The issue price represents a discount of 3.0% to the closing price and a discount of 4.6% to the 30 day volume weighted average price of Vukile linked units on Monday, 10 December 2012.

Included in the issue price of R16.70 is an antecedent divestiture of 32.5 cents per linked unit for the period 1 October 2012 to 19 December 2012 in respect of the second distribution period 1 October 2012 to 31 March 2013.

Listing and trading of the new linked units is expected to commence at 09h00 on Wednesday, 19 December 2012.