1. April 2008 Note: This project should be regarded as confidential as it contains Data, Information and Intellectual Property of Fernridge Consulting - Copyright (Limited Distribution) Copyright 2008: Fernridge Consulting.

2. Orientation 3 Copyright 2008: Fernridge Consulting The Site

3. Roads connecting Northern suburbs/villages The Site 4 Copyright 2008: Fernridge Consulting The Site Road connecting Western suburbs/villages HAMMANSKRAAL CBD

4. Retail Potential Estimate – 2008 14 The demographics within the catchment warrant ±150,000m² GLA. The table above indicates the different market shares to be achieved to warrant the respective centre sizes. Copyright 2008: Fernridge Consulting

5. Retail Potential Estimate – 2011 15 The projected demographic growth from 2008 to 2011, warrant an additional ±5,000m². With current retail offer, this results in an undersupply of ±105,000m² Thus, we believe that a shopping centre of ±40,000m² can be feasible with a 25% market share. Copyright 2008: Fernridge Consulting Total Potential – 2011 156,527 Total Offer – 49,615 Hammanskraal CBD 31,115 Temba City 18,500 --------------------- Undersupply106,912

6. Executive Summary 16 Copyright 2008: Fernridge Consulting The Hammanskraal node offers an alternative shopping destination to Pretoria CBD for households from the surrounding area. It also experiences inflow from villages further to the North where retail offer is limited. The catchment experiences a relative low growth rate due to the big base (2001). This growth still amounts to ±950 new HSE per annum and at the same time the area is becoming more formalised. An undersupply of retail currently exist in the catchment. This undersupply, together with the proximity to Pretoria results in a high outflow of expenditure. Six national food retailers (anchors) exist in the catchment. However, we believe that a sufficient offer at the site, together with the proximity to Hammanskraal retail node, will ensure a good market share. The river currently acts as a development boundary to the West. Until now, all retail development occurred in a North-South direction. The development of a taxi rank at the site will be vital in the success of a retail development seeing as the majority of households in the catchment make use of public transport. The development of this site can potentially decentralise the retail congestion at the Hammanskraal node. This increase the importance of a good and competitive offer. The proposed centre of 55,000m² will need to achieve a ±35% market share in order to be feasible. This is a high market share and will be hard to achieve (especially given the ± 50,000m² of existing formal retail in the area). However, this remains a very good development opportunity for a retail centre and a centre of ±40,000m² will be warranted by 201 at a market share of ±25%.

7. Copyright 2008: Fernridge Consulting Fernridge Consulting (Pty) Ltd 26 th Floor 209 Smit StreetP.O. Box 31266Braamfontein Johannesburg2017South Africa Fax:+27 11 339 1833 www.fernridge.co.za CV & Contact Details Sybrand Strauss Director: Property Development & International Tel:+27 11 712 1720 Mobile:+27 82 330 5168 e-mail:sss@fernridge.ucs.co.zasss@fernridge.ucs.co.za Andre Annandale Manager: Property Development Tel:+27 11 712 1714 Mobile:+27 82 776 6353 e-mail:ana@fernridge.ucs.co.zaana@fernridge.ucs.co.za Fernridge Consulting (Pty) Ltd is a retail optimization consultancy that was founded in 2002. We are based in Johannesburg, South Africa and specialize in spatial retail analysis using GIS (Geographic Information Systems) technology, the latest demographic data and information from significant retailers. We are part of the UCS Group, a publicly listed IT company. We are the undisputed leader in this field in South Africa with ± 12 shopping centre development / revamp studies per month conducted in all nine South African provinces, as well as neighboring countries (such as Namibia, Botswana, Swaziland, Lesotho, Mozambique), other African countries (Zambia, Ghana), and abroad (India, Mauritius). We offer this service to banks, landlords, property managers, corporate and private investors and developers. We also assist some of the leading retail groups in South Africa in their store expansion and rationalization strategies, location analyses etc. Our clients include, among others: Spar, Woolworths, McDonald’s, Nando’s, Mr. Price, Supergroup, Massmart, Cashbuild, Ster Kinekor, Virgin Active, Clicks, MTN etc. This is an objective, independent report with the sole aim of limiting risk for our client and optimize development potential. 17