NSX Listing11 July 2007

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%

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

VUKILE PROPERTY FUND LIMITED

DISTRIBUTION HISTORY

VUKILE PROPERTY FUND LIMITED

LINKED UNIT PRICE HISTORY

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%

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

VUKILE PROPERTY FUND LIMITED

PROPERTY PORTFOLIO (Largest properties)

Area Value % of (m²) (R’ m) total

Durban Phoenix S/C 24 134 355.1 8.9Durban Embassy 32 376 191.6 4.8Randburg Square S/C 51 370 185.9 4.7PineCrest (50%) S/C 40 249 165.2 4.2Bellville Louis Leipoldt 20 479 152.0 3.8Dobsonville S/C 23 124 135.6 3.4Oshakati S/C 21 591 119.4 3.0Bloemfontein Plaza S/C 38 438 114.7 2.9BPI House Windhoek 12 826 113.1 2.8Roodepoort Hillfox S/C 36 004 107.0 2.7Arivia.kom Midrand 15 634 105.2 2.6Germiston Meadowdale S/C 35 350 103.9 2.6Germiston R24 34 977 94.0 2.4Victoria Pietermaritzburg S/C 10 682 89.8 2.3Daveyton S/C 16 983 85.1 2.1

414 217 2 116.6.5 53.2

VUKILE PROPERTY FUND LIMITED

NAMIBIAN PROPERTIES

Area Value % of

(m²) (R’ m) total

Oshakati Shopping Centre 21 591 119.4 32.6

BPI House Windhoek 12 826 113.1 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

62 797 366.1 100.0

Namibian portfolio 9.2% of total Vukile portfolio

VUKILE PROPERTY FUND LIMITED

STRATEGIC PRIORITIES

GrowthNew acquisitionsFurther expansions/revamps/upgrades (Oshakati, Oshikango, Phoenix, Dobsonville, Daveyton, Eva Park, Meadowdale Mall)

Cost cuttingProcurementNew property management contracts

BEELeverage existing shareholdersFurther initiatives re Code of Good Practice on Black

Economic Empowerment

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