GROWTHPOINT PROPERTIES LIMITED PROPERTY SHOW CASE RMB MORGAN STANLEY 21 May 2013

2  South African Real Estate  Global Context  South Africa is entering the REITs Era  Introduction to Growthpoint  Operational Overview and Operating Environment  RSA  V&A  GOZ  Sector consolidation and acquisition  Acquisitions, Disposals, Developments and Commitments  Prospects  Investment Case differentiator AGENDA

3  The South African listed property sector has experienced significant growth over the past 10 years Capital Management  South Africa’s listed largest property company, Growthpoint, now has a market capitalisation of R54,5 billion compared to R30 million in 2001 SOUTH AFRICAN REAL ESTATE Source: INET Bridge

4  The sector is dominated by a few large entities, with the biggest 10 accounting for approximately 80% of the sector market capitalisation  26 listed property entities  Sector market capitalisation of c.R239 billion SOUTH AFRICAN REAL ESTATE(CONT’D) Source: INET Bridge

 Attractiveness of the sector keeps improving:  Attracting new listings to the sector  Equity raising well supported by local institutions  Increase in interest from offshore investors  Increase in liquidity and tradability 5 SOUTH AFRICAN REAL ESTATE (CONT’D) Source: INET Bridge

 The escalating nature of leases underpins income growth  Income growth of 1% - 9% can be expected annually 6 SOUTH AFRICAN REAL ESTATE (CONT’D) Source: Avior Research

7  The South African listed property sector outperformed REITs from the developed world over the past 10 years. They are currently trading at all time highs THE GLOBAL CONTEXT Source: Bloomberg

8  Currently 75% of South Africa’s listed property companies are not technically REITs  These companies have synthetically created rental flow through the Property Loan Stock structure – share stapled to debentures  South Africa’s weighting in the global REIT indices could potentially quadruple  South Africa will be the 8th largest REIT market globally  South Africa’s largest listed property company, Growthpoint Properties Limited (“GRT”) is set to become the 40th largest REIT globally by market capitalisation  Excluding the US REITs, GRT will become the 15th largest REIT globally by market capitalisation - the largest in emerging markets SOUTH AFRICA IS ENTERING A NEW REIT ERA

9  Objective:-Provide investor protection –Ensure prudent management without unnecessarily removing flexibility –Transparency and good governance  Regulator:JSE  Regulatory Rules:Listings Requirement Section 13  Responsibility:Board of Directors Annual confirmation to be submitted in Certificate in Compliance  No prescribed management model: internal or external  No prescribed property sector investment requirement REGULATION InitialOn-going R300 million – Property Assets√√ Pay 75% of Distributable Income Annually√√ Maintain LTV Below 60%√√ Committee to ensure risk management and annual risk disclosure√ Only enter into derivatives in ordinary course of business√ 75% of revenue “Rental”√Tax test

10 INTRODUCTION TO GROWTHPOINT  Fully integrated internally managed property company employing 457 staff R13,5 billion Office R14,8 billionR7,5 billion R14,8 billion AUD1,7 billion Industrial Australia V&A Waterfront Office IndustrialRetail  The largest listed property company on the JSE with property assets valued at R55,7 billion including 100% of Growthpoint Properties Australia (“GOZ”) and 50% of the V&A Waterfront in Cape Town  Market capitalisation of R43,3 billion at 31 Dec 2012 (R24.50 per linked unit) (now R54,5 billion)  Diversified property portfolio comprising 390 properties in RSA, 43 properties in Australia which is 65.3% owned and a 50% interest in the properties of the V&A Waterfront in Cape Town R5,1 billion

11 GROWTHPOINT RSA - RETAIL  Growth in centre turnovers are slowing down, tracking major retailer sales performance. However, retailer occupancy cost- to-turnover ratios remain well within acceptable industry norms  RSA retailer expansion of international brands within existing operations (Edcon & Foschini) and interest from European and Australian international retailers creating demand at prime centres  Vacancies are at historical average and vacancy level at top 10 centres is below 1.5% if areas under development are excluded  Second tier shopping centre performance under pressure in terms of tenant retention, renewal rental levels and arrears  Cost containment remains difficult - especially labour intensive services and administration costs. Implementation of new municipal valuation roll in 2013 could impact rental affordability levels  Redevelopments/Refurbishments/Extensions progressing well with extensions to Brooklyn Mall, Kolonnade, Walmer Park, Waterfall Mall and Northgate expected to open for trade from Q3/2013 to Q3/2014 Size of portfolio: Dec 2012 R’million Dec 2011 R’million Net Property Income Portfolio Value Vacancy:% Total portfolio Top 10 centres Balance of portfolio Arrears:R’million Total24,126,4 Bad debt provision6,94,9 Renewals:% Renewal success rate Renewal rental growth5.07.1

