1

Unaudited

interim results

30 June 2011

Overview

Financial results

Operational performance

Attfund Retail transaction

Developments

Prospects

Agenda

2

2

Overview

Premium quality shopping centres - 79% of portfolio

Consistently high occupancy levels

Diverse tenant base with strong national profile

Majority of assets located in economically active areas

- Gauteng and W. Cape

Experienced internal management team

Focused strategy of investing in large shopping centres

3

Key features

30 June 2011

4

Distribution 181 cpu 4.0%

Property assets R11.6 bn 2.9% from Dec

NAV excl deferred taxation R58.70 pu 2.9% from Dec

Net income growth from shopping centres 9.7%

Occupancy level 96.1%

Positive trading conditions at shopping centres

Implementation of Attfund Retail transaction

Underperformance from:

‒ Hotels ‒ Sycom

3

Distributions

5

110 130

150 161 174 181

225

270 308

328 357

0

100

200

300

400

500

2006 2007 2008 2009 2010 2011

Half year Full year

Cents per unit

21%

18%

18%

20%

% growth

15%

14%

7%

6%

8%

9%

4%

Financial results

6

4

Income statement ‒ extracts

7

30 June 2011 30 June 2010

Revenue 556 525 6%

Investment property 498 464 7%

Sycom 58 61

Property expenses (186) (166)

Net property income 370 359 3%

Other operating expenses (14) (18)

Operating income 356 341 4%

Net interest (64) (60)

Net operating income 292 281 4%

Non-core income 0.4 0.4

Share of income from VPIF 8.2 7.7

Net income 301 290 4%

No. of combined units (000) 166 133 166 133

Distribution pu (cents) 181 174 4%

135

50 42

31

10 7

146

55 46

36

13 6

-

20

40

60

80

100

120

140

160

180

Net income – shopping centres

8

Rm

9% 30 June

2010

30 June

2011

Change

Net income R276m R302m 9.7%

Canal

Walk

The

Glen

Hyde Park

Corner

The Mall

of Rosebank

Stoneridge Southcoast

Mall

9% 10%

15%

29% -20%

5

Revenue spread

9

Retail rental

Office rental

Operating cost recovery

Customer parking

Monthly parking

Municipal cost recovery

Storerooms and other

54%

4% 13%

5% 1%

20%

3%

Balance sheet ‒ extracts

10

30 June 2011 31 Dec 2010

Investment property 9 818 9 503 3%

Sycom 1 538 1 529 1%

VPIF 210 210

Other assets 227 215

Total assets 11 793 11 457 3%

Long-term loans 1 570 1 490

Net asset value pu (R) 48.46 47.26 3%

Net asset value

(excl deferred tax) pu (R) 58.67 57.01 3%

6

Valuations

Property Size (m²) Hyprop share

(Rm)

Value per square metre

(R/m²)

Value change from Dec 2010

%

Canal Walk (80%) 150 394 4 800 39 895 5

The Glen (75.15%) 74 583 1 547 27 593 1

Hyde Park Corner 36 894 1 316 35 670 3

The Mall of Rosebank 37 009 948 25 615 3

Stoneridge (90%) 50 241 437 9 653 7

Southcoast Mall (50%) 29 361 133 9 026 2

Sub total 378 482 9 180 29 254 4

Offices 22 221 332 14 941 0

Hotels 222 -18

Total 400 703 9 734 29 014 3

11

Average yield 7.2%

Yield range 6.6% - 9.8%

Borrowings

30 June 2011 31 Dec 2010

Net borrowings R 1 526m R 1 422m

Average interest rate 9.3% 9.4%

Gearing 13.2% 12.6%

Debt at fixed rates 86% 82%

Length of fixes 1 - 8 years 2 - 9 years

12

7

Operational performance

13

14

Vacancies

9% 2%

4%

13%

54%

15%

2%

1%

The Glen (251m²)

Hyde Park Corner (731m²)

Canal Walk (1 430m²)

