SA Corporate Real Estate Fund

("SA Corporate" or "the Fund")
(Incorporated in the Republic of South Africa) Share Code: SAC ISIN Code: ZAE000083614
A Collective Investment Scheme in property registered in terms of the Collective Investment Schemes Control
Act, No. 45 of 2002 and managed by SA Corporate Real Estate Fund Managers Limited (Registration number
1994/009895/06) ("SA Corporate Fund Managers")
Registered as a REIT with effect from 1 January 2014

POSTING OF BALLOT CIRCULAR AND BALLOT FORM TO AMEND THE MANAGEMENT SERVICE CHARGES AND TO INCREASE THE BORROWING LIMITS AND SALIENT DATES TO PARTICIPATE IN THE BALLOT 1. INTRODUCTION

SA Corporate unitholders ("Unitholders") are referred to the announcement published by SA Corporate on SENS on 31 October 2013, wherein Unitholders were advised that SA Corporate intends to ballot Unitholders to obtain their approval to certain amendments ("Amendments") to the trust deed (the "Deed") of SA Corporate Real Estate Trust Scheme, in terms of which:
1.1. the existing service charge arrangement in respect of the Fund will be changed from a monthly charge based on a value of 0.4% of the aggregate market capitalisation of the Fund plus borrowings, to a monthly charge equal to the actual operating costs incurred by the Manager in administering the Fund as well as the scrapping of the initial charge of 5% on the value of any new participatory interests ("units") issued against the payment by the Fund to the Manager of a consideration of R185 million excluding VAT ("Amendment 1"); and
1.2. as a separate amendment, the borrowing limits of the Fund will be increased from 30% to 60% of the value of its underlying assets ("Amendment 2"), which amendments will be incorporated in a
6th supplemental deed to the Deed.
A circular ("Circular") detailing the Amendments and the balloting procedure will be posted to Unitholders on or about Friday, 7 February 2014 and will be available on SA Corporate's website at www.sacorporatefund.co.zafrom Monday, 10 February 2014 and includes, inter alia, details of the internalisation of the management of SA Corporate and the Amendments, and details of the conditions precedent still to be fulfilled or waived in respect of Amendment 1.

2. SALIENT DATES AND TIMES RELATING TO THE AMENDMENTS

The important dates and times relating to the Amendments are set out in the table below ("Timetable"). Words and expressions in the Timetable and notes thereto shall have the same meaning as assigned to them in the Circular.
2

2014

Last date to trade in order to be eligible to participate in the ballot

Friday, 24 January

Record date in order to be eligible to participate in the ballot

Friday, 31 January

Posting of the Circular to Unitholders by no later than

Friday, 7 February

Closing date of the ballot at 17:00 on

Monday, 24 March

Results of the ballot anticipated to be released on SENS during the week commencing

Monday, 31 March

Note:

1. All dates and times in the Timetable and the Circular are local dates and times in South Africa. The above dates and times are subject to change. Any changes will be released on SENS and published in the press.
Sandton
17 January 2014
Investment Bank
Investec Corporate Finance (A division of Investec Specialist Bank)
Sponsor
Nedbank Capital
Attorneys
DLA Cliffe Dekker Hofmeyr

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