The linked units will be issued by Vukile, under its existing general authority to issue linked units for cash, as approved by Vukile linked unitholders at the Annual General Meeting held on 31 August 2012.

 The initial price range at which the linked units are being offered is R16.65 to R17.00.

The new linked units to be issued pursuant to the Offering will not qualify to receive the interim distribution for the six months ended 30 September 2012 as the new linked units will be issued after the record date for the distribution.

The Offering will be offered through an accelerated bookbuild process to qualifying institutional investors only. The book for the Offering will open with immediate effect and is expected to close today Tuesday, 11 December 2012. Pricing and allocations will be announced as soon as practicable following the closing of the book.

The proceeds of the Offering will be used to repay debt facilities and temporarily reduce gearing in the Company. The repayment of debt is expected to be yield enhancing for the Company.

Holders of Vukile linked units are referred to the detailed cautionary announcement released on SENS on 23 November 2012 relating to the acquisition of a 50% undivided share in the East Rand Mall (the "Acquisition") and the unaudited condensed interim financial statements and results for the six months ended 30 September 2012 announced on SENS on 23 November 2012.

Subject to the fulfillment of the outstanding conditions precedent to the Acquisition, specifically the Competition Commission approval, the increased debt capacity may be used in part payment of the R1.115 billion purchase price of the Acquisition or alternatively may be used to finance the acquisition and development pipeline referred to in the interim financial statements.