Interim results for the six months ended 30 June 2009

1

22

CEO Introduction

Financial Review

Operational Performance

Developments

Shopping Centre Review

Conclusion

Snapshot

Premium quality shopping centres – 20-year track record

Sustainable lease profile

Active property asset management by experienced team

6 shopping centres across 3 provinces – 79% of revenue

Retail space 341 000m² / Office space 44 000m²

Expansion programme to enhance portfolio

37% interest in Sycom

Market capitalisation R6,4 billion

Property assets R9,7 billion

33

Highlights

Distribution 161 cents

NAV (excl. deferred tax) R49,19

―28% premium to closing unit price

Strong balance sheet

Gearing 12%

R660m expansion programme

on track for completion 2009

Acquired Cradock Heights &

Rosebank Gardens

Redefine (ex-Madison) consultancy agreement from

Jan 2010 at R18m pa

44

7,3%

0

50

100

150

200

250

300

350

400

2004 2005 2006 2007 2008 2009

Distribution growth

Average growth p.a

2004 - 200817.1%

Cents per combined unit

* Forecast range

328―332*

Financial Review

5

Income Statement ― extracts

66

30 June 2009

Rm

30 June 2008

Rm

Revenue 423 361

Investment Property 363 311

Sycom 60 50

Property expenses (114) (92)

Net property income 309 269

Other operating expenses (23) (20)

Operating income 286 249

Net interest (25) (4)

Net operating income 261 245

Non-core income 0.5 1

Share of income from VPIF 5 4

Net income 267 250

No. of combined units (000) 166,113 166,113

Distribution per combined unit (cents) 161 150

17%

17%

20%

25%

14%

13%

6%

46%

7%

7%

15%

Net income* ― Investment Property

77* Like-for-like

0

20

40

60

80

100

120

140

Canal Walk

Hyde Park

The Glen

The Mall of Rosebank

Southcoast Mall

Rm

10%

9%16%

5%

8%

30 June

2008

30 June

2009

%

Change

Net income* 202.5 222.9 10%

Balance Sheet - extracts

88

30 June 2009

Rbn

30 June 2008

Rbn

Investment property 8.2 7.7

Sycom 1.2 1.4

VPIF 0.2 0.2

Other assets 0.4 0.2

Total assets 10.0 9.5

Combined unitholders funds 6.8 6.9

Long-term loans 1.4 0.9

Gearing 12.1% 8.9%

Net Asset Value (R) 41.14 41.56

Net Asset Value

(excluding deferred tax) (R)49.19 49.51

7%

-13%

5%

-1%

Valuations

99

PropertySize

(m²)

Hyprop share

(Rm)

Total value per

rentable area (R/m²)

Canal Walk (80%) 135 271 3 527 32 591

The Glen (75.15%) 55 729 1 087 25 957

Hyde Park 36 894 1 219 33 028

The Mall of Rosebank 33 774 900 26 648

Southcoast Mall (50%) 29 361 160 10 899

Stoneridge (90%) 50 241 446 9 852

Offices 44 523 437 9 599

Average yield: 7.3% - up from 7.2% in Dec 2008

Yield range: 6.9% to 10.6%

Borrowings

1010

30 June 2009 30 June 2008

Net borrowings R1,16 billion R496m

Average interest rate 9,38% 9,54%

Gearing 12,1% 6%

Debt at fixed rates 96% 100%

Length of fixes 3-5 years 3-5 years

Operational Performance

11

35%

11%12%

11%2%4%

4%

19%

2%

Investments by income

1212

The GlenHyde Park

The Mall of Rosebank

Southcoast Mall

Stoneridge

Offices

Sycom

VPIF

Canal Walk

Revenue spread

1313

59%

4%12%

5%2%

15%

1%2%

Office income

Turnover rent

Customer parking

Monthly parking

Storerooms & other

Operating cost recovery

Municipal cost

recovery

Retail income

Vacancies

17%

2%

4%

6%

6%

65%

Total vacancy increase from 3.3% (Dec 08) to 4.4% (June 09)

Hyde Park & The Grace offices have no vacancies

Canal Walk & Offices (2 712m²)

The Mall of Rosebank

& Offices (917m²)

Southcoast Mall

(996m²)

Stoneridge

(10 519m²)

The Glen (372m²)

