Moving ahead, staying on course AUDITED GROUP RESULTS 2008 for the year ended 31 March 2008

VUKILE PROPERTY FUND LIMITED 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

VUKILE PROPERTY FUND LIMITED 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 cents)

VUKILE PROPERTY FUND LIMITED Condensed group income statement March 2008 Cents per linked unit March 2007 Cents per linked unit Group net rental income Net finance costs (39) (46) Other (including taxation) (9) (8) Headline earnings91 83 Increase over previous 12 month period excluding straight-line rental income 23.2%15.6%

VUKILE PROPERTY FUND LIMITED 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 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

VUKILE PROPERTY FUND LIMITED Group debt structure Maturity and interest rate profile of long- term debt at 31 March 2008

VUKILE PROPERTY FUND LIMITED Group balance sheet

VUKILE PROPERTY FUND LIMITED Group net cash flow

VUKILE PROPERTY FUND LIMITED NAV bridge

VUKILE PROPERTY FUND LIMITED Linked unit price performance

VUKILE PROPERTY FUND LIMITED Trading volumes

VUKILE PROPERTY FUND LIMITED Property portfolio  Number of properties74 (71 on 31/3/07)  GLA m² ( m²)  Valuation –Total portfolioDirectors’ valuation R4.32 billion – up R455 million (11.8%) from 31/3/07 –External valuationR million compared to R million director’s valuation (R160.5 million or 7.0% higher on 53% of total portfolio)

VUKILE PROPERTY FUND LIMITED Property portfolio – largest properties Area Value % of (m²) (R’m) total Durban Phoenix Plaza S/C Randburg Square S/C Durban Embassy Offices Pinetown Pinecrest S/C (50%) Bellville Louis Leipoldt Hospital Dobsonville Shopping Centre Roodepoort Hillfox S/C Bloemfontein Plaza S/C Midrand Arivia.kom Offices Oshakati Shopping Centre Germiston Route 24 Industrial Park Daveyton Shopping Centre Windhoek BPI House Offices

VUKILE PROPERTY FUND LIMITED Sectoral valuation of portfolio

VUKILE PROPERTY FUND LIMITED Acquisitions and developments ValueYield (R’m) (%) Development of Moratiwa Crossing (86.5% share) Development of Allandale mini-factories Acquisition of West Street, Houghton offices Acquisition of BPI House Windhoek offices Acquisition of Lynnwood Pretoria offices

VUKILE PROPERTY FUND LIMITED Disposals Directors’ Purchase valuationNet sales price31 March 08 price (R’000) (R’000) (R’000) Hallmark Building

VUKILE PROPERTY FUND LIMITED Portfolio geographical profile % of gross rentals

VUKILE PROPERTY FUND LIMITED Portfolio sectoral profile % of gross rentals

VUKILE PROPERTY FUND LIMITED Portfolio vacancy profile % of gross rentals

VUKILE PROPERTY FUND LIMITED Individual properties vacancy profile % of GLA

VUKILE PROPERTY FUND LIMITED Portfolio lease expiry profile % of GLA

VUKILE PROPERTY FUND LIMITED Portfolio tenant profile % of gross rentals

VUKILE PROPERTY FUND LIMITED Individual properties: weighted average gross rentals % of GLA

VUKILE PROPERTY FUND LIMITED Historical sectoral rental escalation % of gross rentals Average annual escalation - actual vs contractual

VUKILE PROPERTY FUND LIMITED Rental escalation profile % of gross rentals Average annual escalation

VUKILE PROPERTY FUND LIMITED Gross cost to income ratio

VUKILE PROPERTY FUND LIMITED Portfolio – new leases and renewals New leases and renewals for 12 months ended 31 March 2008  Total contract valueR516 million  Total rentable area m² Contract value (R’m) 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

VUKILE PROPERTY FUND LIMITED 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

VUKILE PROPERTY FUND LIMITED Strategic priorities for coming year  Retain tenants  Manage bad and doubtful debts  Maintain properties  Further revamps/upgrades/expansions of existing properties  Manage energy situation

VUKILE PROPERTY FUND LIMITED 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

VUKILE PROPERTY FUND LIMITED Acknowledgements  Board  Service providers –Sanlam Properties –JHI –Kuper Legh –Old Mutual Investment Group Property Investments  Brokers and developers  Tenants  Investors

VUKILE PROPERTY FUND LIMITED Questions ?