Acucap/Sycom Retail PortfolioSeptember 2015

Portfolio Overview

• 19 Properties• GLA : - 529 429m2• Value : R11.52bil Average Yield : 7.2% (8.2% GRT portfolio)

Value/m2: R21 756/m2 (R19 021/m2 GRT portfolio)

• 9 Centres ≥ 40 000m2• 6 co-owned properties• Vacancy :

2.6% including GLA under development 1.26% excluding GLA under development• Portfolio Trading Density – R2390/m2

GAUTENG: 49% ; WC: 32% ; EC: 12% ; KZN: 7%

Portfolio Assessment• Acquisition Strategy

• Historical Portfolio acquisitions • Recent acquisitions:

• Greenacres• Paarl Mall (increased shareholding)

• Development Strategy• New Developments

• Watercrest centre• Helderberg Hyper

• Extensions / Redevelopments• General • Defensive • Storage

• Management of Portfolio• Management structures• Condition of properties• Income & Expenses

CENTRE GLAVacancy

% VALUATIONFESTIVAL MALL 80,231 0.8% 1,730,400,000 VAAL MALL (77.86%) 37,777 0.0% 1,239,500,000 BAYSIDE MALL 45,459 0.0% 1,159,140,000 KEY WEST CENTRE 54,285 7.7% 1,144,400,000 GREENACRES 43,428 8.2% 1,133,700,000 PAARL MALL 37,038 0.6% 818,800,000 N1 CITY (42%) 26,968 0.8% 657,800,000 GARDENS CENTRE 14,538 0.0% 545,600,000 FOURWAYS CROSSING (50%) 24,433 3.8% 531,700,000 VILLAGE SQUARE 20,797 1.1% 383,000,000 WATERCREST MALL (50%) 21,849 1.1% 354,900,000 HOWARD CENTRE 14,779 1.3% 327,200,000 WESTVILLE MALL 13,237 0.0% 282,600,000 14th AVENUE 25,509 0.0% 254,400,000 EAST RAND VALUE MALL 13,858 0.0% 223,100,000 HILLCREST CORNER (50%) 9,892 16.9% 193,300,000 THE BRIDGE (27.5%) 12,353 2.3% 193,120,000 HELDERBERG HYPER 21,225 2.4% 177,000,000 SUNWARD PARK 11,763 5.9% 168,800,000

Major CentresFestival MallGLA: 80 231m2Vacancy: 0.8%Trading Density: R2027/m2Turnover Growth – y-o-y change, 12 mth rolling: 6.17%Foot Counts - y-o-y change 12 mth rolling: - 1.21%Anchors: Checkers, Game, Woolworths, Edgars, Ster Kinekor and ice rinkProspects/Challenges/Risks

Bayside centreGLA: 45 459m2Vacancy: 0%Trading Density: R2236/m2Turnover Growth – y-o-y change, 12 mth rolling: 6.02%Foot Counts - y-o-y change 12 mth rolling: - 1.48%Anchors: Checkers, Game, Woolworths, Edgars, Ster Kinekor Prospects/Challenges/Risks

Vaal MallGLA: 48 519m2 (77.86% share - 37 777m2)Vacancy: 0%Trading Density: R3161/m2, Turnover Growth – y-o-y change, 12 mth rolling: -4.2%Anchors: PicknPay, Game, Woolworths, EdgarsExtension: Additional 15 000m2 GLA and structured parking. R344mil project (Sycom share) yielding 8%. Opening mid-2016.Prospects/Challenges/Risks

Key West CentreGLA: 54 285m2Vacancy: 7.7% (ex Virgin Active under development)Trading Density: R2013/m2Turnover Growth – y-o-y change, 12 mth rolling: 5.8%Foot Counts - y-o-y change 12 mth rolling: 4.34%Anchors: PicknPay, Game, Woolworths, Edgars, Nu Metro, Virgin Active R389mil project completed in 2014 at 6.5% yieldRelocation of banks into ex Virgin Active and introduction of new retailers being finalisedProspects/Challenges/Risks

GreenacresGLA: 43 428m2 Vacancy: 2.2%Trading Density: R2419/m2Turnover Growth – y-o-y change, 12 mth rolling: 0.54%Foot Counts - y-o-y change 12 mth rolling: - 0.47%Anchors: Checkers, Edgars, Truworths, House & HomeExtension/Redevelopment: Phase 1 &2 – R300mil at yield of 7.5%

Phase 3 – new Virgin Active and AckermansProspects/Challenges/Risks

Greenacres

Paarl Mall

GLA: 37 038m2 Vacancy: 0.6%Trading Density: R2566/m2Turnover Growth – y-o-y change, 12 mth rolling: 8%Foot Counts - y-o-y change 12 mth rolling: - 2.8%Anchors: PicknPay, Woolworths, Dischem, EdgarsProspects/Challenges/Risks

2nd Tier CentresHillcrest Corner

50% owned with Shoprite CheckersVacancy: 16.86%Trading Density: R3247/m2, Y-o-Y change: -4.7% Anchors: Checkers, Woolworths, DischemRedevelopment: R41m (50%) yielding 8.5%

Virgin Active – 3616m2Baby City – 1167m2Standard Bank 580m2

Gardens Centre

Vacancy: 0%Trading Density: R4798/m2, Y-o-Y change: 7.81% Anchors: PicknPay, WoolworthsCurrently undergoing refurbishmentExpansion possibilities

Village Square – Randfontein

Vacancy: 1.11%Foot Count y-o-y: 5.66% incrTrading Density: R2295/m2, Y-o-Y change: 5.92% Anchors: Shoprite, Edgars, JETExpansion possibilities

Howard centre

Vacancy: 1.33%Trading Density: R3466/m2, Y-o-Y change: 9.05% Anchors: PicknPay, WoolworthsExpansion/Redevelopment possibilities

The Bridge

Fourways Crossing

N1 City

Recent Developments

Watercrest Mall

Opened: April 2015Cost 100% : R770milInitial Yield: 7.8%Anchors: Superspar, Checkers, Edgars, Woolworths, Game and Ster Kinekor.Foot Count : 525 000 p.m.Trading.