The Mall of Rosebank

(2 069m²)

The Mall Offices (260m²)

Cradock Heights (177m²)

Stoneridge (8 642m²)

Southcoast Mall (2 335m²)

Total vacancies 3.9% (Dec 10: 3.9%)

Retail vacancies 3.8%

Office vacancies 4.7%

Total m² vacant 15 877m²

8

New leases

15

Retail Offices Total

New Lettings

Area (m²) 7 489 3 524 11 013

Rental growth (%) 1.2 12.5 3.1

Escalation (%) 9.1 9.0 9.1

Renewals

Area (m²) 16 592 7 348 23 940

Rental growth (%) 4.3 2.3 4.0

Escalation (%) 8.8 8.7 8.8

Trading performance

2 214

1 797 2 495

1 258

1 126

622

10.1

6.7

2.4 4.7

1.8

185 119

175

58

109

-10%

-5%

0%

5%

10%

15%

20%

25%

Canal Walk The Glen Hyde ParkCorner

The Mall ofRosebank

SouthcoastMall

Stoneridge

Density (R/m²) Footcount (million) Spend per head (R)

16

Net rent : turnover 8.2%

Tenant arrears as % of total revenue 3.7% (Dec 2010: 4.3%)

9

Investment in VPIF

Listed on JSE 11 August 2011

50% of Hyprop's units placed at R7.05 pu

Realised R100 million

No material effect on NAV or distributions

Hyprop holds 14.2 million units (11.5% of total)

Strategy is to exit

17

Attfund Retail acquisition

10

Attfund Retail transaction terms

R9 bn acquisition - effective 1 Sep 2011

Cash settlement and 92 million Hyprop units on effective date

Placement or buy-back of 30 million Hyprop units

within 45 - 60 days

Sale of Centurion Mall for R751m effective 1 Sep 2011

2 months special distribution - payable in Oct 2011

19

Hyprop post Attfund Retail

Strong financial position

20

Total assets R19.6 bn

Total shopping centres R16.2 bn

Estimated market cap R13.5 bn

Total debt R5.2 bn

Pro-forma loan to value 27%

Benefits

Creation of largest listed shopping centre fund

Increased scale and portfolio diversity

Critical mass for alternative debt structures

Improved investor spread and liquidity

Inclusion in tracker funds and rating agencies

More attractive to international investors

* Approximate

*

*

11

Property portfolio post Attfund Retail

21

Geographic profile by city

City Value % GLA % No of buildings*

Johannesburg 42% 39% 9

Cape Town 40% 39% 4

Pretoria 17% 18% 5

Other 1% 4% 1

* Includes Office and Hotel portfolios

Super regional mall Canal Walk (80%)

Large regional malls Cape Gate Precinct

Clearwater Mall

The Glen (75.15%)

Woodlands Boulevard

Regional malls Hyde Park Corner

The Mall of Rosebank

Southcoast Mall (50%)

Value/ lifestyle centres Stoneridge (90%)

Atterbury Value Mart

Willowbridge Lifestyle

Somerset Value Mart

Super regional mall

Large regional malls

Regional malls

Value/ lifestyle centres

H Y D E P A R K

C O R N E R

Shopping centres post Attfund Retail

22

Canal Walk

Cape Gate Precinct

Clearwater Mall

The Glen

Woodlands Boulevard

Hyde Park Corner

The Mall of Rosebank

Southcoast Mall

Stoneridge

Atterbury Value Mart

Willowbridge Lifestyle

Somerset Value Mart

Size Value

Canal Walk

Cape Gate Precinct

Clearwater Mall The Glen

Woodlands Boulevard

Hyde Park Corner

The Mall of Rosebank

Southcoast Mall Stoneridge Atterbury Value Mart

Willowbridge Lifestyle

Somerset Value Mart

30%

9%

15% 10%

10%

8%

6%

1% 3% 6% 4%

1%

Super regional mall

Large regional malls

Regional malls

Value/ lifestyle centres

20%

14%

11%

10%

9%

5%

5%

4%

7%

6%

6%

2%

12

84% 5%

1%

9%

1%

Offices (R921m)

