The board of directors have undertaken that the maximum number of unissued linked units placed under the control of the directors in terms of ordinary resolution number 5 that will be issued (excluding any units issued under the general authority to issue units for cash in terms of ordinary resolution number 6) will not exceed 20 525 761 shares (constituting 5% of the current total number of linked units in issue).

The board of directors has further undertaken that, notwithstanding the wider authority granted to the board to issue linked units for cash in terms of ordinary resolution number 6:

1. the maximum number of linked units that will be issued for cash pursuant to the general authority will not exceed 20 525 761 linked units (constituting 5% of the current total number of linked units in issue);
2. the maximum discount at which linked units will be issued for cash will be capped at a discount of 5% of the weighted average traded price of the linked units measured over the 30 days prior to the date that the price of the issue is agreed between Vukile and the subscriber/s for the linked units.

CHANGE TO THE BOARD OF DIRECTORS

Unitholders are also advised that Mr HSC Bester has retired from the board of directors after serving as director, member of the Property and Investment Committee and Chairman of the Audit and Risk Committee since the listing of Vukile in 2004 and also served as lead independent director of Vukile.

Mr Bester has been a valued board member and the Board is highly appreciative of the contribution he has made as director and committee member over the past eight years. The Board wishes him well in his future endeavours.

Mr NG Payne, currently a member of the Audit and Risk Committee, will succeed Mr Bester as Chairman of the Audit and Risk Committee.