the SA REIT Association, served on the executive committee of the SA REIT Association and was instrumental in developing best practice recommendations for the SA REIT sector. Mr Cohen holds BCom, BAcc and CA(SA) qualifications. 18 February 2019 JSE sponsor NSX sponsor Java Capital IJG Securities (Pty) Ltd Date: 18/02/2019 11:55:00 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.