Other (R222m)

Total assets post Attfund Retail

23

Shopping centres

(R16 239m)

Sycom (R1 752m)

Acucap (R93m)

VPIF (R100m)

Combined lease expiry profile

Total Retail Offices

GLA% GR % GLA% GR% GLA% GR%

Vacant 4 0 4 0 11 0

Dec 2011 14 15 11 13 39 59

Dec 2012 10 12 9 12 18 12

Dec 2013 13 14 13 14 9 5

Dec 2014 15 22 16 23 3 8

Dec 2015+ 44 37 47 38 20 16

Total 100 100 100 100 100 100

24

13

Management

Integrated from 1 Sep 2011

Head Office – Johannesburg

Regional Offices

‒ Johannesburg Nicole Greenstone

‒ Pretoria Yvette van der Merwe

‒ Cape Town Wayne Abbeglen

‒ Leasing at Regional Offices

Centralised Head Office functions

‒ Finance Laurence Cohen (FD)

‒ HR Karin Eichhorn

‒ Developments and technical Steven Riley

‒ IT & systems Marcel van Rooyen

‒ Legal

‒ Internal audit

25

Developments

26

14

Redevelopment

The Mall of Rosebank

Initial design complete

Increase retail from 37 000m² to 60 000m²

Increased customer base from Gautrain

Increase in new office developments incl Standard Bank project

(75 000m² opening Apr 2013)

Finalising town-planning approvals

Leasing approvals with national tenants

Feasibility studies

Phased project opening end-2013

Estimated cost R900m

27

Approved

Canal Walk Dion Wired

Hyde Park Corner New entrance road

Stoneridge McDonald’s and The Garden Shop

Cradock Heights Standard Bank

Cape Gate Precinct Checkers expansion

Planning

Willowbridge Lifestyle Redevelopment to improve centre

design and enclose mall areas

Other developments

28

15

Prospects

29

Looking ahead

Strategy and focus

Integration of Attfund Retail portfolio

Disposal of non-core assets

The Mall of Rosebank redevelopment

Placement of Hyprop units or increase debt

Moody’s rating and corporate bond programme

Improved distributions

Market volatility

Defensive nature of portfolio

30

16

Questions & answers

31

Appendix

32

17

The Glen (75% Undivided Share)

Region Johannesburg

Valuation (Rm) 1,547

Total GLA (m²) 74,583

Vacancy Levels 0%

Footcount 2010 14,128,165

Canal Walk (80% Undivided Share)

Clearwater Shopping Centre

Region Johannesburg

Valuation (Rm) 2,358

Total GLA (m²) 85,197

Vacancy Levels 0%

Footcount 2010 9,922,639

Region Cape Town

Valuation (Rm) 4,800

Total GLA (m²) 150,394

Vacancy Levels 1%

Footcount 2010 20,735,099

Woodlands Boulevard

Region Pretoria

Valuation (Rm) 1,558

Total GLA (m²) 70,164

Vacancy Levels 0%

Footcount 2010 6,583,092

Top 8 properties by value

33

Atterbury Value Mart

Region Pretoria

Valuation (Rm) 895

Total GLA (m²) 47,712

Vacancy Levels 0%

Footcount 2010 8,194,404

Cape Gate Precinct Hyde Park Corner

Region Johannesburg

Valuation (Rm) 1,316

Total GLA (m²) 36,894

Vacancy Levels 2%

Footcount 2010 5,074,844

Region Cape Town

Valuation (Rm) 1,501

Total GLA (m²) 106,127

Vacancy Levels 5%

Footcount 2010 9,404,805

The Mall of Rosebank

Region Johannesburg

Valuation (Rm) 948

Total GLA (m²) 37,009

Vacancy Levels 6%

Footcount 2010 9,817,871

Top 8 properties by value – (cont’d)

34