Hyde Park & Offices (720m²)

New leases

15

Total RenewalNew

leases

Number of Leases 164 105 59

Contractual value of leases (Rm) 271 161 109

Lettable Area (m2) 21 048 12 249 8 799

Average growth 9.6% 8.2%

Average escalation 9.6% 9.2%

Concluded in the period 1 Jan – 30 June 2009

Hyprop lease renewal schedule

16

7

38

14

4

35

7

11

15

11

56

24

1113

12

40

1719 18 19

25

0 0

14

1

70

5

32

9

4

48

0

10

20

30

40

50

60

70

2009 2010 2011 2012 2013+

Canal Walk

The Glen

Hyde Park

The Mall of Rosebank

Stoneridge

Southcoast Mall

%

Lease exposure

%0 1 2 3 4 5 6 7 8 9

Edcon

Pick 'n Pay

Woolworths

Shoprite Checkers

Mr Price Group

Foshini

NuMetro

Truworths

Stuttafords

Pepkor

17

Top 10 retailers as a % of GLA

Trading performance

Construction work at The Glen & Hyde Park on track

New retail pods at Canal Walk completed

Net rental : retail turnover 7%

18

Jan – Jun

2009Q1 Q2

Retail turnover

Shopper flow

Spend per head 7% 12% 2%

1% 3% 0.5%

-5% -8% -2%

R123 R123 R122

Developments

19

Expansions

2020

Rm

Canal

Walk

The

Glen

Southern

Sun

Hyde Park Total

Capital cost

(Hyprop share)201 279 180 660

Spent to 30 June 2009 (177) (168) (112) (457)

To be spent 24 111 68 203

Size 15 541m² 19 400m² 132 rooms

Budgeted initial yield (%) 8.1 10.9 11.4

Completion date Complete Nov 09 Sep 09

Canal Walk extensions 90% let

The Glen extensions 98% let

Southern Sun Hyde Park occupancy forecast reduced

Projected capital cost of three major projects within budget

Shopping Centre Review

21

Canal Walk

2222

Market valuation R4.6bn

GLA 135 271m²

Vacancy 2%

Turnover +3%

Shopper flow -3%

Spend per head R161

Improved offering

― Hi-Fi Corporation; Golfers Club; Cape Union Mart; @ Home Living Space;

Urban Living; Bride & Co; Sports Direct

Food Court - new outlets & refurb.

La Piazza upgrade

Major renewal cycle 2010

Ongoing tenant mix enhancements

The Glen

2323

Improved offering

― Game; DisChem; Incredible Connection; Hi-Fi Corporation; Mr Price Home;

@Home; Wetherleys; Coricraft

Super-regional status

Positive impact on existing tenant

turnover & rental

Market valuation R1.7bn

GLA 55 729m²

Vacancy 1%

Turnover -4%

Shopper flow -6%

Spend per head R102

Hyde Park

2424

Positive impact of hotel on retail

spend

Stuttafords conversion to Dion Wired

Centre upgrade

Market valuation R1.3bn

GLA 36 894m²

Vacancy 2%

Turnover +1%

Shopper flow -12%

Spend per head R164

The Mall of Rosebank

2525

Planet Fitness opening in Oct 2009

Precinct redevelopment

Incorporating Cradock Heights

& Rosebank Gardens

Including mall extensions & refurb.

Market valuation R900m

GLA 33 774m²

Vacancy 2%

Turnover 0%

Shopper flow -7%

Spend per head R58

Stoneridge

2626

Management focus

Tenant mix strategy

Leasing broker to focus on vacancies

Retail consultant to assist

independents

Improved access roads

Sale of hotel site to Southern Sun

Market valuation R495m

GLA 50 241m²

Vacancy 21%

Turnover N/A

Shopper flow N/A

Southcoast Mall

2727

Positioning relative to Shelly Centre

Tenant mix focus

Engen Garage under construction

Surrounding node development

Market valuation R320m

GLA 29 361m²

Vacancy 3.4%

Turnover +9%

Shopper flow -

Spend per head R 100

Conclusion

28

Conclusion

Premium retail properties

Sustainable lease profile

Strong management ― Experienced team with specialist knowledge

― Redefine (ex-Madison) consultancy agreement

Forecast distribution for six months to Dec 09:

167-171 cents per combined unit

30