1. GROWTHPOINT RETAIL PORTFOLIO UPDATE
Standard Bank Investors Conference: 26 November 2014

2. Key Performance Indicators

3. RETAIL PORTFOLIO VACANCY
VACANCIES
RETAIL PORTFOLIO VACANCY
GLA
904,467m²
VACANCY
38,793m²
4.29%
Loss of potential Rental
R4.7mil p.m.
TOP 15 (80% by value)
606,411m²
17,748m²
2.90%
VACANCY Excl. GLA UNDER DEVELOPMENT
11,868m²
1.96%
NEW FINALISED LETS
3,409m²

4. PROJECTED VACANCY MOVEMENT
VACANCY BREAKDOWN
OFFICE GLA
10,574m²
UNLETTABLE/UNDER DEVELOPMENT
8,480m²
City View ex Action Cricket
Lakeside ex Nu Metro
River Square – Redevelopment
LETTABLE RETAIL GLA VACANT
19,739m²
2.2%
PROJECTED VACANCY MOVEMENT
CURRENT VACANCY
38,793m²
PROPERTY SALES IN PROGRESS
-8,756m²
Arcadia, Norkem
NEW FINALISED LETTING
-4,240m²
CONFIRMED FUTURE MAJOR VACANCIES
693m²
Rental greater than R100k/mth
ELLERINES IMPACT
2,872m²
Effective 1/12
7,764m²
Effective 1/4/15

5. ARREARS LONG-TERM ARREARS TREND October 2014 Rand % TOTAL COLLECTIONS %
TOTAL COLLECTIONS
226,707,467
TOTAL ARREARS
23,062,468
10%
LEGAL
9,268,345 4%
DEPOSITS
2,609,911 1%
COLLECTABLE ARREARS
11,184,212 5%
PROVISION FOR BAD DEBTS
10,257,386
44%
ELLERINES COMPONENT
739,475
NATIONAL RETAILERS
 R7.3mil
RESTAURANTS/FAST FOODS
 R8.2mil
WRITE-OFF's AS % OF COLLECTIONS
Y-T-D
2013/14
2012/13
0.20%
0.10%
LONG-TERM ARREARS TREND

6. ARREARS
ARREAS Y-o-Y PROVISION FOR BAD DEBT Y-o-Y

7. VACANCY MOVEMENTS : 1 July to 31 October 2014
LEASING
VACANCY MOVEMENTS : 1 July to 31 October 2014
TOTAL RETAIL
GLA
VACANCY
Balance at 1 July 2014
907,604
40,462
4.46%
GLA Adjustments
-3,389
-4,232
Disposals -
Acquisitions
Extensions
250
Leases expired in the period
42,613
Renewals of expired leases
-37,134
New letting of vacant space
-10,907
Leases terminated
7,741
Balance at 31 October 2014
904,465
38,793
4.29%
Renewal Success Rate
87.14%
Weighted Avg Renewal Growth (by Gross Rental)
6.40%
Average Renewal Lease Period
3.75 yrs
Weighted Avg. future escalations on renewals
7.31%

8. PROPERTY INCOME
TYPICAL SMALL REGIONAL SHOPPING CENTRE INCOME GROWTH MODEL
GLA
RENTAL CONTRIBUTION
RENTAL ESCALATION
NATIONAL ANCHOR COMPONENT
35%
18%
6.50%
NATIONAL RETAILER COMPONENT
30%
7.50%
LINE SHOPS/FRANCHISEES
52% 8%
PERCENTAGE LEASES BY GLA EXPIRING PER ANNUM
20%
SPLIT
2.75%
8.75%
8.50%
ANCHORS
NATIONALS
LINE SHOPS
80% IN FORCE LEASES - INCREASE IN INCOME
6.06%
20% RENEWALS: INC INCREASE
10%
8.02%
15%
9.02%
10.06%
25%
11.06%
Assumptions:
No vacancy movement
No rent-free periods

9. Portfolio Income Growth

11. PROPERTY INCOME & EXPENSES
Turnover Rental
Woolworths
Other
Parking Revenue
Transaction Costs
TI’s
Rent-free periods / BO periods

12. Portfolio Trading

13. Consumer Position High Income vs. Low & Middle Income markets Risks:
Relative outperformance but not immune to slowing economy
Credit major differentiator
Consumer Confidence differs depending on exposure to unemployment, strikes and cost pressures
Growthpoint Portfolio position
Risks:
Aspirational shopper disappearing
Stock market performance
Increasing interest rates
Higher personal taxes and VAT increase

