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
Debt company code: VKEI
(Granted REIT status with the JSE)
("Vukile")

SHORT-FORM ANNOUNCEMENT:
POSSIBLE DISPOSAL OF VUKILE'S INTEREST IN ATLANTIC LEAF PROPERTIES LIMITED

Shareholders are referred to the announcement published on SENS on 22 May 2020 by Atlantic Leaf Properties Limited ("Atlantic Leaf") (the "FIA") advising that Atlantic Leaf has entered into an implementation agreement with South Downs Investment LP (the "Offeror") and agreed the terms of a recommended cash acquisition (the "Acquisition") pursuant to which, subject to the fulfilment of Acquisition conditions being fulfilled, the Offeror will acquire all the issued shares in Atlantic Leaf ("Atlantic Leaf Shares") for a cash consideration of 80.5 pence per Atlantic Leaf share and thereafter the Atlantic Leaf Shares will be delisted from the stock exchanges operated by the JSE Limited ("JSE") and the Stock Exchange of Mauritius Ltd ("SEM") (the "Atlantic Leaf Transaction"). It is proposed that the Atlantic Leaf Transaction will be implemented by way of a scheme of arrangement under the Companies (Law) Jersey, 1991 (the "Scheme").

Vukile, directly and indirectly, holds in aggregate 65 958 606 shares in the share capital of Atlantic Leaf (constituting 34.9% of Atlantic Leaf's issued share capital) (the "Sale Shares").

Vukile shareholders are advised that Vukile has furnished an irrevocable undertaking in favour of the Offeror pursuant to which Vukile has agreed to, inter alia, vote in favour of the Scheme and, subject to the Scheme becoming unconditional in accordance with its terms, to sell the Sale Shares to the Offeror on the terms and conditions of the Scheme (the "Proposed Transaction").

The Proposed Transaction is in line with Vukile's stated strategy of exiting its non-core investments. The proceeds from the Proposed Transaction will provide further strength and optionality to the Vukile balance sheet.

The aggregate proceeds that Vukile would receive in respect of its Sale Shares on implementation of the Scheme (excluding the May 2020 Distribution in an aggregate amount of GBP 2 968 137.27 that is to be paid to Vukile on 25 May 2020) will be GBP 53 096 677.83. The Proposed Transaction remains subject to the Scheme being proposed, becoming unconditional and being implemented in accordance with its terms.

The Proposed Transaction is classified as a Category 2 transaction in terms of paragraph 9.5(a) of the JSE Listings Requirements and accordingly does not require the approval of Vukile shareholders.

This short-form announcement is the responsibility of the directors. This short-form announcement is only a summary of the information in the full announcement and does not contain full or complete details. Any investment decisions by investors and/or shareholders should be based on consideration of the full announcement. The full announcement has been released on SENS and is available for viewing on Vukile's website. A copy of the full announcement may be requested from info@vukile.co.za or the sponsor, Java Capital at sponsor@javacapital.co.za.

22 May 2020

JSE corporate advisor and sponsor
NSX sponsor