AUDITED GROUP RESULTS for the year ended 31 March 2005

Highlights Maiden distribution and yield exceed prospectus forecast Acquisition of MICC increases property portfolio to +R3 billion Liquidity of linked units significantly improved

History Listed on JSE on 24 June 2004 Promoted by Sanlam, which still holds 59% Market cap at : R1.4 billion Gross property value: R3.1 billion Acquired 74.35% of MICC (as at 31 March 2005)

Objective To invest in properties with a strong contractual cash flow for long-term sustainability of property income, capital appreciation of linked units and growing income distributions for unitholders

Salient features of results Net profit of R247.5 million of which R233 million is attributable to unitholders Final distribution of 31.5 cents per linked unit for total of 61.5 cents (forecast: cents) Yield of 12.3% on issue price (forecast: 12.05%)

Group income statement R000 Audited year ended 31 March 2005 Gross property revenue Property expenses( ) Net profit from property operations Administrative expenses(9 320) Other income2 438 Net profit before finance costs Finance costs( ) Net profit before debenture interest Debenture interest( ) Net loss before change in fair value of investment properties(4 367) Increase in fair value of investment properties Net profit before taxation Taxation(37 416) Deferred capital gains taxation(38 063) Other647 Net profit for the year Attributable to: Linked unitholders of the company Minority shareholders14 424

Group balance sheet Audited at R00031 March 2005 ASSETS Non-current assets Current assets Total assets EQUITY AND LIABILITIES Equity and reserves Non-current liabilities Current liabilities Total equity and liabilities

Group borrowings The debt funding is provided over fixed periods of between three and five years, with interest only to be serviced over the respective funding periods. Combined loan to value ratio 41.5% vs bank requirements of: 45% Vukile 57% MICC R000 JIBAR based debt Prime less 1.5% debt (access facility) Fixed interest rate funding (weighted average rate 11.44% NACM) Total [JIBAR - Johannesburg Interbank Agreed Rate] [NACM - Nominal Annual Compounded Monthly]

The market in 2004/05 Impact of lower interest rates on discount and capitalisation rates Property prices driven to new high levels Buoyant economy boosts occupation levels and rentals Reduction in inflation restricts escalations

The acquisition of MICC In line with growth strategy: extends asset base and enhances portfolio’s potential Equates to acquisition of R740 million property portfolio at reasonable price Now being managed by Vukile End game is still to acquire all units

The property portfolio Vukile: 52 properties with gross lettable area of m² MICC: 40 properties with gross lettable area of m² Total: 92 properties with gross lettable area of m²

The property portfolio

Vukile property profile Geographical spread - % of GLA

Vukile property profile Sectoral spread - % of gross rentals

MICC property profile Geographical spread - % of GLA

MICC property profile Sectoral spread - % of gross rentals

Vukile tenant profile National tenant groups - % GLA and gross rentals

MICC tenant profile National tenant groups - % GLA and gross rentals

Vukile lease expiries % of gross rentals

Vukile vacancies % of gross rentals

MICC lease expiries % of gross rentals

MICC vacancies

Current focus areas Enhancement of existing properties to extract maximum value Debt funding structure (securitisation) Improvement of Vukile linked units’ liquidity

Enhancement Property prices currently at very high levels Consequently, better to redevelop, upgrade and expand existing properties than to buy new ones Existing portfolio has potential for significant organic growth

Debt funding Currently investigating securitisation of major portion of long-term debt Initial indications: significant interest savings possible

Liquidity Stated strategic objective to extend unitholder base and improve liquidity Exercise still under way, but progress already made

Liquidity: volumes

Prospects Market conditions likely to remain favourable Portfolio enhancement will provide strong foundation for organic rental growth Barring the unforeseen, real growth in distributions forecast for coming year

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