12 GROWTHPOINT RSA - OFFICE  The ongoing challenging economic conditions resulted in the loss of several major tenants in the first half. Vacancies increased to 7.1% but significantly outperformed the national average for Q4/2012 of 10.6%  New letting totalled m² and m² of leases expiring in the first half were renewed. The declining renewal success rate of 65.3% further emphasising the tough market conditions. The renewal growth rate remains under pressure but is now positive, a turnaround from (4.4%) reported last year  Arrears have been kept under control through continued proactive credit control, ending the first half at 6.9% of collectables. The bad debt provision increased to R7,1 million due to Government arrears at the end of Dec These have subsequently been collected  The second half will remain challenging with vacancies under pressure. Five new developments and major redevelopments, totalling m², of which m² has been let, will be completed before Jun It is anticipated that a further 2 developments will achieve GBCSA certification, bringing the total to 4 Size of portfolio: Dec 2012 R’million Dec 2011 R’million Net Property Income Portfolio Value Vacancy:% Total portfolio Arrears:R’million Total14,014,1 Bad debt provision7,15,8 Renewals:% Renewal success rate Renewal rental growth0.7(4.4)

13 GROWTHPOINT RSA - INDUSTRIAL  Challenging trading conditions, echoed by negative factory output data  Continued increases in input costs, specifically electricity, is negatively affecting the manufacturing sector. Implied pressure on renewal growth and lease periods  Continued demand for warehousing and distribution facilities (>10,000m²). Increasing consolidation is evident  Vacancy levels have stabilised. Expected to remain at ±3% level for the near future  Arrears have remained stable  New development enquiries remain positive  Acquisition growth remains limited due to high demand and sellers expectations  Strategy:  Key focus areas are vacancies, arrears and renewals  Unlock value from existing portfolio  Pursue new development and acquisition opportunities if financially viable Size of portfolio: Dec 2012 R’million Dec 2011 R’million Net Property Income Portfolio Value Vacancy:% Total portfolio Arrears:R’million Total9,98,8 Bad debt provision4,14,6 Renewals:% Renewal success rate Renewal rental growth2.75.1

14 V&A WATERFRONT (50%) RETAIL  Strong retail sales growth up by 18.4% for the rolling 12 months  Voids at a record low of 1.2% with Victoria Wharf and Clocktower retail space fully let  Total and trading retail debtors at a level of 12% and 5% respectively  Footfall continued to grow year on year, despite the impact of the food court development. Figures peaked in Dec with footfall figures on 31 st Dec reaching  New openings include Market on the Wharf, Moyo, Bodyworlds Exhibitions and the redeveloped Food Court which is performing very well  Shimmy Beach Club with a GLA of 3 555m² opened during Dec and by all accounts has traded well OFFICE  Drop in office vacancies to 2.4% with key space being let. Just over 2 000m² remaining vacant, of which key void space under offer  Trade debtors at a positive level of 8%  Total debtors are being continually managed while focus remains on closing off historic legal arrears Size of portfolio: Dec 2012 R’million Dec 2011 R’million Net Property Income Portfolio Value Vacancy:% Total portfolio Arrears:R’million Total30,030,1 Bad debt provision9,613,7 Renewals:% Renewal success rate Renewal rental growth6.06.9

15 V&A WATERFRONT (50%) (CONT’D) HOTEL  Hotel occupancy levels and revenue per room have marginally improved year on year and it is believed these have bottomed out FISHING AND INDUSTRIAL  Fishing and industrial revenue continues to be strong with no vacancies  Marina activity for the period is high, with the extension of A-spines in the Marina providing additional berthing facilities DEVELOPMENT AND LEASING UPDATE  Allan Gray development progressing to plan for completion in Jul 2013  Development of Portswood Ridge into residential units for rental will commence in Sep A small residential development adjacent to Allan Gray office development to be launched in Mar 2013  Topshop on track for trading in late Apr 2013  A new mall development to be created between the Link Mall and Post Office Mall anchored by Edgars to commence in autumn for a summer opening. This will open up additional retail space within Victoria Wharf  Development is underway for a new generation, flagship Pick ’n Pay store, expected to open in Dec The new store at over 6 000m² will be significantly larger than the current one at 2 600m² and will offer vastly improved access to parking

16 OVERVIEW - GOZ Size of portfolio: Dec 2012 R’million Dec 2011 R’million Net Property Income Portfolio Value HY 2013 results in line with guidance Capital management  Distributable profit: AUD36,8 million; a 47.6% increase from HY2012  9.0 cps distribution; 3.4% above HY2012 (before withholding tax of 0.38 cps payable by international investors - Growthpoint RSA)  24.1% total return for calendar year to 31 Dec 2012 (Aus$1.60 at recapitalisation)  9.3 cps distribution forecast for 6 months (before withholding tax of 0.39 cps payable by international investors – Growthpoint RSA) to 30 Jun 2013 taking total FY2013 distribution to 18.3 cps (4.0% growth)  Distribution declared equates to 95% of distributable profit  Net Tangible Assets (“NTA”) unchanged at AUD1.93  Management Expense Ratio consistent at 0.4%  Small gearing increase (45.6% to 46.9%) but 18.3% rise in Interest Cover Ratio to 2.5 times

