1. NSX Listing 11 July 2007

2. VUKILE PROPERTY FUND LIMITED LISTING  Listed on JSE on 24 June 2004  Number of linked units – 205 129 430  Market cap – R1.03 billion  Number of properties – 52  Gross lettable area – 676 901 m²  Acquisition cost – R1.86 billion  Vacancy – 4.5%  Sectoral spread (gross rentals): Retail 49% Commercial 38% Industrial 13%

3. 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

4. VUKILE PROPERTY FUND LIMITED DISTRIBUTION HISTORY

5. VUKILE PROPERTY FUND LIMITED LINKED UNIT PRICE HISTORY

6. VUKILE PROPERTY FUND LIMITED STATUS AS AT 31 MARCH 2007  Number of linked units – 295 550 877  Market cap – R3.2 billion (+ 211%)  Number of properties – 71 (+ 37%)  Gross lettable area – 898 351 m² (+ 33%)  Directors’ valuation of portfolio – R3.86 billion (+ 108%)  Vacancy – 2.9% ( + 36%)  Sectoral spread (gross rentals):Retail 56% Commercial 30% Industrial 14%

7. 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

8. VUKILE PROPERTY FUND LIMITED PROPERTY PORTFOLIO (Largest properties) AreaValue % of (m²)(R’ m) total Durban Phoenix S/C 24 134355.1 8.9 Durban Embassy 32 376191.6 4.8 Randburg Square S/C 51 370185.9 4.7 PineCrest (50%) S/C 40 249165.2 4.2 Bellville Louis Leipoldt 20 479152.0 3.8 Dobsonville S/C 23 124135.6 3.4 Oshakati S/C 21 591119.4 3.0 Bloemfontein Plaza S/C 38 438114.7 2.9 BPI House Windhoek 12 826113.1 2.8 Roodepoort Hillfox S/C 36 004107.0 2.7 Arivia.kom Midrand 15 634105.2 2.6 Germiston Meadowdale S/C 35 350103.9 2.6 Germiston R24 34 977 94.0 2.4 Victoria Pietermaritzburg S/C 10 682 89.8 2.3 Daveyton S/C 16 983 85.1 2.1 414 217 2 116.6.5 53.2

9. VUKILE PROPERTY FUND LIMITED NAMIBIAN PROPERTIES AreaValue % of (m²)(R’ m) total Oshakati Shopping Centre 21 591119.4 32.6 BPI House Windhoek 12 826113.1 30.9 Katutura Checkers Centre 10 525 58.9 16.1 Ondangwa Checkers Centre 5 709 30.4 8.3 Oshikango Ellerines Centre 5 868 28.5 7.8 Katima Mulilo Pep Stores 2 472 8.0 2.2 Rundu Ellerines 1 283 4.4 1.2 Oshakati Beares Furnishers 2 523 3.4 0.9 62 797366.1 100.0 Namibian portfolio 9.2% of total Vukile portfolio

10. 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

11. 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