1. 2007 Interim results for the six months ended 30 September 2007

2. VUKILE PROPERTY FUND LIMITED Highlights  Distribution for 6 months up 12.6% compared to comparable period  Value of portfolio exceeds R4 billion  Reduction of vacancies from 2.9% six months ago to 2.5%  NAV per linked unit up 25.6% to 892 cents per linked unit  Successful completion of upgrade projects at Dobsonville and Eva Park and developments at Allandale and Moratiwa Crossing on track  Dual listing on the NSX (Namibia)  Linked unit price increased by 43.7% from 2 Oct 06 to 30 Sept 07

3. VUKILE PROPERTY FUND LIMITED Condensed group income statement for 6 months ended … 30/9/07 30/9/06 % (cents per linked unit)movement Group net rental income 65.1 66.9 (2.7) Net finance costs (18.6) (25.2) 26.2 Other (including taxation) (2.7) (4.7) 42.6 Headline earnings 43.8 37.0 18.4 Available for distribution 124.4 98.9 25.8

4. VUKILE PROPERTY FUND LIMITED Group debt structure

5. VUKILE PROPERTY FUND LIMITED Group balance sheet – as at 30 September

6. VUKILE PROPERTY FUND LIMITED Group net cash flow

7. VUKILE PROPERTY FUND LIMITED NAV Bridge

8. VUKILE PROPERTY FUND LIMITED Components of growth in income and distribution

9. VUKILE PROPERTY FUND LIMITED Linked unit price performance

10. VUKILE PROPERTY FUND LIMITED Distribution history

11. VUKILE PROPERTY FUND LIMITED Trading volumes Average = R31.6m per month

12. VUKILE PROPERTY FUND LIMITED The property portfolio  Number of properties73 (71 on 31/3/07)  GLA918 331 m² (898 351 m²)  Valuation Directors’ valuationR4.35 billion – up 12.6% from 31/3/07 (increase 8.9% on like-for-like basis) External valuationR2 129.8 million compared to directors’ valuation for same properties of R2 047.1 million (3.9% difference on 47% of portfolio)

13. VUKILE PROPERTY FUND LIMITED The property portfolio – largest properties (> R120 million) Area Value % of (m²) (R’m) total Durban Phoenix 24 134 379.6 8.7 Randburg Square 51 370 218.9 5.0 Durban Embassy 32 376 203.1 4.7 Pinecrest (50%) 40 249 179.9 4.1 Belville Louis Leipoldt 20 479 162.3 3.7 Dobsonville Centre 23 124 146.9 3.4 Oshakati Centre 21 591 124.2 2.9 Bloemfontein Plaza 38 438 123.4 2.8 Arivia.kom Midrand 15 634 121.5 2.8 267 3951 659.838.1

14. VUKILE PROPERTY FUND LIMITED Acquisitions, developments and upgrades ValueYield (R’m) (%) Acquisition of BPI House Windhoek113.0 9.1 Acquisition of West Street Houghton 33.9 9.2 Development of Moratiwa Crossing 61.6 9.5 Development of Allandale Mini’s 21.0 9.4 Upgrade of Dobsonville Centre 10.0 - Upgrade of Eva Park, Blackheath 4.0 -

15. VUKILE PROPERTY FUND LIMITED Sectoral profile - % of gross rentals

16. VUKILE PROPERTY FUND LIMITED Vacancy profile - % of gross rentals

17. VUKILE PROPERTY FUND LIMITED Lease expiry profile

18. VUKILE PROPERTY FUND LIMITED New leases and renewals New leases and renewals for 6 months ended 30 September 2007  Total area69 486 m²  Total contract valueR217.1 million Gross Contract rental (R/m²)value (R’m) Arivia.kom Midrand 64.80 34.3 Supra Hino Linbro Park 45.00 21.2 Embassy Durban (Wesbank) 48.10 20.5 Barlow Place (Unisys) 70.50 16.2 BPI House (Pick & Pay) 37.60 10.0

19. VUKILE PROPERTY FUND LIMITED Growth in rentals Contracts expired during 6 months ended 30 September 2007 AverageAverageGrowth rental onrenewalin rental expiry rental (%) Industrial * 15.0118.39 22.5 Retail 75.9086.42 13.9 Commercial 58.8867.71 15.0 * We have excluded the renewal of the Supra Hino contract at Linbro Park (2 840 m²) where the rental was reduced from R55.65 to R45.00. If this contract is included in the figures above, the average growth in rental for the Industrial sector will drop to 7.7% compared to the 22.5%.

20. VUKILE PROPERTY FUND LIMITED Cautionary announcement Announcement will be made shortly

21. VUKILE PROPERTY FUND LIMITED Strategic priorities  Growth New acquisitions Further expansions/revamps/upgrades (Phoenix, Dobsonville, Daveyton, Eva Park, Meadowdale Mall)  Cost cutting Procurement New property management contracts  BEE Leverage existing shareholders Further initiatives re Code of Good Practice on Black Economic Empowerment

22. VUKILE PROPERTY FUND LIMITED Prospects Budget for growth for full year broadly in line with growth of previous year

23. VUKILE PROPERTY FUND LIMITED Questions ?