NSX Listing 11 July 2007

VUKILE PROPERTY FUND LIMITED LISTING  Listed on JSE on 24 June 2004  Number of linked units –  Market cap – R1.03 billion  Number of properties – 52  Gross lettable area – m²  Acquisition cost – R1.86 billion  Vacancy – 4.5%  Sectoral spread (gross rentals): Retail 49% Commercial 38% Industrial 13%

VUKILE PROPERTY FUND LIMITED HISTORICAL HIGHLIGHTS  Acquisition of 100% of MICC Property Income Fund Limited (± R1 billion)  Securitisation of R770 million debt  Acquisition by Buhlobo Consortium (BEE Group) of 25% of Vukile from Sanlam  R200 million issue of linked units for cash  Grow portfolio to R3,86 billion at 31 March 2007  Total income and capital return since listing = 56.7% per annum

VUKILE PROPERTY FUND LIMITED DISTRIBUTION HISTORY

VUKILE PROPERTY FUND LIMITED LINKED UNIT PRICE HISTORY

VUKILE PROPERTY FUND LIMITED STATUS AS AT 31 MARCH 2007  Number of linked units –  Market cap – R3.2 billion (+ 211%)  Number of properties – 71 (+ 37%)  Gross lettable area – m² (+ 33%)  Directors’ valuation of portfolio – R3.86 billion (+ 108%)  Vacancy – 2.9% ( + 36%)  Sectoral spread (gross rentals):Retail 56% Commercial 30% Industrial 14%

VUKILE PROPERTY FUND LIMITED HIGHLIGHTS OF YEAR TO 31 MARCH 2007  Distribution for 12 months up 12% compared to previous year  Distribution for 6 months up 14% compared to corresponding 6 month period  Successful implementation of R200 million issue of linked units for cash  NAV per linked unit up 20% to 803 cents  100% of MICC acquired and de-listed  Successful turnaround of Randburg Square  Reduction of vacancies from 4.4% to 2.9%  Improved quality of portfolio through sale of R400 million non-core properties at optimum prices and acquisitions/upgrades of ±R300 million

VUKILE PROPERTY FUND LIMITED PROPERTY PORTFOLIO (Largest properties) AreaValue % of (m²)(R’ m) total Durban Phoenix S/C Durban Embassy Randburg Square S/C PineCrest (50%) S/C Bellville Louis Leipoldt Dobsonville S/C Oshakati S/C Bloemfontein Plaza S/C BPI House Windhoek Roodepoort Hillfox S/C Arivia.kom Midrand Germiston Meadowdale S/C Germiston R Victoria Pietermaritzburg S/C Daveyton S/C

VUKILE PROPERTY FUND LIMITED NAMIBIAN PROPERTIES AreaValue % of (m²)(R’ m) total Oshakati Shopping Centre BPI House Windhoek Katutura Checkers Centre Ondangwa Checkers Centre Oshikango Ellerines Centre Katima Mulilo Pep Stores Rundu Ellerines Oshakati Beares Furnishers Namibian portfolio 9.2% of total Vukile portfolio

VUKILE PROPERTY FUND LIMITED STRATEGIC PRIORITIES  Growth New acquisitions Further expansions/revamps/upgrades (Oshakati, Oshikango, 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  Property fundamentals remain strong (low vacancies, good economic growth, record distribution growth, high building costs, huge infrastructure spending, relatively low interest rates)  Scope for increase in market rentals  Benefits of cost cutting initiatives  Budget for growth for next year broadly in line with current year growth