Highlights

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Highlights

• Distribution for 6 months up 17 compared to
  corresponding 6 month period
• Distribution for 12 months up 15 compared to
  previous year
• Successful completion of Moratiwa Crossing
  Shopping Centre and Allandale mini-factory and
  warehousing developments
• Dual listing in Namibia
• Improvement in cost to income ratio to 34.1
  (from 35.4 previous year)
• Cost saving of R2.3 million per annum from
  procurement exercise
• Additional annual income of R6 million from
  billboard/signage contracts
• Acquisition of three A grade earnings enhancing
  properties

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Salient features of results

• Net profit available for distribution up 23.2
  from R214.8 million to R264.6 million
• Net asset value per linked unit (NAV) up to 890
  cents from 803 cents end March 2007 (10.8)
• Reduction in group finance costs from R126.9
  million to R114.8 million
• Distribution for 6 months up 17 (48.0 cents vs
  41.0 cents)
• Distribution for 12 months up 15 (88.25 cents vs
  76.75 cents)

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Condensed group income statement

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Make-up of increase in distribution

• Cents per
• linked unit
• Contribution to increased rental income
• Reduction in vacancies and increased rentals
  17.8
• Additional rentals from property acquisitions
  4.2
• Other 2.0
• 24.0
• Less Increase in property expenditure
  (4.4)
• Income foregone on properties sold in prior
  year (4.1)
• Net increase in group property revenue
  15.5
• Net finance costs reduction
  4.1
• Increased administrative expenses (3.5)
• Adjustment for lower weighted average number of
  units (4.6)
• Net increase in distribution 11.5

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Group debt structure
Maturity and interest rate profile of long-term
debt at 31 March 2008
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Group balance sheet
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Group net cash flow
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NAV bridge
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Linked unit price performance
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Trading volumes
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Property portfolio

• Number of properties 74 (71 on 31/3/07)
• GLA 911 907 m² (898 351 m²)
• Valuation
• Total portfolio Directors valuation R4.32
  billion up R455 million (11.8) from 31/3/07
• External valuation R2 451.1 million compared to
  R2 290.6 million
• directors valuation (R160.5 million or 7.0
  higher on 53 of total portfolio)

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Property portfolio largest properties

• Area Value of
• (m²) (Rm) total
• Durban Phoenix Plaza S/C 24 162 350.7 8.1
• Randburg Square S/C 51 370 255.0 5.9
• Durban Embassy Offices 32 339 195.8 4.5
• Pinetown Pinecrest S/C (50) 40 492 185.6
  4.3
• Bellville Louis Leipoldt Hospital 20 479
  145.1 3.4
• Dobsonville Shopping Centre 23 124 143.5
  3.3
• Roodepoort Hillfox S/C 36 103 125.7 2.9
• Bloemfontein Plaza S/C 38 438 118.9 2.8
• Midrand Arivia.kom Offices 15 634 115.7
  2.7
• Oshakati Shopping Centre 21 591 114.7 2.7
• Germiston Route 24 Industrial Park 34 977
  114.1 2.6
• Daveyton Shopping Centre 16 983 111.4 2.6
• Windhoek BPI House Offices 12 915 100.5
  2.3
• 368 607 2 076.7 48.1

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Sectoral valuation of portfolio
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Acquisitions and developments

• Value Yield
• (Rm) ()
• Development of Moratiwa Crossing (86.5 share)
  61.5 9.5
• Development of Allandale mini-factories
  17.2 10.4
• Acquisition of West Street, Houghton offices
  33.5 9.2
• Acquisition of BPI House Windhoek offices 110.0
  9.1
• Acquisition of Lynnwood Pretoria offices 34.0
  8.6
• 256.2 9.2

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Disposals

• Directors
• Purchase valuation Net sales
• price 31 March 08 price
• (R000) (R000) (R000)
• Hallmark Building 80 693 66 997 78 046

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Portfolio geographical profile
of gross rentals
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Portfolio sectoral profile
of gross rentals
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Portfolio vacancy profile
of gross rentals
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Individual properties vacancy profile
of GLA
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Portfolio lease expiry profile
of GLA
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Portfolio tenant profile
of gross rentals
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Individual properties weighted average gross
rentals
of GLA
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Historical sectoral rental escalation
of gross rentals
Average annual escalation - actual vs contractual
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Rental escalation profile
of gross rentals
Average annual escalation
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Gross cost to income ratio
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Portfolio new leases and renewals

• New leases and renewals for 12 months ended 31
  March 2008
• Total contract value R516 million
• Total rentable area 201 630m²
• Contract value (Rm)
• Arivia.kom Arivia.kom building
  34.4 Spar Moratiwa Crossing 23.4
• Subaru Supra Hino building 21.2
• Wesbank Embassy building 20.5
• Edgars Moratiwa Crossing 17.4
• Unisys Barlow Place building 15.2

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Strategic priorities for previous year

• Growth
• New acquisitions R177.5 million
• Further expansions/revamps/upgrades R81.5
  million
• Cost cutting
• Procurement - savings of R2.3 million
• New property management contracts savings of
  R0.5 million
• BEE
• Leverage existing shareholders number of
  prospects under investigation
• Further initiatives re Code of Good Practice on
  BEE procurement exercise increased of BEE
  spend, rating to commence shortly

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Strategic priorities for coming year

• Retain tenants
• Manage bad and doubtful debts
• Maintain properties
• Further revamps/upgrades/expansions of existing
  properties
• Manage energy situation

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Prospects

• Negative factors
• Slowdown in economic growth
• High interest rates and inflation
• Electricity crisis
• Slowdown in retail sales
• Negative sentiment
• Although more risk, property fundamentals remain
  fairly strong
• Expected growth not as good as previous year
• Still expect reasonable growth in distributions

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Acknowledgements

• Board
• Service providers
• Sanlam Properties
• JHI
• Kuper Legh
• Old Mutual Investment Group Property Investments
• Brokers and developers
• Tenants
• Investors

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Questions

• ?