2007 Interim results for the six months ended 30 September 2007

VUKILE PROPERTY FUND LIMITED Highlights  Distribution for 6 months up 12.6% compared to comparable period  Value of portfolio exceeds R4 billion  Reduction of vacancies from 2.9% six months ago to 2.5%  NAV per linked unit up 25.6% to 892 cents per linked unit  Successful completion of upgrade projects at Dobsonville and Eva Park and developments at Allandale and Moratiwa Crossing on track  Dual listing on the NSX (Namibia)  Linked unit price increased by 43.7% from 2 Oct 06 to 30 Sept 07

VUKILE PROPERTY FUND LIMITED Condensed group income statement for 6 months ended … 30/9/07 30/9/06 % (cents per linked unit)movement Group net rental income (2.7) Net finance costs (18.6) (25.2) 26.2 Other (including taxation) (2.7) (4.7) 42.6 Headline earnings Available for distribution

VUKILE PROPERTY FUND LIMITED Group debt structure

VUKILE PROPERTY FUND LIMITED Group balance sheet – as at 30 September

VUKILE PROPERTY FUND LIMITED Group net cash flow

VUKILE PROPERTY FUND LIMITED NAV Bridge

VUKILE PROPERTY FUND LIMITED Components of growth in income and distribution

VUKILE PROPERTY FUND LIMITED Linked unit price performance

VUKILE PROPERTY FUND LIMITED Distribution history

VUKILE PROPERTY FUND LIMITED Trading volumes Average = R31.6m per month

VUKILE PROPERTY FUND LIMITED The property portfolio  Number of properties73 (71 on 31/3/07)  GLA m² ( m²)  Valuation Directors’ valuationR4.35 billion – up 12.6% from 31/3/07 (increase 8.9% on like-for-like basis) External valuationR million compared to directors’ valuation for same properties of R million (3.9% difference on 47% of portfolio)

VUKILE PROPERTY FUND LIMITED The property portfolio – largest properties (> R120 million) Area Value % of (m²) (R’m) total Durban Phoenix Randburg Square Durban Embassy Pinecrest (50%) Belville Louis Leipoldt Dobsonville Centre Oshakati Centre Bloemfontein Plaza Arivia.kom Midrand

VUKILE PROPERTY FUND LIMITED Acquisitions, developments and upgrades ValueYield (R’m) (%) Acquisition of BPI House Windhoek Acquisition of West Street Houghton Development of Moratiwa Crossing Development of Allandale Mini’s Upgrade of Dobsonville Centre Upgrade of Eva Park, Blackheath 4.0 -

VUKILE PROPERTY FUND LIMITED Sectoral profile - % of gross rentals

VUKILE PROPERTY FUND LIMITED Vacancy profile - % of gross rentals

VUKILE PROPERTY FUND LIMITED Lease expiry profile

VUKILE PROPERTY FUND LIMITED New leases and renewals New leases and renewals for 6 months ended 30 September 2007  Total area m²  Total contract valueR217.1 million Gross Contract rental (R/m²)value (R’m) Arivia.kom Midrand Supra Hino Linbro Park Embassy Durban (Wesbank) Barlow Place (Unisys) BPI House (Pick & Pay)

VUKILE PROPERTY FUND LIMITED Growth in rentals Contracts expired during 6 months ended 30 September 2007 AverageAverageGrowth rental onrenewalin rental expiry rental (%) Industrial * Retail Commercial * We have excluded the renewal of the Supra Hino contract at Linbro Park (2 840 m²) where the rental was reduced from R55.65 to R If this contract is included in the figures above, the average growth in rental for the Industrial sector will drop to 7.7% compared to the 22.5%.

VUKILE PROPERTY FUND LIMITED Cautionary announcement Announcement will be made shortly

VUKILE PROPERTY FUND LIMITED Strategic priorities  Growth New acquisitions Further expansions/revamps/upgrades (Phoenix, Dobsonville, Daveyton, Eva Park, Meadowdale Mall)  Cost cutting Procurement New property management contracts  BEE Leverage existing shareholders Further initiatives re Code of Good Practice on Black Economic Empowerment

VUKILE PROPERTY FUND LIMITED Prospects Budget for growth for full year broadly in line with growth of previous year

VUKILE PROPERTY FUND LIMITED Questions ?