Acucap/Sycom Retail Portfolio September 2015

Portfolio Overview 19 Properties GLA : - 529 429m2 Value : R11.52bil Average Yield : 7.2% (8.2% GRT portfolio) Value/m2: R21 756/m2 (R19 021/m2 GRT portfolio) 9 Centres ≥ 40 000m2 6 co-owned properties Vacancy : 2.6% including GLA under development 1.26% excluding GLA under development Portfolio Trading Density – R2390/m2 GAUTENG: 49% ; WC: 32% ; EC: 12% ; KZN: 7%

Portfolio Assessment Acquisition Strategy Development Strategy Historical Portfolio acquisitions Recent acquisitions: Greenacres Paarl Mall (increased shareholding) Development Strategy New Developments Watercrest centre Helderberg Hyper Extensions / Redevelopments General Defensive Storage Management of Portfolio Management structures Condition of properties Income & Expenses

Major Centres Festival Mall Bayside centre GLA: 80 231m2 Vacancy: 0.8% Trading Density: R2027/m2 Turnover Growth – y-o-y change, 12 mth rolling: 6.17% Foot Counts - y-o-y change 12 mth rolling: - 1.21% Anchors: Checkers, Game, Woolworths, Edgars, Ster Kinekor and ice rink Prospects/Challenges/Risks Bayside centre GLA: 45 459m2 Vacancy: 0% Trading Density: R2236/m2 Turnover Growth – y-o-y change, 12 mth rolling: 6.02% Foot Counts - y-o-y change 12 mth rolling: - 1.48% Anchors: Checkers, Game, Woolworths, Edgars, Ster Kinekor

Vaal Mall GLA: 48 519m2 (77.86% share - 37 777m2) Vacancy: 0% Trading Density: R3161/m2, Turnover Growth – y-o-y change, 12 mth rolling: -4.2% Anchors: PicknPay, Game, Woolworths, Edgars Extension: Additional 15 000m2 GLA and structured parking. R344mil project (Sycom share) yielding 8%. Opening mid-2016. Prospects/Challenges/Risks

Key West Centre GLA: 54 285m2 Vacancy: 7.7% (ex Virgin Active under development) Trading Density: R2013/m2 Turnover Growth – y-o-y change, 12 mth rolling: 5.8% Foot Counts - y-o-y change 12 mth rolling: 4.34% Anchors: PicknPay, Game, Woolworths, Edgars, Nu Metro, Virgin Active R389mil project completed in 2014 at 6.5% yield Relocation of banks into ex Virgin Active and introduction of new retailers being finalised Prospects/Challenges/Risks

Greenacres GLA: 43 428m2 Vacancy: 2.2% Trading Density: R2419/m2 Turnover Growth – y-o-y change, 12 mth rolling: 0.54% Foot Counts - y-o-y change 12 mth rolling: - 0.47% Anchors: Checkers, Edgars, Truworths, House & Home Extension/Redevelopment: Phase 1 &2 – R300mil at yield of 7.5% Phase 3 – new Virgin Active and Ackermans Prospects/Challenges/Risks

Greenacres

Paarl Mall GLA: 37 038m2 Vacancy: 0.6% Trading Density: R2566/m2 Turnover Growth – y-o-y change, 12 mth rolling: 8% Foot Counts - y-o-y change 12 mth rolling: - 2.8% Anchors: PicknPay, Woolworths, Dischem, Edgars Prospects/Challenges/Risks

2nd Tier Centres 50% owned with Shoprite Checkers Vacancy: 16.86% Hillcrest Corner 50% owned with Shoprite Checkers Vacancy: 16.86% Trading Density: R3247/m2, Y-o-Y change: -4.7% Anchors: Checkers, Woolworths, Dischem Redevelopment: R41m (50%) yielding 8.5% Virgin Active – 3616m2 Baby City – 1167m2 Standard Bank 580m2 Gardens Centre Vacancy: 0% Trading Density: R4798/m2, Y-o-Y change: 7.81% Anchors: PicknPay, Woolworths Currently undergoing refurbishment Expansion possibilities

Foot Count y-o-y: 5.66% incr Trading Density: R2295/m2, Village Square – Randfontein Vacancy: 1.11% Foot Count y-o-y: 5.66% incr Trading Density: R2295/m2, Y-o-Y change: 5.92% Anchors: Shoprite, Edgars, JET Expansion possibilities Howard centre Vacancy: 1.33% Trading Density: R3466/m2, Y-o-Y change: 9.05% Anchors: PicknPay, Woolworths Expansion/Redevelopment possibilities The Bridge Fourways Crossing N1 City

Recent Developments Watercrest Mall Cost 100% : R770mil Opened: April 2015 Cost 100% : R770mil Initial Yield: 7.8% Anchors: Superspar, Checkers, Edgars, Woolworths, Game and Ster Kinekor. Foot Count : 525 000 p.m. Trading.