17 OVERVIEW – GOZ (CONT’D) Equity Quality investment property portfolio Summary  Two DRIPs raised approximately AUD48,9 million, well above NTA  20.4% per annum total return over 3 year period  Continued significant increase in market capitalisation (close to AUD1 billion) and free float (AUD300 million)  Diversified property portfolio valued at AUD1,7 billion  Quality tenants with long WALE (7.0 years) and growing rental income  98% occupied with minimal short term lease expiries providing a secure income  GOZ will seek to continue the strong growth it has experienced  2.9% increase in like-for-like property income  0.8% increase in property valuations; after writing off previous acquisition costs and allowing for straight-line leasing adjustments, a decrease of 0.1%  Completion of two fund through developments during the period  Acquisition of well located and well tenanted, high yielding assets have improved portfolio

18 SECTOR CONSOLIDATION AND ACQUISITION  New listings to continue  Consolidation amongst smaller and ne listed funds to get critical mass  For Growthpoint there is a limited number but large in scale opportunities available  Continuous efforts to improve quality of portfolio  Focus on optimising portfolio weighting between retail, office and industrial  Redevelopments continue to add quality to the portfolio.

19 RetailOfficeIndustrialGOZTotalV&A Purchase price of acquisitions Selling price of disposals Developments and capex Commitments Refer to Annexures 3 and 16 for yields on Acquisitions and Disposals  RSA properties (excl V&A) where amounts in excess of R30,0 million were spent on development during the period include:  Brooklyn/Design Square (75%)RetailR36,9m  Lakeside 3 OfficeR46,4m  Grand Central Office Park OfficeR38,6m  Meadowbrook Estate IndustrialR37,5m  Growthpoint RSA has capital commitments for various acquisitions and development projects of R1,1 billion with the major ones being:  Waterfall Mall RetailR215,8m  Menlyn CornerOffice R213,0m  Deloitte & ToucheOfficeR113,4m  Hatfield Festival OfficeR129,7m  GOZ has capital commitments for acquisitions and development projects of R397,5 million with the major one being:  27 – 49 Lenore DriveIndustrial R393,6m ACQUISITIONS, DISPOSALS, DEVELOPMENTS AND COMMITMENTS

20 DEVELOPMENTS  Waterfall Mall Extension  Current GLA of m²  Development GLA of m²  Completion Apr 2014  Project value amounting to R216 million  Project yield of 8.5%  Grand Central Office Park:  7 108m² development in Midrand, opposite Gautrain Station  Completion Apr 2013  4 600m² let, including 3 000m² to Gautrain Management Agency  GBCSA certification: application for Four Star Green Star Design Rating  Project value amounting to R111 million  Project yield of 10.0%

21 DEVELOPMENTS (CONT’D)  Menlyn Corner:  m² development in Menlyn,Pretoria  Completion early 2013  3 600m² let to Liberty Group  Significant Green components  Project value amounting to R213 million  Project yield of 9.3%  Lakeside 3:  6 152m² development in Centurion, opposite Gautrain Station  Completion early 2013  Actively marketing space  GBCSA certification: application for Four Star Green Star Design Rating  Project value amounting to R92 million  Project yield of 9.2%

22 PROSPECTS  RSA  SA economy remains sluggish, negatively impacted by labour unrest and job losses  Consumer spending coming under pressure, impacting retail sales  Demand for office space remains weak  Property fundamentals however remain stable o Overall vacancies at 4.1% o Property expense ratio at 23.9%  Access to capital, debt and equity remains good  Interest rates projected to remain at current low levels for the next 12 to 18 months  Good investment opportunities are hard to find  REIT legislation now promulgated, with PLS’s able to convert on or after 1 May Growthpoint intends to convert to a REIT effective 1 July 2013 and will adopt a new MOI  Distribution growth of between 7.0% and 7.5% projected for the year to 30 June 2013

23 PROSPECTS (CONT’D)  V&A  Ongoing improvements being made to the development masterplan  Significant improvements in letting of major vacancies  Exciting new redevelopment opportunities in the Victoria Wharf Shopping Centre  Allan Gray on target for completion in Jul 2013 and lease commencement in Sep 2013  V&A on target to deliver budgeted distribution growth of circa 7%

24 GROWTHPOINT INVESTMENT CASE DIFFERENTIATOR  Unparrallelled diversification (sectorial and geographical)  Internal management (own and manage) with a track record  Access to South Africa’s premier office, retail and industry  Access to GOZ and V & A  Most traded and liquid property share

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