1. AUDITED GROUP RESULTS for the year ended 31 March 2005

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

3. History Listed on JSE on 24 June 2004 Promoted by Sanlam, which still holds 59% Market cap at 31.3.05: R1.4 billion Gross property value: R3.1 billion Acquired 74.35% of MICC (as at 31 March 2005)

4. 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

5. 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: 60.25 cents) Yield of 12.3% on issue price (forecast: 12.05%)

6. Group income statement R000 Audited year ended 31 March 2005 Gross property revenue400 954 Property expenses(137 992) Net profit from property operations262 962 Administrative expenses(9 320) Other income2 438 Net profit before finance costs256 080 Finance costs(110 865) Net profit before debenture interest145 215 Debenture interest(149 582) Net loss before change in fair value of investment properties(4 367) Increase in fair value of investment properties289 239 Net profit before taxation284 872 Taxation(37 416) Deferred capital gains taxation(38 063) Other647 Net profit for the year247 456 Attributable to: Linked unitholders of the company233 032 Minority shareholders14 424

7. Group balance sheet Audited at R00031 March 2005 ASSETS Non-current assets3 152 674 Current assets46 725 Total assets3 199 399 EQUITY AND LIABILITIES Equity and reserves272 356 Non-current liabilities2 762 818 Current liabilities164 225 Total equity and liabilities3 199 399

8. 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 debt764 166 Prime less 1.5% debt (access facility)75 000 Fixed interest rate funding (weighted average rate 11.44% NACM)502 446 Total1 341 612 [JIBAR - Johannesburg Interbank Agreed Rate] [NACM - Nominal Annual Compounded Monthly]

9. 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

10. 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

11. The property portfolio Vukile: 52 properties with gross lettable area of 676 961m² MICC: 40 properties with gross lettable area of 395 812m² Total: 92 properties with gross lettable area of 1 072 773m²

12. The property portfolio

13. Vukile property profile Geographical spread - % of GLA

14. Vukile property profile Sectoral spread - % of gross rentals

15. MICC property profile Geographical spread - % of GLA

16. MICC property profile Sectoral spread - % of gross rentals

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

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

19. Vukile lease expiries % of gross rentals

20. Vukile vacancies % of gross rentals

21. MICC lease expiries % of gross rentals

22. MICC vacancies

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

24. 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

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

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

27. Liquidity: volumes

28. 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

29. Questions END ?