14. Changing Consumer Behaviour
Convenience
Migration to convenience for food purchases
Stagnant/declining foot counts at most centres
Access/parking/lay-out important driver
Price/product range differentiation
On-line Shopping:
Limitations:
Transaction Processing, logistics, experiential
International Trends
Growthpoint strategy
Connectivity & analytics

16. Y / Y % Growth Affluent Solid-Middle Lower-Middle CBD / Commuter
BROOKLYN MALL
8.2%
LA LUCIA MALL
5.6%
WALMER PARK
8.1%
CONSTANTIA VILLAGE
4.4%
Solid-Middle
WATERFALL MALL
-3.3%
KOLONNADE
5.9%
WOODMEAD RETAIL PARK
3.8%
RIVER SQUARE
-1.7%
Lower-Middle
NORTHGATE
LONGBEACH MALL
11.3%
CBD / Commuter
LAKESIDE MALL
3.6%
ALBERTON CITY
1.3%
GOLDEN ACRE
10.2%
CITY VIEW
0.3%
CITY MALL
-2.0%
HATFIELD PLAZA
-0.5%

18. Rental Affordability TOP 10 CENTRES VALUE (R mil) GLA VALUE / M2
COST OF OCCUPANCY
AVE. TRADING DENSITY
(12 Months)
BROOKLYN MALL (75%)
1,953
56,069
34,839
8.0%
2,759
WATERFALL MALL
1,287
49,228
26,142
7.0%
2,626
LAKESIDE MALL
1,234
67,515
18,270
6.8%
2,068
LA LUCIA MALL
1,066
36,379
29,295
7.3%
2,874
KOLONNADE (50%)
958
37,893
25,292
6.3%
2,828
WALMER PARK
901
43,202
20,858
2,430
ALBERTON CITY
877
47,615
18,414
7.5%
2,133
CONSTANTIA VILLAGE
813
20,370
39,926
4.5%
5,792
NORTHGATE (50%)
756
45,329
16,669
10.0%
1,654
WOODMEAD RETAIL PARK
732
54,891
13,328
2,831

19. Listed Retailers Listed Retailers GLA Ave. Trading Density (12 Months)
CHECKERS
23,229
2,817
PICK 'N PAY
73,420
2,625
CLICKS
13,781
3,204
GAME
35,886
2,012
MR PRICE HOME
10,809
1,905
MR PRICE APPAREL
13,717
2,685
FOSCHINI
9,128
1,869
TRUWORTHS
14,293
2,505
WOOLWORTHS
59,066
2,965

20. RECENT NEW COMPETITION POTENTIAL or NEW COMPETITION
CENTRE
RECENT NEW COMPETITION
POTENTIAL or NEW COMPETITION
ALBERTON CITY
Makro
Newmarket, Mall of the South, Meyerton
BROOKLYN MALL
Lynwood Bridge, The Club Centre
Menlyn extension
CITY MALL
Flamwood Mall, Matlosana Mall
KOLONNADE
Wonder Park redevelopment
Wonderboom Junction extension, WW stand-alone
LAKESIDE MALL
Carnival Mall extension
F&G Centre, Retail Africa Development
LONGBEACH MALL
Blue Route redevelopment
Checkers Centre
NORTHGATE
Cradle Stone, Cosmo Centre x2
Fourways redevelopment
RIVER SQUARE
Bentels centre
Vaal Mall extension
THE AVENUES
F&G proposed 60000m2 centre, Springs
CONSTANTIA VILLAGE
WALMER PARK
BayWest, Boardwalk extension
WATERFALL MALL
Platinum Junction
WOODMEAD RETAIL PARK
Waterfall Lifestyle centre
Mall of Africa, Kyalami Checkers Centre

21. Ellerines TOTAL RETAIL EXPOSURE R1,479mil p.m
Beares/Dial-a-Bed continuing stores
Arcadia, Woodmead, Walerfall Mall, Meadowdale, Brooklyn, Beacon Bay
Leases Terminated as at end October
Waterfall Value centre, Woodmead, OK Empangeni
Leases Terminating end November
City View, OK Empangeni, Lakeside
Rental Losses
September 50% R
Expected to be recovered in full
Financial Year to end June
R3.8mil
Assuming vacating end March 2014
R1.7mil
MITIGATING ACTION
Woodmead: Geen & Richards re-tenanted
Blackheath: Sold
Brooklyn: Mr Price Sport/ Incredible Connection
Amrel: Redevelopment to motor showroom
City View: Woolworths Textiles Development

22. ACUCAP/SYCOM

23. Acucap/Sycom Retail Portfolio Assessment
Current Developments/extensions
Opportunities
Gardens Centre
Howard Centre
Risks
Port Elizabeth
Kempton Park
Hillcrest/Kloof exposure