1. DEFENDING MARKET SHARE September 2015

2. Property Fundamentals revisited 3 Demand Drivers Eastern Cape macro economic indicators Slower population growth – outward migration Unemployment 36.5% vs national 24.7% 33% of population recipients of welfare grants Average household income of R76k/p.a. vs national average of R120k Income Drivers: Automotive Industry Agriculture Family income transfers

3. 3 Port Elizabeth Retail Supply

4. Competitive Analysis: Baywest 3 LOCATION CATCHMENT MARKET ACCESSIBILITY PARKING BUILT PRODUCT LAY-OUT TENANT MIX DIFFERENTIATION

5. IMPACT FOOT COUNTS: - Week days vs weekends TRADING PERFORMANCE Walmer Park Vacancy : 0% 2014/5 T/O: 8% Greenacres Project: 3940m2 Vacancy: 2.2% 2014/5 T/O: 1.8% The Bridge Vacancy: 2.33% 2014/5 T/O: 2.2% Aug T/O up 4.48%

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7. BAYWEST PERFORMANCE Trading Overall Anchors Fashion Entertainment Success Potential Recruitment harder than retention Historical evidence Development densification doubtful Pressure on income, leading to neglect Risk of uncontrollable hemorrhaging

8. DEFENSIVE STRATEGY WALMER PARK Enhance tenant mix Recruit disillusioned Baywest tenants where suitable Customer care programme THE BRIDGE Evaluate continued minority share ownership GREENACRES Complete redevelopment & upgrade Refocus target market Extension and right-sizing of tenants